Measuring the causal effects of digital advertising remains challenging despite the availability of granular data. Unobservable factors make exposure endogenous, and advertising's effect on outcomes tends to be small. In principle, these concerns could be addressed using randomized controlled...

We propose a structural approach to measuring brand value in an equilibrium framework using observational data. Brand value is defined as the difference in equilibrium profit between the brand in question and its counterfactual unbranded equivalent on search attributes. Our structural model...