News and Awards

  • Keystone Chairman and HBS Professor Marco Iansiti expands on why digital leaders post higher gross margins, profits, and revenue per employee than digital laggards in a new study entitled, “The Digital Business Divide: Analyzing the operating impact of digital transformation,” featured recently on
    Read the full story and access the study, here: cio-image
  •’s 2017 Top Ranked Consulting Firms: Keystone Strategy has been named to‘s 2017 Top Ranked Consulting Firms in North America with two top 10 placements for both innovation and internal mobility. Read more about Keystone Strategy here: vault-top-ranked
  • The CFO Leadership Council News:  Keystone’s own Director of Finance Julius Gloeckner is featured in the CFO Council News blog detailing why he thrives in Keystone’s entrepreneurial setting.  Read more about Julius Gloeckner and Keystone CFO Council Logo
  • Top 10 Boutique Strategy Consulting firm by IvyExec: Keystone has been ranked a Top 10 Boutique Strategy Consulting firm by IvyExec in their annual consulting firm rankings. Read more about Keystone  ivyexec_logo
  • Consulting Magazine Rising Star: Congratulations to Keystone’s Sam Price who was just named one of Consulting Magazine’s Rising Stars of the Profession for 2016. To read more about Sam and her work at Keystone, go to Consulting MagazineConsulting Mag Rising Star
  • Professor Iansiti releases One Strategy which analyzes how a management team tweaked and optimized the fine line between strategy and executionone-strategy
  • Professor Pisano wins the 2010 McKinsey Award for “Restoring American Competitiveness”

Keystone experts are thought leaders in their fields and are prolific writers on their findings. The experts create leading analytical frameworks for evaluating ecosystem strategy, innovation processes, IP evaluation, antitrust analysis and more. The research of our experts provides Keystone with unique access to large, cross-sectional studies of industry players. Please contact us to learn more about our experts' research.


Stanford Economist Musters Big Data to Shape Web Future

By Aki Ito
June 26, 2013

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Consumer Protection in Online Discount Voucher Sales

by Benjamin Edelman and Paul Kominers
June 14, 2011
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Unlawful Advertisements Very Familiar to Google

by Benjamin Edelman
Huffington Post, May 19, 2011
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Remedies for Search Bias

by Benjamin Edelman
February 22, 2011
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In Accusing Microsoft, Google Doth Protest Too Much

by Benjamin Edelman
HBR Blogs, February 2011
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Measuring Bias in “Organic” Web Search

by Benjamin Edelman and Benjamin Lockwood
January 2011
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Hard-Coding Bias in Google “Algorithmic” Search Results

by Benjamin Edelman
November 15, 2010
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Plugging Privacy Leaks

by Hiawatha Bray
Boston Globe, July 10, 2010
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The Impact of Targeting Technology on Advertising Markets and Media Competition

by Susan Athey and Joshua Gans
American Economic Review, May 2010; and January 11, 2009 version
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Optimal Auction Design and Equilibrium Selection in Sponsored Search Auctions

by Benjamin Edelman and Michael Schwarz
American Economic Review, 100 no2, May 2010
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Measuring the Perpetrator and Funders of Typosquatting

by Tyler Moore and Benjamin Edelman
Proceedings of the Fourteenth International Conference on Financial Cryptography and Data Security, January 2010
We describe a method for identifying “typosquatting”, the intentional registration of misspellings of popular website addresses. Using regression analysis, we find that websites in categories with higher pay-per-click ad prices face more typosquatting registrations, indicating that ad platforms such as Google AdWords exacerbate typosquatting. However, our investigations also confirm the feasibility of significantly reducing typosquatting. We find that typosquatting is highly concentrated: Of typo domains showing Google ads, 63% use one of five advertising IDs, and some large name servers host typosquatting domains as much as four times as often as the web as a whole.
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A Structural Model of Sponsored Search Advertising Auctions

by Susan Athey and Denis Nekipelov
September 2009
This paper develops a new model where online advertiser bids apply to many user queries, while the quality scores and the set of competing advertisements may vary from query to query. In contrast to existing models that ignore uncertainty, which produce multiplicity of equilibria, we provide sufficient conditions for existence and uniqueness of equilibria. In addition, we propose a homotopy-based method for computing equilibria given advertiser valuations and the distribution of uncertainty. We then propose a structural econometric model. Finally, we apply the model to historical data for several keywords.
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Skewed Bidding in Pay Per Action Auctions for Online Advertising

by Nikhil Agarwal, Susan Athey and David Yang
American Economic Review, May 2009
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Position Auctions with Consumer Search

by Susan Athey and Glenn Ellison
May 2008
This paper examines a model in which advertisers bid for “sponsored-link” positions on a search engine. The value advertisers derive from each position is endogenized as coming from sales to a population of consumers who make rational inferences about firm qualities and search optimally. Consumer search strategies, equilibrium bidding, and the welfare benefits of position auctions are analyzed. Implications for reserve prices and a number of other auction design questions are discussed.
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Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords

by Benjamin Edelman, Michael Ostrovsky, and Michael Schwarz
American Economic Review, v.97(1), March 2007
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Strategic Bidder Behavior in Sponsored Search Auction

by Benjamin Edelman and Michael Ostrovsky
Decision Support Systems, v.43(1), February 2007
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