> This would be a puzzling result, to say the least, if Facebook faced the same competition for inventory across auction houses. There's also targeting matchup

> This would be a puzzling result, to say the least, if Facebook faced the same competition for inventory across auction houses. There's also targeting matchup and ad inventory (variety of ads available for the impression). We see FB getting raked over the coals, time and time again, about how much targeting information they collect. THIS is where it would be leveraged.