The authors thank Ron Berman, Jason Choi, Giovanni Compiani, Jean-Pierre Dubé, Andrey Fradkin, Silvia Hristakeva, Max Joo, Kyeongbae Kim, TI Kim, Xinyao Kong, Yufeng Huang, Samir Mamadehussene, Ilya Morozov, Ram Rao, Jiwoong Shin, Andrey Simonov, Jinyeong Son, Kosuke Uetake, Nils Wernerfelt, three anonymous reviewers, the associate editor, the department editor, seminar and conference participants at London School of Economics, Korea Advanced Institute of Science and Technology Business School, Sogang University, Tilburg University, Washington University in St. Louis Olin, Summer Institute of Competitive Strategy 2023, and Yale Customer Insights for helpful comments.