We are grateful to David Laibson, Nat Malkus, Jeff Miron, Alexandru Nichifor, and Jesse Shapiro for helpful conversations. We also thank Refine.ink, ChatGPT 5.5/Pro, Claude Opus 4.7-8 and Fable 5 for research assistance. Responsibility for all errors remains our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. Joshua S.