Several major websites offer hybrid auctions that allow advertisers tobid on a per-impression or a per-click basis. We present the firstanalysis of this hybrid advertising auction setting. The conventionalwisdom is that brand advertisers (e.g. Coca-Cola) will bid perimpression, while direct...

The role of township-owned enterprises in the rapid growth of the Chinese economy during reform is widely acknowledged. Beginning in the mid-1990s, however, these firms began to be privatized. Perhaps the most striking feature of this process is that it has not occurred uniformly across...