This paper has benefited from comments by Bowe Hanson, Xu Jaing, Bernhard Reichman, and Hong Qu; from conference participants in sessions at the 2022 and 2023 Southern Economic Association meetings and the 2023 North American Economic Science Association meetings; and from an economics department seminar at Georgia State University. The authors are particularly indebted to the valuable comments and guidance of two anonymous referees and an anonymous associate editor. All remaining errors are the authors’ own. The research was conducted under IRB protocol HM20001736.