American Economic Review: Vol. 104 No. 5 (May 2014)

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The VCG Auction in Theory and Practice

Article Citation

Varian, Hal R., and Christopher Harris. 2014. "The VCG Auction in Theory and Practice." American Economic Review, 104(5): 442-45.

DOI: 10.1257/aer.104.5.442

Abstract

We describe two auction forms for search engine advertising and present two simple theoretical results concerning i) the estimation of click-through rates and ii) how to adjust the auctions for broad match search. We also describe some of the practical issues involved in implementing a VCG auction.

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Authors

Varian, Hal R. (Google, Mountain View, CA)
Harris, Christopher (Google, Mountain View, CA)

JEL Classifications

D44: Auctions


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