This research was presented at the Workshop on Information Systems and Economics (WISE) in Copenhagen, Denmark (December 2022), the Tilburg Information Systems Seminars in The Netherlands (June 2023), and the Munich Summer Institute on May 18, 2023. The authors are especially grateful to Joel Waldfogel for his thoughtful discussion and constructive feedback during the Munich Summer Institute, which helped improve the paper. This research was carried out independently without any oversight or editorial control. The industry partner has the right to review and request changes to the paper for material that may directly or indirectly identify it. All errors are the author’s own.