We thank Hunt Allcott, Luigi Pistaferri, Uta Schönberg, Chris Taber, and various seminar participants for their helpful comments and Chenyan Gong for outstanding research assistance. This research has been approved by the Institutional Review Board of Social Science and Humanities at Jinan University (IRB No.A2408001-038). All data sets used in the analysis are stored and processed in a fully secured data lab (offline without USB access) in China by the data provider. The data are processed under strict rules to protect individual privacy. Only authorized staff can enter the secured lab; none of the authors have access to the raw data. We write executable files that are executed by the authorized staff of the data provider and only have access to tables and figures generated by the executable files. All errors are 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.