The author is extremely grateful to three anonymous referees, the associate editor, and the editor for comments that substantially improved this paper. For helpful discussions and feedback, he thanks Patrick Bennett, Milo Bianchi, Gordon Burtch, Daniel L. Chen, Jacques Crémer, Daniel Ershov, April Franco, Guido Friebel, Astrid Hopfensitz, Jakub Lonsky, Nicolas de Roos, Marta Troya-Martinez, Shalini Mitra, and Bobby Zhou. For useful comments, he thanks participants at the University of Liverpool Management School internal seminar, Digital Economy Network workshop, Munich Summer Institute, Society for Institutional and Organizational Economics 2022, Platform Strategy Research Symposium, and Econometric Society European Meeting—Summer 2022.