Second Price Auction

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Second Price Auction
What does "second price auction" mean?

An auction model where the billing is done at the level of the second bid + 1 cent.

Example: for an advertising impression, bidder 1 proposed a CPM of 2€ and bidder 2 proposed 1,5€. Bidder 1 wins the auction and will be charged €1.51 per CPM.

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