The authors thank Ibrahim Abada, Ali Aouad, John Asker, Martin Bichler (the editor), Giacomo Calzolari, Vincenzo Denicolò, Sylvian Chassang, Joe Harrington, Justin Johnson, Timo Klein, Xavier Lambin, Steve Tadelis, Ulrich Schwalbe, and Rein Wesseling, as well as the anonymous associate editor and numerous reviewers, for discussion and comments that helped to improve upon earlier versions of this paper. The authors also benefitted from presentations of this paper and comments by various audiences, including those at the Chinese University of Hong Kong, Hong Kong University of Science and Technology, Chinese University of Hong Kong in Shenzhen, Hong Kong University, National University of Singapore, Maastricht University, Universität Zürich, Paris Nanterre University, Oxford University, Stellenbosch University, Het Nederlands Mathematisch Congres, the Organisation for Economic Co-operation and Development, and Jiangxi University.