Table 3 The Regression Results of 2SLS.

Variables	(1)	(2)	(3)	(4)
	Search breadth	Search breadth	Search depth	Search depth
Naive	−0.3861***		−0.4959***
	(0.0189)		(0.0213)
Userlevel		0.0547***		0.0703***
		(0.0027)		(0.0030)
Age	−0.2835***	−0.2807***	−0.1417***	−0.1381***
	(0.0088)	(0.0088)	(0.0099)	(0.0099)
Age²	0.0360***	0.0356***	0.0197***	0.0193***
	(0.0011)	(0.0012)	(0.0013)	(0.0013)
Gender	−0.3036***	−0.3045***	−0.1708***	−0.1721***
	(0.0063)	(0.0063)	(0.0071)	(0.0071)
City	−0.0013	−0.0012	0.0021	0.0022
	(0.0017)	(0.0019)	(0.0020)	(0.0020)
Intercept	2.8560***	2.4913***	3.0896***	2.6212***
	(0.0152)	(0.0208)	(0.0171)	(0.0234)
N	175,574	175,574	175,574	175,574
Adj. R²	0.0138	0.0243	0.0107	0.0024

*** indicates significance at 1%.
** indicates significance at 5%.
* indicates significance at 10%. In Columns (1) and (2), the dependent variable is LogBreadth; in Columns (3) and (4), the dependent variable is LogDepth. The first-stage regression results are presented in Appendix B.

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