[AlexErrant]

This is a working paper... but it is "conditionally accepted at the Review of Economic Studies". https://maddalenaronchi.weebly.com/research.html

Note that the OP links to a version from 2021. A version dated October 29, 2025 is here https://maddalenaronchi.weebly.com/uploads/1/1/7/4/117435661...

Marginal Revolution post https://marginalrevolution.com/marginalrevolution/2021/11/da...

Podcast with the author https://www.thevisiblehand.uk/episodes/episode-27