Internet users often surf to multiple websites in order to accomplish a single task. When this happens, do these different sites face the right incentives when choosing their advertising policies? We build a model showing that websites face an interesting tradeoff: on the one hand, they are...

Internet users often surf to multiple websites in order to accomplish a single task. When this happens, do these different sites face the right incentives when choosing their advertising policies? We build a model showing that websites are prone both to over-advertise and to misallocate ads...

Internet users often visit multiple ad-financed websites as a bundle to fulfill their needs. We ask whether complementary websites have the right incentives to choose their advertising policies. We identify two forces that distort equilibrium away from the industry optimum and the efficient...