The authors thank the editor, an associate editor, and three anonymous referees for comments that greatly helped in clarifying the contribution of the paper. The authors also thank Johannes Abeler, Arno Apffelstaedt, Aurélien Baillon, Pedro Bordalo, Sebastian Ebert, Benjamin Enke, Erik Eyster, Ernst Fehr, Cary Frydman, Nicola Gennaioli, Katrin Gödker, Thomas Graeber, Andreas Grunewald, Johannes Hermle, Alex Imas, Johannes Johnen, Heiko Karle, Marc Kaufmann, Spencer Kwon, Andreas Lichter, Nick Netzer, Hans-Theo Normann, Hannah Schildberg-Hörisch, Josh Schwartzstein, Nikolaus Schweitzer, Frederik Schwerter, Philipp Strack, Tomasz Sulka, Neil Thakral, and Georg Weizsäcker as well as seminar audiences at Berlin, Bern, Central European University, Düsseldorf Institute for Competition Economics, Harvard, Konstanz, Lausanne, Maastricht, Max-Planck-Institute Bonn, Nijmegen, Royal Holloway, Surrey, Tilburg, Universidad Carlos III de Madrid, and Vienna University of Economics and Business for comments and suggestions. Finally, they thank Paul Heidhues, Botond Kőszegi, Andrei Shleifer, and Adam Szeidl for their continuous support and guidance in the process of writing and revising this paper. The authors preregistered the experimental design in the AEA RCT registry as trial AEARCTR-0005311.