Disclosure

Conflict of Interest: My primary employer is the London School of Economics. During the last five years, the following institutions have paid me or given me research grants valued cumulatively at €5,000 or more.

• Banca Mediolanum.

• Berkeley Research Group.

• European Central Bank.

• European Research Council.

• Fondo Italiano per la Scienza.

• GISEV Family Office.

• Journal of Industrial Economics.

• RAND Journal of Economics.

• REInnovation Lab, SDA Bocconi.