The RAND Journal of Economics, Andrei Hagiu, Tat-How Teh and Julian Wright, May 2022, Volume 53, Issue 2; We gratefully acknowledge research funding from the Singapore Ministry of Education Social Science Research Thematic Grant, MOE2017-SSRTG-023. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the authors and do not reflect the views of the Singapore Ministry of Education or the Singapore Government.