1. Özlem Bedre-Defolie is an associate professor at ESMT Berlin, part-time associate professor II at the University of Bergen and Bergen Center for Competition Law and Economics (BEECLE), and CEPR research affiliate. She gratefully acknowledges the financial support of the European Research Council (ERC) Starting Grant under the European Union’s Horizon 2020 research and innovation programme (DIPVAR, grant agreement no. 853123)
2. Rainer Nitsche is a director at E.CA Economics and a research fellow at ESMT Berlin. The views expressed here are the authors’ alone and do not necessarily represent the views of E.CA Economics or any other institution mentioned