Staggered adoption of first-price auctions causes 25-75% initial revenue-per-impression increase that dissipates over time for later changes, consistent with gradual bidder learning rather than immediate equilibrium.
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Bidders' Responses to Auction Format Change in Internet Display Advertising Auctions
Staggered adoption of first-price auctions causes 25-75% initial revenue-per-impression increase that dissipates over time for later changes, consistent with gradual bidder learning rather than immediate equilibrium.