Learning, Sophistication, and the Returns to Advertising: Implications for Differences in Firm Performance — by Steven Tadelis, Christopher Hooton, Utsav Manjeer, Daniel Deisenroth, Nils Wernerfelt, Nick Dadson, Lindsay Greenbaum

We thank Reed Walker for fruitful discussions and are grateful to Matt Backus, Mitch Hoffman, and Chad Syverson for detailed comments and suggestions. We also thank Hallie Feibel and Aditya Mohan for their research assistance. The authors are listed in order of contribution, with C.H. and U.M contributing equally. C.H. and U.M. led the project internally at Meta Inc., and implemented the experiment; C.H., U.M., and N.D. analyzed and validated the data. D.D. and N.W. were the joint internal principal investigators. S.T., L.G., and N.D. were the joint external principal investigators, and were compensated for parts of their work under a contract between Meta Inc. and Analysis Group, Inc. D.D., C.H., U.M., and N.W. were employees at Meta when this was written and own Meta stock. All authors contributed to the development of the paper itself. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.


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