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In Experiment 1, younger and older adults studied overpriced items longer than market-priced items, consistent with a discrepancy reduction model of self-regulated learning, but study time did not relate to later recall accuracy, suggesting a labor-in-vain effect. In Experiment 2, participants gave higher JOLs to market-priced items than overpriced items and were generally metacognitively aware of the benefits of schematic support. Together, these results suggest that the benefits of schematic support may not be dependent on or influen