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Bidding to the Top: Position-based Auctions - page 10 / 23

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GSP is Not Truth-Revealing

GSP is not truth-revealing, i.e. it may not be optimal to bid true value-per-click.

Example:

Locally stable.

Clicks

Bid

Existing bidders

80

$2.00

Bob.com

100

$3.00

Alice.com

Carol.com has value $3.10 per click.

Utility of Position 1 = ($3.10 - $3.00) £100 = $10.

Utility of Position 2 = ($3.10 - $2.00) £ 80  = $88.

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