The authors thank the Wharton Customer Analytics Initiative for access to the data and seminar participants at the Marketing Science conference, the Four School Conference, Duke University, the University of California at San Diego, the University of Southern California, the University of Rochester, the University of Toronto, Stanford University, Cornell University, the University of Colorado, and the University of Washington for their comments. The authors are also grateful to Carl Mela, Laura Kornish, Masakazu Ishihara, Avi Goldfarb, and Kitty Wang for useful discussions regarding the paper. All errors are their own.
