The authors thank Gabriel Weintraub, the associate editor, and two reviewers for thoughtful suggestions. The authors also thank Robert Clark, Mark Ferguson, Emily Garbinsky, Pelin Pekgün, A. Serdar Şimşek, and Şafak Yücel, as well as seminar participants at Bilkent University, Consortium Friday Virtual Seminar Series of Indiana University, Florida State University, North Carolina State University, University of Colorado Boulder, University of Rochester, and University of Waterloo for valuable comments. The authors are grateful to a few students from the University of Notre Dame and University of Texas at San Antonio, especially Rapha Roque, for helping clean and organize the data set.