Abstract: Auction is a new strategy that the Internet Search Engine adopts to price its AdWords,and several methods come into being in Adwords auction practice.We compare the auctioneer's revenue generated by two kinds of auction,Winner-pay auction and All-pay auction.Our research shows that the revenue in the two auction scenario is equivalent,despite the various difference in the bidders' information structure and the relative number of bidders to AdWords.Moreover,If specify our model to the single object auction and multi-unit homogeneous objects auction,we can obtain the same conclusion as previous.

Key words: AdWords pricing, winner-pay auction, all-pay auction, revenue equivalence