Opening the Black Box: An Analysis of Google’s Behavior in Search and Display Advertising Using Large-Scale Datasets

This article summarizes three quantitative pieces of analysis using large transaction-level datasets that the CMA undertook in a recent market study into online platforms and digital advertising. These are: a comparison of Google and Bing’s search advertising prices; an analysis of Google’s fees from providing advertising intermediation services; and an assessment of the value of targeting digital advertising through the use of third-party cookies. We find that Google’s search advertising