The authors thank the editor, associate editor, two anonymous referees, Xiaojing Dong, Andy Ferrara, Vicky Fouka, Markus Lampe, Desmond Lo, Martin Schreier, and Jianlin Wang, as well as participants at the 2025 CEPR Applied Micro-Economic History Workshop in Heidelberg, the Leavey School of Business’s Marketing Department Seminar, the Economic History and Marketing Management brownbag seminars at Vienna University of Economics and Business, and departmental seminars at the Aix-Marseille School of Economics and Trinity College Dublin’s Economics Department for helpful comments and suggestions. The authors also thank Eliza Maxfield for excellent research assistance and Peter Nencka for sharing code to identify historical populations of smaller U.S. cities and towns. All remaining errors are our own.