The authors thank the department editor, the associate editor, and three reviewers for their insightful and constructive comments. The authors are grateful for the suggestions and research assistance from Yingbo Li, Junlan Li, and Evan Lai. The authors also appreciate the feedback received from seminar participants at Rochester, Georgia Tech, UC Irvine, Cornell, University of Toronto, and Wilfrid Laurier. Finally, the authors thank ecobee’s Donate Your Data program for giving them access to the data, without which this research project would not be possible.