The RAND Journal of Economics, Gary Biglaiser, Jacques Crémer and André Veiga, August 2022, Volume 53, Issue 3; To access the final version of the published article: https://onlinelibrary.wiley.com/doi/epdf/10.1111/1756-2171.12418; Financial support received from the NET Institute, the Fundação para a Ciência e a Tecnologia, the Agence Nationale de la Recherche Scientifique under grant ANR-10-BLAN-1802-01 and under grant ANR-17-EURE-0010 (Investissements d’Avenir program), the Jean-Jacques Laffont Digital Chair at the Toulouse School of Economics and the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme (grant agreement No 670494)