We develop a model with many heterogeneous advertisers (products) and advertising markets (media). Each advertiser has … increases the concentration of advertising firms in each market. Surprisingly, we find that the equilibrium price for …

We develop a model with many advertisers (products) and many advertising markets (media). Each advertiser sells to a … different segment of consumers, and each medium has a different ability to target advertising messages. We characterize the … competitive equilibrium in the media markets and evaluate the implications of targeting in advertising markets. An increase in the …

accounted for 46% of online advertising revenue. A substantial portion of this revenue was generated by the sale of search … links in keyword auctions. Our model allows both the relevance of the advertising firm as well as the position of its …

An important current trend in advertising is the replacement of traditional pay-per-exposure (pay …-per-action (PPA) mechanisms are becoming the predominant method of selling advertising on the Internet. Well-known examples include … of PPA advertising. I find that, if the prices of advertised goods are endogenously determined by advertisers to maximize …

We develop a model with many advertisers (products) and many advertising markets (media). Each advertiser sells to a … different segment of consumers, and each medium has a different ability to target advertising messages. We characterize the … competitive equilibrium in the media markets and evaluate the implications of targeting in advertising markets. An increase in the …