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Contents

1 Introduction 2 The evolution of attribution technologies 2.1 The Growth of Attribution Technologies Online . . . . . . . . . . . 2.1.1 Collection of Data on Advertising Exposure . . . . . . . . . 2.1.2 Collection of Data on Conversion . . . . . . . . . . . . . . . 2.1.3 Attributing Causality . . . . . . . . . . . . . . . . . . . . . . 2.1.4 Automation of Media Spend Based on Return on Investment 2.2 Consequences of Attribution . . . . . . . . . . . . . . . . . . . . . . 3 Theoretical Eects of Increased Measurability 3 4 5 7 8 8 10 11 15

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4 Empirical Analysis of Advertising Outcomes in the Presence of Attribution Technologies 19 4.1 Analysis of a single-channel attribution technology . . . . . . . . . . . . . . . 19 4.2 Analysis of a cross-channel attribution technology . . . . . . . . . . . . . . . 25 5 Implications and Policy Discussion 33

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