---- Acknowledgments ----
We are grateful to Glenn Ellison, Duncan Simester, Alberto Cavallo, and Ignacio Puente for helpful discussions. We also thank Mariana Albano, Manuel Bertolotto, Vivek Bhattacharya, Sara Ellison, Miguel Espinosa, Ricardo Fraiman, Renee Gosline, Paul Joscow, Chris Knittel, Carolina Levinton, Juan Cristobal Lopez, Victor Martinez de Albeniz, John McCoy, Mateo Montenegro, Chela Pedreschi, Pilar Posse, Drazen Prelec, Nancy Rose, Nader Tavassoli, Julian Villanueva, Birger Wernerfelt, Mike Whinston, seminar participants at MIT and at the Golub Center for Finance and Policy, and pricing managers in apparel, for helpful comments. Nicolas Gomez del Campo and Gina Rey provided outstanding research assistance. All errors are our own. Data and codes will be made publicly available. We welcome comments via email. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.