The authors thank Xiduo Chen, Yan Chen, John Duffy, Paul Fisher, Amanda Friedenberg, Antonio F. Galvao, David Gill, Xiao Han, Nobuyuki Hanaki, Yuge Hao, Haoran He, Shuya He, Jin Li, Tianyi Li, Hang Qi, Julian Romero, Zhewei Song, Hang Wu, Wenhao Wu, Wendan Zhang, Daniel Zizzo, three anonymous referees, and the anonymous associate editor for helpful comments; participants at seminars at the University of Arizona, Nankai University, Tianjin University, Harbin Institute of Technology, the 2021 North American Regional Economic Science Association (ESA) Meeting, the 2022 Virtual Asia Pacific ESA Meeting, the Chinese Economists Society 2022 Annual Conference, the 2023 Tsinghua Conference on Behavioral, Experimental and Theoretical Economics, and the UC Riverside Conference in honor of Amnon Rapoport for helpful comments and discussions; and the Southwest University of Finance and Economics for use of their research facilities.