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gregbo - 10:16 pm on Jun 21, 2006 (gmt 0)
If it's CPM based on a statistical projection of the audience, it's workable. Otherwise, it's just as fraud-prone as CPC. CPA is workable when there is a trust model in place between advertiser, publisher, and SE/ad network (and a robust means of enforcing trust breaches). Personally, I believe that fixed fees are the least prone to click fraud, but people complain that they are paying for insufficient (non-fraudulent) traffic.
I say we all meet in the middle with the CPM model. IMHO, its the easiest way to find a middle ground between advertiser and publisher.