The authors thank Wes Hartmann, Anja Lambrecht, Carl Mela, Katarzyna Reluga, Peter Rossi, John Rust, Navdeep Sahni, and Udo Wagner for valuable comments and suggestions. The authors also benefited from comments by seminar participants at Berkeley Haas, the Fuqua School of Business, the 2026 UCLA Gilbert Symposium and Marketing Camp, London Business School, Kellogg School of Management, Virtual Quant Marketing Seminar, Modul University Vienna, Rotterdam School of Management, Stanford GSB, University of Würzburg, as well as the CRC 190 Retreat and the HU Berlin Faculty Workshop.