We thank Seth Benzell, Ruyu Chen and Yu Jeffrey Hu for excellent comments and suggestions. Financial support from the Stanford Digital Economy Lab and Luohan Academy is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.
Erik Brynjolfsson
Erik Brynjolfsson is the Director of the Stanford Digital Economy Lab and a compensated Committee Member at Luohan Academy.
Long Chen
Long Chen is a paid employee of the Luohan Academy, a research institute sponsored by Alibaba Group. This paper uses proprietary data from the Luohan Academy, and passed the confidentiality review of the Alibaba Group. These reviews did not influence the structure or content of the paper in a material way. The content is solely the responsibility of the authors and does not necessarily represent the views of the Luohan Academy or Alibaba Group.
Xijie Gao
Xijie Gao is a paid employee of the Luohan Academy, a research institute sponsored by Alibaba Group. This paper uses proprietary data from the Luohan Academy, and passed the confidentiality review of the Alibaba Group. These reviews did not influence the structure or content of the paper in a material way. The content is solely the responsibility of the authors and does not necessarily represent the views of the Luohan Academy or Alibaba Group.