Frontiers: Which Firms Gain from Digital Advertising? Evidence from a Field Experiment

All the authors have consulted for tech companies, including Yelp, but their compensation and ability to publish did not depend on the results of this paper. Yelp provided engineering support and data for this experiment.

The authors thank Susan Athey, Rodrigo Belo, Garrett Johnson, Randall Lewis, Sridhar Moorthy, Jesse Shapiro, and Catherine Tucker and participants at the NBER Summer Institute, Conference on Digital Experimentation, Advances with Field Experiments Conference, and International Industrial Organization Conference for valuable comments. The authors thank Yelp for providing engineering support for this experiment. Dai, Kim, and Luca have consulted for tech companies, including Yelp, but their compensation and ability to publish did not depend on the results of this paper. Authors are listed alphabetically.