If targeting precision plummets, then cpa will probably increase globally because the only effective strategy will be broader targets, or targets with signed in

If targeting precision plummets, then cpa will probably increase globally because the only effective strategy will be broader targets, or targets with signed in properties. That means higher relative value for signed-in search, mobile ads, and generally any owned properties. The smaller brokers are the ones who will be damaged the most. If Google did this tomorrow, you could probably make a case that it's anti-competitive.