“All of a sudden we realized we were in the auction business.”
Tuesday, May 26th, 2009The Annual Meeting of the American Economics Association tries to work out how Google works or how AdWords changed the world:
A tidbit:
During the question-and-answer period, a man wearing a camel-colored corduroy blazer raises his hand. “Let me understand this,” he begins, half skeptical, half unsure. “You say that an auction happens every time a search takes place? That would mean millions of times a day!”
Varian smiles. “Millions,” he says, “is actually quite an understatement.”
Lid dip @joshgans
