[cid:image002.png@01CEBF6B.D0B28790] VIENNA JOINT ECONOMICS SEMINAR INVITATION The University of Vienna and the Institute for Advanced Studies cordially invite you to the following Vienna Joint Economics Seminar <http://www.ihs.ac.at/vienna/resources/Economics/Papers/20130226_Paper_Zimmermann.pdf> Thursday, June 8, 2017 University of Vienna, Oskar-Morgenstern-Platz 1, 1090 Vienna, VGSE seminar room, 3rd floor 1:15 pm Francesco Decarolis<http://www.eief.it/faculty-visitors/faculty-a-z/francesco-decarolis/> Einaudi Institute, Roma Marketing Agencies and Collusive Bidding in Online Ad Auctions The transition of the advertising market from traditional media to the internet has induced a proliferation of marketing agencies specialized in bidding in the auctions that are used to sell ad space on the web. We analyze how collusive bidding can emerge from bid delegation to a common marketing agency and how this can undermine the revenues and allocative efficiency of both the Generalized Second Price auction (GSP, used by Google and Microsoft-Bing and Yahoo!) and the of VCG mechanism (used by Facebook). We find that, despite its well-known susceptibility to collusion, the VCG mechanism outperforms the GSP auction both in terms of revenues and efficiency. (joint work with Maris Goldmanis and Antonio Penta) We are looking forward to seeing you! Institute for Advanced Studies Josefstädter Straße 39, 1080 Vienna, Austria Tel.: +43 1 599 91 232 e-Mail: economics@ihs.ac.at<mailto:economics@ihs.ac.at> http://www.ihs.ac.at LINKS DIRECTIONS TO<https://www.google.com/maps?q=Oskar-Morgenstern-Platz+1,+1090+Vienna+%28VGSE+seminar+room+,+3rd+floor%29&hl=en> UNIVERSITY OF VIENNA on Google maps<https://www.google.com/maps?q=Oskar-Morgenstern-Platz+1,+1090+Vienna+%28VGSE+seminar+room+,+3rd+floor%29&hl=en> VIENNA JOINT ECONOMICS SEMINAR<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40group.calendar.google.com&ctz=Europe/Vienna> on Google calendar<https://www.google.com/calendar/embed?src=pjgnue7cg8r0m0up9v27riruic%40group.calendar.google.com&ctz=Europe/Vienna> ECONOMICS SEMINARS <https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40group.calendar.google.com&ctz=Europe/Vienna> IN VIENNA<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40group.calendar.google.com&ctz=Europe/Vienna> on Google calendar<https://www.google.com/calendar/embed?src=o7e40khrmr1vn2lo20mhbe539g%40group.calendar.google.com&ctz=Europe/Vienna> [cid:image003.jpg@01CEBF6B.D0B28790]<http://ihs.ac.at/> [cid:image004.jpg@01CEBF6B.D0B28790]<http://econ.univie.ac.at/home/> Diese Zusendung erfolgt entsprechend den Bestimmungen des TKG 247107. Sollten Sie keine weiteren Zusendungen wuenschen, senden Sie uns bitte eine kurze Mitteilung an: economics@ihs.ac.at<mailto:economics@ihs.ac.at>. If you do not want to receive our mailings please send an e-mail to: economics@ihs.ac.at<mailto:economics@ihs.ac.at>. Also sent to noeg-l@wu.ac.at<mailto:noeg-l@wu.ac.at> (https://mailman.wu.ac.at/mailman/listinfo/noeg-l).