Open and Private Exchanges in Display Advertising

The authors thank Elea Feit, Kinshuk Jerath, Miklos Sarvary, Jiwoong Shin, and seminar participants at the Chinese University of Hong Kong, the New York City Media Seminar, the University of Florida, the University of Maryland, and the University of Science and Technology of China for their valuable comments. All authors certify that they have no affiliations with or involvement in any organization or entity with any financial interest or nonfinancial interest in the subject matter or materials discussed in this manuscript.