This article has benefited from helpful conversations with and insight from Robert Porter, Igal Hendel, Ali Hortaçsu, Aviv Nevo, John Asker, Federico Bugni, Matthew Gentzkow, Phil Haile, Ben Handel, Joel Horowitz, Tom Hubbard, Rosa Matzkin, Ryan McDevitt, Kanishka Misra, Jason O'Connor, Mallesh Pai, Aaron Sojourner, Andrew Sweeting, Elie Tamer, Xun Tang, Glen Weyl, and numerous seminar participants. Finally, I thank Joonsuk Lee for being so gracious in providing the data used in the article. Financial support from Duke University and the Center for the Study of Industrial Organization at Northwestern University is greatly appreciated. Any errors are my own.
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