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Mary Hamilton

I'd suggest there's another party that gains value from most links - search engines. Each time a link is created, it has potential value for a search engine because it is a signal that the engine can use to serve better results to searchers, improving the experience of its own users. Similarly, the link itself may have value (positive or negative) to the publisher and aggregator even if it is never clicked, because of its influence on search. Quite how you'd quantify or build on that value is difficult to work, but it adds another dimension to the equation.

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