The author thanks Yan Chen (editor), the associative editor, and three anonymous reviewers as well as Johannes Abeler, Mitra Akhtari, Steffen Altmann, Manel Baucells, Alexander Cappelen, Thomas Dohmen, Sebastian Ebert, Benjamin Enke, Erik Eyster, Holger Gerhardt, Lorenz Götte, Andreas Grunewald, Ori Heffetz, Simon Jäger, Mats Köster, Botond Kőszegi, Sebastian Kube, Christoph Oslislo, Chris Roth, Paul Schempp, Andrei Shleifer, Bertil Tungodden, Matthias Wibral, and Florian Zimmermann. The author thanks seminar participants at Bonn, Bergen, and Cologne and conference participants at Münster, Madrid, Kreutzlingen, and Stockholm for their helpful and constructive comments.