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- Generalized_first-price_auction abstract "The generalized first-price auction (GFP) is a non-truthful auction mechanism for sponsored search (a.k.a. position auctions). In sponsored search n bidders compete for the assignment of k slots. Each slot has an associate click-through rate, the click-through rates are decreasing from top to bottom. The GFP mechanism asks each bidder for a bid. Then the highest bidder gets the first slot, the second-highest, the second slot and so on. On each click the highest bidder pays his bid on the first slot, the second highest bidder pays his bid on the second slot, and so on.The GFP mechanism was the first mechanism to find application in sponsored search, replacing the \"flat fee\" and \"per-impression\" model that was the standard. Overture adopted the GFP mechanism in 1997, and provided service to Yahoo! and MSN. Although very successful initially, bidders quickly learned how to manipulate the mechanism. Bidding patterns exhibited a characteristic saw-tooth pattern, and the mechanism need not possess a (pure) Nash equilibrium. These deficiencies lead to the replacement of the GFP mechanism in practice, and the adoption of alternate auction designs.Recent work by Hoy et al. and Dütting et al. shows that the deficiencies of the GFP mechanism can be ascribed to its bidding interface, and that adopting a more expressive bidding interface guarantees the existence of an efficient Nash equilibrium under complete information as well as an efficient Bayes-Nash equilibrium under incomplete information.".
- Generalized_first-price_auction wikiPageID "46211626".
- Generalized_first-price_auction wikiPageLength "2906".
- Generalized_first-price_auction wikiPageOutDegree "11".
- Generalized_first-price_auction wikiPageRevisionID "705263558".
- Generalized_first-price_auction wikiPageWikiLink AdWords.
- Generalized_first-price_auction wikiPageWikiLink Bayesian_game.
- Generalized_first-price_auction wikiPageWikiLink Category:Auction_theory.
- Generalized_first-price_auction wikiPageWikiLink First-price_sealed-bid_auction.
- Generalized_first-price_auction wikiPageWikiLink Generalized_second-price_auction.
- Generalized_first-price_auction wikiPageWikiLink MSN.
- Generalized_first-price_auction wikiPageWikiLink Nash_equilibrium.
- Generalized_first-price_auction wikiPageWikiLink Sponsored_search.
- Generalized_first-price_auction wikiPageWikiLink Vickrey–Clarke–Groves_auction.
- Generalized_first-price_auction wikiPageWikiLink Yahoo!.
- Generalized_first-price_auction wikiPageWikiLinkText "Generalized first-price auction".
- Generalized_first-price_auction wikiPageUsesTemplate Template:Reflist.
- Generalized_first-price_auction subject Category:Auction_theory.
- Generalized_first-price_auction hypernym Mechanism.
- Generalized_first-price_auction type Organisation.
- Generalized_first-price_auction comment "The generalized first-price auction (GFP) is a non-truthful auction mechanism for sponsored search (a.k.a. position auctions). In sponsored search n bidders compete for the assignment of k slots. Each slot has an associate click-through rate, the click-through rates are decreasing from top to bottom. The GFP mechanism asks each bidder for a bid. Then the highest bidder gets the first slot, the second-highest, the second slot and so on.".
- Generalized_first-price_auction label "Generalized first-price auction".
- Generalized_first-price_auction sameAs m.0130_cht.
- Generalized_first-price_auction wasDerivedFrom Generalized_first-price_auction?oldid=705263558.
- Generalized_first-price_auction isPrimaryTopicOf Generalized_first-price_auction.