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SUMMARY:FROM MAD MEN TO MATHS MEN: CONCENTRATION AND BUYER POWER IN ONLINE
  ADVERTISING - Francesco Decarolis\, Associate Professor\, Bocconi Univers
 ity
DTSTART:20191023T120000Z
DTEND:20191023T130000Z
UID:TALK133663@talks.cam.ac.uk
CONTACT:Emily Brown
DESCRIPTION:This paper analyses the impact of intermediaries' concentratio
 n on the allocation of revenues in online platforms. We study sponsored se
 arch\, the sale of ad space on search engines through online auctions\, do
 cumenting how advertisers increasingly bid through a handful of specialise
 d intermediaries. This enhances automated bidding and data pooling but les
 sens competition whenever the intermediary represents competing advertiser
 s. Using data on nearly 40 million Google's keyword auctions\, we first ap
 ply machine learning algorithms to cluster keywords into thematic groups s
 erving as relevant markets. Then\, through an instrumental variable strate
 gy\, we quantify a negative and sizeable impact of intermediaries' concent
 ration on platform's revenues. 
LOCATION:LT4\, Cambridge Judge Business School
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