The Fox estimates are based on a regression model which the authors develop by “regressing the log of e-commerce shipments on the log of nominal GDP and the real GDP growth rate for 1999 through 2006,” and then applying projections for GDP growth from a private forecaster, Global Insight, to forecast e-commerce from 2007 through 2012. The result, as shown in Figure 4, is a “hockey-stick” shaped forecast, with a dramatic and unexplained surge in growth in 2010 and beyond. We find no basis for projecting such high growth rates into the future, especially given the slowdown in broadband penetration growth, which effectively limits the growth of “new shoppers” entering the online marketplace.