The authors thank the following researchers whose insightful comments and suggestions have greatly improved the paper: Eric Anderson, Vivek Bhattacharya, Bart Bronnenberg, Bryan Bollinger, Giovanni Compiani, Sam Goldberg, Ali Goli, Brett Gordon, Rafael Greminger, Yufeng Huang, Maarten Janssen, Yewon Kim, Jūra Liaukonytė, Sridhar Moorthy, Sanjog Misra, Olivia Natan, Vithala Rao, Navdeep Sahni, Stephan Seiler, Bradley Shapiro, Andrey Simonov, Jacob Teeny, and Caio Waisman, as well as seminar participants at Northwestern Kellogg, Michigan Ross, Stanford GSB, Tilburg, University of Houston, UCL, Norwegian School of Economics, Berkeley Haas, UCLA Anderson, Boston University, and the 11th Workshop on Consumer Search and Switching Costs at NYU, the 2022 Marketing Science Conference, and the 2023 Quantitative Marketing and Economics Conference. The authors also thank Jean-Pierre Dubé for so many helpful conversations, and Tanner Parsons and James Ryan for exceptional research assistance, as well as Joselle Carrillo, Ginger Jacobson, and Will Thompson for helping them to implement the experiment on Amazon Mechanical Turk.