An improved system and method for generating a maximum utility slate of advertisements for online advertisement auctions is provided. Various utility factors for each advertisement that may be a candidate in a slate of advertisements may be applied within a framework in order to generate a maximum utility slate of advertisements. Either backward or forward dynamic programming may be applied to recursively evaluate the utility of subslates of advertisements in order to generate a maximum utility slate of advertisements. In an embodiment, a network with directed edges and associated costs may be defined, and the longest path may be found in the directed network for constructing a maximum utility slate of advertisements. Various utility factors may be applied for different objectives of an auctioneer and the framework presented may be extended for revenue ordering, exclusion of bidders, ordering slates according to first and second price utilities, and so forth.