- They all have a good laugh at Friar Cipolla's cleverness, and Elissa passes the crown to Dioneo.
- Elissa tells him to take his responsibility seriously and rule wisely. Dioneo assures her that there have been better kings on a chessboard.
- But if they obey, he says, they'll get pleasure out of his reign.
- After going through the usual motions, Dioneo reveals that Licisca has helped him choose the theme for his reign: tricks that women have played on their husbands.
- The ladies feel somewhat scandalized, so they ask him to come up with something more appropriate.
- Dioneo concedes that the topic may be somewhat risqué, but he pleads the circumstances of the times. It's the end of the world as we know it, he says, and all laws are up for negotiation.
- Who'll blame them if they step outside the rules of etiquette to give themselves pleasure? It's not like they're hurting anyone.
- Also, they've been really good up to this point and proved that they're virtuous people. They will probably still be virtuous at the end of the day.
- Plus, if they refuse to listen to this type of story, people might assume it's because of a guilty conscience. That does it—he's allowed his topic.
- Elissa then proposes to the women that they should go to see a beautiful place nearby called the Valley of the Ladies. How suggestive is that?
- So they slip away from the men and go on a little field trip. It turns out that the Valley is another locus amoenus, but this one appears not to be man-made.
- Like all good pleasure places, it has lovely plants and animals, but also a great place for bathing.
- There's a stream and a clear lake, so the ladies go cool off and catch little fish with their bare hands.
- The ladies return to the men in the garden and boast about their exploits. But the men won't be outdone, so they make a trip to the Valley of the Ladies after dinner to check it out.
- In the end, they like it so much that Dioneo orders things to be set up there for tomorrow's storytelling (including beds for naps) and they proceed with their regular schedule.
- Panfilo dances and Elissa sings her favorite song. Her lyrics describe the lover as a warrior who lays down arms and Love as one who betrays and attacks. It ends with the lover begging for death.
- No one has any idea who could be causing Elissa to feel this way, but they dance the night away and don't appear to be too troubled by it.