1. Department of Economics, Copenhagen Business School, Porcelænshaven 16A, 1, DK-2000 Frederiksberg, Denmark.
2. Koc University, Rumeli Feneri Yolu, Sariyer, Istanbul 34450 Turkey.
3. Rady School of Management, University of California, San Diego, 9500 Gilman Drive, La Jolla, CA 92093.
4. Rady School of Management, University of California, San Diego, CA 92093.
5. Department of Economics, University of Chicago, 1126 E. 59th St., Chicago, IL 60637, and NBER.