Reserve Prices in Internet Advertising Auctions: A Field Experiment

Michael Ostrovsky · Michael Schwarz

96 citations0/0 files storedJournal of Political Economy

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Auction Theory and Applications Game Theory and Voting Systems Digital Platforms and Economics

Abstract

We present the results of a large field experiment on setting reserve prices in auctions for online advertisements, guided by the theory of optimal auction design suitably adapted to the sponsored search setting. Consistent with the theory, following the introduction of new reserve prices revenues in these auctions have increased substantially.

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1961COUNTERSPECULATION, AUCTIONS, AND COMPETITIVE SEALED TENDERS 1981Optimal Auction Design 1973Incentives in Teams 1971Multipart pricing of public goods 2007Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords 2003The Winner's Curse, Reserve Prices, and Endogenous Entry: Empirical Insights from eBay Auctions 1988Full Extraction of the Surplus in Bayesian and Dominant Strategy Auctions 2006Position auctions

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2014Buy-It-Now or Take-a-Chance: Price Discrimination Through Randomized Auctions 2014An empirical study of reserve price optimisation in real-time bidding 2011The Economics of Internet Markets 2009Bayes-nash equilibria of the generalized second price auction 2020Reinforcement Mechanism Design: With Applications to Dynamic Pricing in Sponsored Search Auctions 2013Revenue optimization in the generalized second-price auction

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