online videos, Twitter, Facebook and mobile advertising.

Another recent development has been the ability of these technologies to integrate oine media including television; catalog; direct mail; point of sale; and call center into their attribution models (Osur, 2012). This is pertinent because competition policy has often treated the online advertising market as separate from the oine advertising market (Goldfarb and Tucker, 2011e). However, the fact that these new technologies allow advertisers to substitute automatically between oine and online channels suggests that online and oine advertising channels may turn out to be far easier substitutes than previously supposed. Unlike online and oine advertising this is unlikely to be instantaneous, since there are more substantial lead times for buying radio and television ads or planning a direct mail campaign. However, with this caveat these advances do echo earlier evidence of substitution between oine and online advertising markets presented in Goldfarb and Tucker (2011a,d). 2.1.2 Collection of Data on Conversion

As long as a transaction is conducted or initiated online, it is relatively straightforward to link this activity to previous advertising exposure. For search advertising, tracking is relatively straightforward, as the search ad directs the consumer directly to the webpage where such transactions can be tracked.3 Over the past few years, display ads have developed a similar capacity whereby they can use a combination of cookies and pixel tags to match a conversion event on an advertisers website with an individual user prole that records the various display advertising campaigns that users have seen previously. 2.1.3 Attributing Causality

Attribution technologies do two things which depart from previous practice. First, they use large-scale probability models which attempt to disentangle patterns from variation in expo3 Search engines have even experimented with a cost-per-action model of payments which facilitated such linkages even more. However, as pointed out by Dellarocas (2012), such models can lead to coordination conicts.