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Display advertising has traditionally been sold via guaranteed contracts -- aguaranteed contract is a deal between a publisher and an advertiser to allocatea certain number of impressions over a certain period, for a pre-specifiedprice per impression. However, as spot markets for display ads, such as theRightMedia Exchange, have grown in prominence, the selection of advertisementsto show on a given page is increasingly being chosen based on price, using anauction. As the number of participants in the exchange grows, the price of animpressions becomes a signal of its value. This correlation between price andvalue means that a seller implementing the contract through bidding shouldoffer the contract buyer a range of prices, and not just the cheapestimpressions necessary to fulfill its demand.  Implementing a contract using a range of prices, is akin to creating a mutualfund of advertising impressions, and requires {\em randomized bidding}. Wecharacterize what allocations can be implemented with randomized bidding,namely those where the desired share obtained at each price is a non-increasingfunction of price. In addition, we provide a full characterization of when aset of campaigns are compatible and how to implement them with randomizedbidding strategies.

Bidding for Representative Allocations for Display Advertising