The authors are grateful to the seminar and conference participants at the Marketing Research Workshop at Chicago Booth, the International Industrial Organization Conference 2024, the Brownbag Seminar at the Singapore Management University, and the Asian Econometric Society Meeting, the Meeting of the Southern Economic Association, the Australasian Econometric Society Meeting, the Asian Pacific Industrial Organization Conference 2024, and NORIO 2025 for their valuable feedback and insightful comments. Researcher(s)’ own analyses are calculated (or derived) based in part on data from Nielsen Consumer LLC and marketing databases provided through the NielsenIQ data sets at the Kilts Center for Marketing Data Center at The University of Chicago Booth School of Business. The conclusions drawn from the NielsenIQ data are those of the researcher(s) and do not reflect the views of NielsenIQ. NielsenIQ is not responsible for, had no role in, and was not involved in analyzing and preparing the results reported herein. Both authors are listed in alphabetical order and contributed equally.