The authors thank Brett Hollenbeck and Ilya Morozov; seminar participants at Bocconi, Cardiff University, Escuela Superior de Administración y Dirección de Empresas (ESADE), Goethe University Frankfurt, Helsinki Graduate School of Economics, Imperial College London, the University of Mannheim, and Yelp; and conference participants at European Marketing Academy Conference (EMAC), Marketing Science, the Center for Economic Studies and Ifo Institute Digitization Area Meeting (CESifo), the UK Digital Economics Workshop, and the Young European Scholars Marketing Conference (YES) for helpful comments. All errors are the authors’ own. All authors certify that they have no affiliations with or involvement in any organization or entity with any financial interest or nonfinancial interest in the subject matter or materials discussed in this manuscript.