Soft Reserves, Learning and Bid Adjustment in Advertising Auctions -- by Joshua S. Gans

Thanks to Refine.ink, ChatGPT 6 Astra and Claude Fable 5.1 for valuable research assistance. Responsibility for all errors remains my own. I have previously worked as a consultant on behalf of Amazon on issues unrelated to this matter. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.