The authors thank Bernadette van Ewijk at Aimark and Alfred Dijs at GfK for extensive help with the data used in this study and Tomomichi Amano, Bryan Bollinger, Kristina Brecko, Paul Ellickson, Mitch Lovett, Adam Smith, Scott Shriver, Takeaki Sunada, and conference and seminar participants at the 16th University of Texas at Dallas Frontiers of Research in Marketing Science Conference, the European Quantitative Marketing Seminar, London Business School, the 2018 and 2019 Marketing Science Conference, the New Economic School in Moscow, the 11th bi-annual Postal Economics Conference, Tilburg University, the Virtual Quantitative Marketing Seminar, the University of Rochester, and the University of Washington at Seattle for comments and suggestions. All errors are our own.