Internet Advertising and the Generalized Second Price Auction : Selling Billions of Dollars Worth of Keywords

@inproceedings{Edelman2005InternetAA,
  title={Internet Advertising and the Generalized Second Price Auction : Selling Billions of Dollars Worth of Keywords},
  author={Ben L Edelman},
  year={2005}
}
We investigate the “generalized second price” auction (GSP), a new mechanism which is used by search engines to sell online advertising that most Internet users encounter daily. GSP is tailored to its unique environment, and neither the mechanism nor the environment have previously been studied in the mechanism design literature. Although GSP looks similar to the Vickrey-Clarke-Groves (VCG) mechanism, its properties are very different. In particular, unlike the VCG mechanism, GSP generally does… CONTINUE READING
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