How Does a Firm Adapt in a Changing World? The Case of Prosper Marketplace

The authors thank the senior editor, Tat Chan, and the review team for their constructive comments, which led to a significant improvement of the paper. The authors also thank Victor Aguirregabiria, Alice Li, Anita Rao, Mingfeng Lin, Wreeto Kar, Daniel Kaliski, Walter Beckert, Ting Zhu, Matthew Osborne, Michael Keane, John Rust, Ariel Pakes, and Yanwen Wang; seminar participants at University of Rochester, Purdue University, The Hong Kong University of Science and Technology, Hong Kong Baptist University, University College London, Cheung Kong Graduate School of Business, Peking University, Shanghai University of Finance and Economics, Tongji University, Boston University, Tulane University, University of Illinois Chicago, University of Kansas, Lingnan University, and the University of London (Birkbeck); and conference participants at the Summer Institute in Competitive Strategy, Bass FORMS Conference, NBER Summer Institute, the ZEW Conference on the Economics of Information and Communication Technologies, Econometric Society Summer School in Dynamic Structural Econometrics, and the International Industrial Organization Conference for their valuable comments. All errors are the authors’ own. All authors certify that they have no affiliations with or involvement in any organization or entity with any financial interest or nonfinancial interest in the subject matter or materials discussed in this manuscript.