Table 4 Regression Results of Pooling Sample Data.

Variables	(1)	(2)	(3)	(4)
	Search breadth	Search breadth	Search depth	Search depth
Naive	−0.1113***		−0.0378***
	(0.0019)		(0.0020)
Userlevel		0.0300***		0.0107***
		(0.0003)		(0.0003)
Age	−0.1737***	−0.1648***	−0.1234***	−0.1200***
	(0.0030)	(0.0030)	(0.0031)	(0.0031)
Age²	0.0258***	0.0245***	0.0192***	0.0188***
	(0.0004)	(0.0003)	(0.0004)	(0.0004)
Gender	−0.0114***	−0.0070***	−0.0147***	− 0.0131***
	(0.0017)	(0.0017)	(0.0018)	(0.0017)
City	−0.0051***	−0.0048***	−0.0015**	−0.0014**
	(0.0006)	(0.0006)	(0.0006)	(0.0006)
Intercept	2.6423***	2.4589***	2.9182***	2.8532***
	(0.0054)	(0.0057)	(0.0057)	(0.0061)
N	1,124,108	1,124,108	1,354,720	1,124,108
Adj. R²	0.0081	0.0111	0.0031	0.0034

*** 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.

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