An Empirical Analysis of Sponsored Search Performance in Search Engine Advertising

2122 1112 1 0, 0 0 ~MVN i i (3.18) Finally, to model the unobserved co-variation among click-through, conversions, bid price and the keyword ranking, we let the four error terms to be correlated in the following manner: 2 4142 43 44 3132 33 34 2122 23 24

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