The authors thank the senior editor, the associate editor, two anonymous reviewers, Avi Goldfarb, Daniel Trefler, Xiaobo Zhang, Li-An Zhou, and Chenming Zuo as well as seminar participants at the 2023 Marketing Science Diversity, Equity, and Inclusion conference, the 13th Annual Theory + Practice in Marketing Conference (2023), the 2023 Econometric Society Asia Meeting, the University of Toronto, Peking University, Hong Kong University of Science and Technology, Chinese University of Hong Kong, Chinese University of Hong Kong - Shenzhen, and Zhejiang University for their feedback. This paper reflects the views of the authors and should not be interpreted as reflecting the views of Alibaba. J. Li worked as an intern at the Luohan Academy, an open research institute previously affiliated with the Alibaba Group. P. Li is currently an employee of Alibaba Group. As required by the company’s rules of data privacy, Alibaba Group has a right to remove its trade secrets from the paper. J. Li’s current affiliation is Marketing & Analytics, UCL School of Management, University College London, London E14 5AA, United Kingdom.