Why Google Dominates Advertising Markets
Why Google Dominates Advertising Markets
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谷歌为何称霸广告市场
DOI：
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发表时间：
2019
期刊：
影响因子：
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通讯作者：
Dina Srinivasan
中科院分区：
文献类型：
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作者：
Dina Srinivasan
在美国，大约86%的在线展示广告空间是在电子交易场所实时买卖的，业界称之为“广告交易所”。“由于中间商负责传递买卖订单，广告市场的结构类似于电子交易的金融市场的结构。在广告领域，Alphabet（“谷歌”）一家公司同时经营着领先的交易场所，以及买家和卖家进行交易的领先中介。与此同时，谷歌本身也是全球最大的广告空间销售商之一。本文解释了谷歌如何通过从事立法者在其他电子交易市场禁止的行为来主导广告市场：谷歌的交易所与谷歌拥有的中介机构共享上级交易信息和速度，谷歌将买入和卖出订单引导到其交易所和网站（搜索和YouTube），谷歌滥用其内部信息。在电子交易的股票市场，我们要求交易所为交易者提供公平的数据和速度，我们识别和管理中介利益冲突，我们要求交易披露以帮助监管市场。因为现在广告也在电子交易场所进行交易，我们是否应该借用这三个竞争原则来保护广告的诚信？
Approximately 86% of online display advertising space in the U.S. is bought and sold in real-time on electronic trading venues, which the industry calls "advertising exchanges." With intermediaries that route buy and sell orders, the structure of the ad market is similar to the structure of electronically traded financial markets. In advertising, a single company, Alphabet (“Google”), simultaneously operates the leading trading venue, as well as the leading intermediaries that buyers and sellers go through to trade. At the same time, Google itself is one of the largest sellers of ad space globally. This Paper explains how Google dominates advertising markets by engaging in conduct that lawmakers prohibit in other electronic trading markets: Google’s exchange shares superior trading information and speed with the Google-owned intermediaries, Google steers buy and sell orders to its exchange and websites (Search & YouTube), and Google abuses its access to inside information. In the market for electronically traded equities, we require exchanges to provide traders with fair access to data and speed, we identify and manage intermediary conflicts of interest, and we require trading disclosures to help police the market. Because ads now trade on electronic trading venues too, should we borrow these three competition principles to protect the integrity of advertising?