Rest‐frame ﹩K_{s}﹩‐band luminosity function of luminous galaxies. In each panel the solid lines represent our fiducial ﹩F=1﹩, ﹩\epsilon _{k}=0.05﹩ model, while the ﹩\epsilon _{k}=0.025﹩ and ﹩\epsilon _{k}=0.10﹩ models are given by the upper and lower short‐dashed lines, respectively. The points show the ﹩K_{s}﹩‐band observations from Pozzetti et al. (2003), and the dotted, long‐dashed, and dot‐dashed lines represent the Menci et al. (2002), Cole et al. (2000), and Kauffmann et al. (1999) models, respectively, as compiled by Pozzetti et al. (2003). Quasar feedback naturally turns off massive galaxy formation at low redshifts, reproducing the observed lack of evolution in the number density of luminous galaxies below ﹩z\leq 1.5﹩.