Explaining Low Redshift Quasar Evolution

We have developed a flexible framework for constructing physical models of quasar evolution that can incorporate a wide variety of observational constraints, such as multi-wavelength quasar luminosity functions (QLFs), estimated masses and accretion rates of active black holes, space densities of quasar host galaxies, clustering measurements, and the mass function of black holes in the local universe. In this brief contribution we focus on the observed decline in the QLF break luminosity at $z<2$, which can be explained either by a shift toward lower characteristic accretion rates at low $z$ or by preferential suppression of activity in higher mass black holes.