The authors thank Emeric Henry, Francine Lafontaine, Adrien Matray, Ezra Oberfield, Steven Salop, Florian Szücs, and seminar participants at Princeton, Sciences Po, European Association for Research in Industrial Economics Annual Conference 2018, Royal Economic Society Annual Conference 2018, Society for Economic Dynamics Annual Meetings 2018, and the 2019 Northwestern Searle Antitrust Conference, as well as three anonymous referees, for helpful comments. J. Boehm thanks the International Economics Section at Princeton for their hospitality. All errors remain our own.