The authors thank the department editor Chung Piaw Teo, the associate editor, and two anonymous reviewers for their thoughtful comments and feedback that have helped to significantly improve the paper. The authors also thank Huseyin Topaloglu for helpful feedback and being the discussant of this paper at the 2019 INFORMS Revenue Management and Pricing Conference. The authors acknowledge Information Resources Inc. (IRI) and Bronnenberg et al. (2008) for the IRI Academic Data Set that was used in Section 6. Any findings expressed in this paper are those of the authors and do not necessarily reflect the views of IRI.