A Theory of Irrelevant Advertising: An Agency-Induced Targeting Inefficiency

The authors thank Wilfred Amaldoss, Jungju Yu, and Tianxin Zou for their helpful comments. The authors also thank seminar participants at the Korea Advanced Institute of Science and Technology, University of Nebraska, the joint seminar of the University of Illinois at Urbana Champaign and University of Science and Technology of China, the Frank M. Bass FORMS conference, and the 2021 Marketing Science conference for their comments.