References

2. See CPHS (Consumer Pyramids Household Survey) (dashboard), Consumer Pyramidsdx,

Centre for Monitoring Indian Economy, Mumbai, https://consumerpyramidsdx.cmie.com/.

This is a nationally representative survey of Indian households that has been conducted since 2014. 3. The analysis did not observe whether a month with no sales reflects an absence of supply (the merchant decided not to post any inventory for sale) or an absence of demand (the merchant posted inventory, but no customers made a purchase that month).

Anderson, Stephen, and David J. McKenzie. 2021. “Improving Business Practices and the

Boundary of the Entrepreneur: A Randomized Experiment Comparing Training, Consulting,

Insourcing, and Outsourcing.” Journal of Political Economy. Published ahead of print, August 26, 2021. https://doi.org/10.1086/717044. Bloom, Nicholas, Aprajit Mahajan, David J. McKenzie, and John Roberts. 2020. “Do Management

Interventions Last? Evidence from India.” American Economic Journal: Applied Economics 12 (2): 198–219. Bruhn, Miriam. 2011. “License to Sell: The Effect of Business Registration Reform on

Entrepreneurial Activity in Mexico.” Review of Economics and Statistics 93 (1): 382–86. Bruhn, Miriam. 2013. “A Tale of Two Species: Revisiting the Effect of Registration Reform on

Informal Business Owners in Mexico.” Journal of Development Economics 103 (July): 275–83. Bussolo, Maurizio, Akshay Dixit, Anne Marie Golla, Jean Nahrae Lee, and Siddharth Sharma. 2021. “How Selling Online Is Affecting Small Firms in South Asia.” Policy Research Working

Paper, World Bank, Washington, DC. Campbell, John Y., Tarun Ramadorai, and Benjamin Ranish. 2014. “Getting Better or Feeling

Better? How Equity Investors Respond to Investment Experience.” NBER Working Paper 20000 (March), National Bureau of Economic Research, Cambridge, MA. Cavallo, Alberto F. 2018. “More Amazon Effects: Online Competition and Pricing Behaviors.”

Paper presented at the Federal Reserve Bank of Kansas City’s Jackson Hole Economic Policy

Symposium, “Changing Market Structures and Implications for Monetary Policy,” Jackson

Hole, WY, August 23–25, 2018. Cavallo, Alberto F., and Roberto Rigobon. 2016. “The Billion Prices Project: Using Online Prices for Measurement and Research.” Journal of Economic Perspectives 30 (2): 151–78. Fan, Ying, Jiandong Ju, and Mo Xiao. 2016. “Reputation Premium and Reputation Management:

Evidence from the Largest e-Commerce Platform in China.” International Journal of Industrial

Organization 46 (May): 63–76. Gorodnichenko, Yuriy, and Oleksandr Talavera. 2017. “Price Setting in Online Markets: Basic

Facts, International Comparisons, and Cross-Border Integration.” American Economic Review 107 (1): 249–82. IBEF (India Brand Equity Foundation). 2021. “Indian E-Commerce Industry Analysis.” Indian

E-Commerce Industry Report, July 2021. IBEF, New Delhi. https://www.ibef.org/industry /ecommerce-presentation.

Kanbur, Ravi. 2017. “Informality: Causes, Consequences, and Policy Responses.” Review of

Development Economics 21 (4): 939–61. Klapper, Leora F., Margaret Miller, and Jake Hess. 2019. “Leveraging Digital Financial Solutions to

Promote Formal Business Participation.” World Bank, Washington, DC. Li, Lingfang (Ivy), Steven Tadelis, and Xiaolan Zhou. 2016. “Buying Reputation as a Signal of

Quality: Evidence from an Online Marketplace.” NBER Working Paper 22584 (September),

National Bureau of Economic Research, Cambridge, MA. Nataraj, Shanthi. 2011. “The Impact of Trade Liberalization on Productivity: Evidence from

India’s Formal and Informal Manufacturing Sectors.” Journal of International Economics 85 (2): 292–301. Smith, Aaron, and Monica Anderson. 2016. “Online Shopping and e-Commerce.” Pew Research

Center (blog), December 19, 2016. https://www.pewresearch.org/internet/2016/12/19/online -shopping-and-e-commerce/. Tadelis, Steven. 2016. “Reputation and Feedback Systems in Online Platform Markets.” Annual

Review of Economics 8 (1): 321–40. Times of India. 2014. “Online Shoppers in India to Cross 100 Million by 2016: Study.” Technology

News, November 20, 2014. US Census Bureau. 2021. “Quarterly Retail e-Commerce Sales: 2nd Quarter 2021.” U.S.

Census Bureau News, August 19, 2021. https://www2.census.gov/retail/releases/historical /ecomm/21q2.pdf.