The authors appreciate the suggestions that they received from seminar and conference participants at Drexel University, the University of Chicago, Imperial College London, Ohio State University, Northwestern University, the University of Rochester, the University of Southern California, Southern Methodist University, Stanford University, Tel Aviv University, Temple University, the University of Warwick, MIT Conference on Digital Experimentation, the Virtual Quant Marketing Seminar, Marketing Science, and the Consumer Analytics Workshop in Chile. Hangcheng Zhao and Bolun Xiao provided excellent research support. Christophe Van den Bulte provided valuable feedback. Wharton Customer Analytics provided assistance in obtaining data.