For helpful discussions and insightful comments, the authors thank Bruno Cassiman, Chris Forman, Luis Garicano, Bob Gibbons, Justin Johnson, and John Van Reenen; participants at the National Bureau of Economic Research (NBER) Organizational Economics Meeting, the NBER Chinese Economy Meeting, the NBER Summer Institute, Barcelona Graduate School of Economics Summer Forum, the Platform Strategy Research Symposium at Boston University, the Digital Innovation Workshop at Boston College, the Workshop on Information Systems and Economics at the University of Washington, LSE-Chicago-CEPR Incentives, the Management and Organization Conference, the 5th Annual Bank of Canada-Tsinghua PBCSF-University of Toronto Conference on the Chinese Economy, the Wharton Technology and Innovation Conference, and the 13th Organizational Economics Workshop in Australia (Canberra); and seminar participants at Arizona State University, Boston University (Questrom), Carnegie Mellon University, the Chinese University of Hong Kong, Columbia University, Emory University, the Georgia Institute of Technology, Harvard Business School, Hong Kong University, Hong Kong University of Science and Technology, Jinan University, London Business School, MIT Sloan, Sun Yat-sen University, the University of California at Irvine and Riverside, the University of Illinois at Urbana–Champaign, the University of Michigan, and the University of Southern California.