We combine theory and empirics to (i) show that some buyers in online advertising markets are financially constrained and (ii) demonstrate how to design auctions that take into account such financial constraints. We use data from a field experiment where reserve prices were randomized on...

We introduce a new family of dynamic mechanisms that restricts sellers from using future distributional knowledge. Since the allocation and pricing of each auction period do not depend on the type distributions of future periods, we call this family of dynamic mechanisms non-clairvoyant.We...

Dynamic mechanisms are a powerful technique in designing revenue-maximizing repeated auctions. Despite their strength, these types of mechanisms have not been widely adopted in practice for several reasons, e.g., for their complexity, and for their sensitivity to the accuracy of predicting...