) resources in process innovation. We draw on a rich data set of Internet investments by 86,879 U.S. establishments to examine … decisions to invest in advanced Internet technology. We find evidence of localization of substitution. In particular, we show …

experiments were important for value creation in Internet access markets. In general, industry-wide returns from economic …

networking devices and the Internet in the 1990s and 2000s magnified these challenges, as illustrated by the deployment of the … rate or return from IT spillovers from the invention of the Internet, and to a large potential undercounting of "digital …