Market Effects of Brand Search Advertising
研究了品牌关键词搜索广告拍卖的市场效应，发现对称均衡下广告提高品牌边际成本和市场价格，仅在初始不对称时可能有益。
ABSTRACT We study the market effects of sponsored search auctions for advertising space on searches for brands. In our model, firms simultaneously choose the price of their product and the bids for the advertising auctions triggered by their own and rivals' brand keywords search. In any symmetric equilibrium, each firm wins its own keyword auction, and relative to a no‐ads benchmark, online advertising raises the winning brand's marginal cost and ultimately market prices. Only in an environment with strong initial asymmetries do we find that brand advertising might be beneficial.