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The generalized second-price auction (GSP) is a non-truthful auction mechanism for multiple items. Each bidder places a bid. The highest bidder gets the first slot, the second-highest, the second slot and so on, but the highest bidder pays the price bid by the second-highest bidder, the second-highest pays the price bid by the third-highest, and so on. First conceived as a natural extension of the Vickrey auction, it conserves some of the desirable properties of the Vickrey auction. It is used mainly in the context of keyword auctions, where sponsored search slots are sold on an auction basis. The first analyses of GSP are in the economics literature by Edelman, Ostrovsky, and Schwarz and by Varian. It is used by Google's AdWords technology, and it was employed by Facebook, which has now switched to Vickrey–Clarke–Groves auction.
Timothy M. Armstrong is an American business executive. He was formerly the CEO of Oath Inc., a subsidiary of Verizon Communications that serves as the umbrella company of its digital content subdivisions, including AOL and Yahoo!. Previously, he was the CEO of AOL Inc. from 2009 until its purchase by Verizon in 2015.
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The generalized first-price auction (GFP) is a non-truthful auction mechanism for sponsored search. In sponsored search n bidders compete for the assignment of k slots. Each slot has an associate click-through rate, the click-through rates are decreasing from top to bottom. The GFP mechanism asks each bidder for a bid. Then the highest bidder gets the first slot, the second-highest, the second slot and so on. On each click the highest bidder pays his bid on the first slot, the second highest bidder pays his bid on the second slot, and so on.
Kathleen Hogan is Executive Vice President for human resources and Chief People Officer at Microsoft.
The 2020 Nobel Memorial Prize in Economic Sciences was awarded jointly to the American economists Paul Milgrom and Robert B. Wilson "for improvements to auction theory and inventions of new auction formats." According to the Nobel Committee, the recognition was given because "their theoretical discoveries have improved auctions in practice." Furthermore, Secretary Hansson said:
"This year's Laureates, Paul Milgrom and Robert Wilson, have studied how auctions work. They have also used their insights to design new auction formats for goods and services that are difficult to sell in a traditional way, such as radio frequencies. Their discoveries have benefitted sellers, buyers and taxpayers around the world."
References
- ↑ "Hoping to Overtake Its Rivals, Yahoo Stocks Up on Academics".
- ↑ Michael Luca and Max H. Bazeman, The Power of Experiments: Decision Making in a Data-Driven World (Cambridge: MIT Press, 2020), 73.
- ↑ Peter Coy, ”The Secret to Google’s Success,” Business Week, March 6, 2006, 42.
- ↑ Susan Athey and Michael Luca, “Why Tech Companies Hire So Many Economists,” Harvard Business Review, February 12, 2019, https://hbr.org/2019/02/why-tech-companies-hire-so-many-economists.
- 1 2 3 "Michael Schwarz". Future in Review.
- ↑ "Michael Schwarz, Chief Economist of Microsoft, Joins AYTM (Ask Your Target Market) Board of Directors | Markets Insider". December 2, 2019.
- ↑ "Michael Schwarz at Microsoft Research". Microsoft .
