“…Regarding tracking technology, third-party cookies decreased by 22% (Libert, Graves, and Nielsen 2018), trackers declined by 9% (Lukic, Miller, and Skiera 2021), and the use of third-party web technology providers fell by between 3.1% and 12.8% (Peukert et al 2022) in the EU relative to non-EU regions after GDPR compliance. The GDPR was related to modestly lower web traffic, e-commerce orders, and revenue (Goldberg, Johnson, and Shriver 2022; Schmitt, Miller, and Skiera 2022), lower venture capital investment in the EU (Jia, Jin, and Wagman 2019, 2021), and more search frictions (Zhao, Yildirim, and Chintagunta 2021), and it had no effect on publishers’ content (Lefrere et al 2022). The regulation also hurt small web technology vendors more than big vendors (Johnson, Shriver, and Goldberg 2023; Peukert et al 2022).…”