C. Lanier Benkard

We thank Yi Yao for research assistance. We are grateful to colleagues who provided helpful comments on an earlier draft. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. C. Lanier Benkard Lanier Benkard holds the title of “Amazon Scholar” at Amazon.com. Any opinions expressed in the paper are those of the authors and do not reflect the views of Amazon.com.

This paper grew out of (and substantially extends) our 2008 working paper “Nonstationary Oblivious Equilibrium”. We would like to thank Ben Van Roy for numerous fruitful conversations and valuable insights provided at the beginning stages of this project. This paper has also benefitted from conversations with Nikhil Agarwal, Paulo Somaini, Ali Yurukoglu, and seminar participants at various conferences and institutions.

We appreciate helpful comments from Pauline Affeldt, Sudipto Dasgupta, Rebecca Diamond, Chris Liao, Kate Reinmuth, Esteban Rossi-Hansberg, Chad Syverson, Michael Whinston, Tom Wollmann, Xinkai Wu, and Luigi Zingales. Julien Weber, Peyman Shahidi, Ishaan Singh, Jan Michael Krause, Anastasiia Malenko, Korinayo Thompson, Cathy RuochenWang, and JiaWan provided outstanding research assistance.