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- Published online June 10, 2022.
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© 2022 by the Board of Regents of the University of Wisconsin System
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- Hongbin Li is a senior fellow of Stanford Institute for Economic Policy Research (SIEPR), Stanford University, USA.
- James Liang is a professor in Guanghua School of Management, Peking University, China.
- Binzhen Wu is the contact author of this paper (email: wubzh{at}sem.tsinghua.edu.cn), and an associate professor of the School of Economics and Management, Tsinghua University, China.
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