Network effects are a widely-recognized economic phenomenon exhibited by a variety of emerging technologies across different sectors. Much contemporary discussion regarding digital platforms and services focuses on the role network effects play in shaping competition among firms, and leveraging strong and early network effects has become a key objective for many tech start-ups. Yet the ways in which network effects develop and function are often poorly understood. This report provides a framework detailing the types of network effects that exist, and discusses bootstrapping techniques and equilibrium dynamics commonly associated with network effects.