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[SQUEAKING] [RUSTLING] [CLICKING] GLENN ELLISON: OK, anyway, so online markets. So what I've got several different papers I figured I'd talk about today. All of them are talking about online retail in one form or another and just different issues in online retail trying to understand the industry. So the first paper I was going to talk about, Einav, Kuchler, Levin, Sundaresan, Learning from Seller Experiments in Online Markets. This is a paper studying eBay. And while eBay has been in a long run decline, it's still an important way in which things get sold. And I also just wanted to cover it because I felt the methodology of the paper is interesting as a way to attack problems and these ideas that what they're talking about is an alternative to doing field experiments or setting up agreements to run experiments with online service providers is what they call opportunistic experiments. There are many, many businesses in this world. Those businesses are tryi...

[SQUEAKING] [RUSTLING] [CLICKING] GLENN ELLISON: So today I'm continuing my lecture. I'm starting a new topic on online markets. And in some ways, I think in online markets, it's come to be that Google and Facebook and Amazon tend to really dominate the online space and earn most of the profits and most of the page views or whatever. So I think most of what I'm going to do is try to talk about those leading firms. Actually, most of today is going to be about Google. I'm going to get a little bit to talking about models, how people think about Amazon at the very end. I actually don't know a lot of good stuff about social media other than there's literature about social media addiction, which I think is also an interesting topic there, but not much theory on it. Oops. So anyway, before starting today's topic, I'm going to do a brief review of VCG mechanisms. And I think Steven is teaching [14.]124 this year. He'll do a better job. But...