A key property of the World Wide Web is the possibility for firms to place virtually costless links to third-party content as a substitute or complement to their own content. This ability to hyperlink has enabled new types of players, such as search engines and content aggregators, to...

This paper studies the strategic aspects of contextual advertising. Contextual advertising entails the display of relevant ads based on the content that a consumer views and exploits the possibility that consumers' content preferences are indicative of their product preferences. The results show...

Digital advertising markets are growing and attracting increased scrutiny. This paper explores four market inefficiencies that remain poorly understood: ad effect measurement, frictions between and within advertising channel members, ad blocking and ad fraud. These topics are not unique to...