> 6. Ad-exchange receives all the bids and picks the second highest bidder (no idea why it's the second highest) It's called a Vickrey Auction. It allows bidde

> 6. Ad-exchange receives all the bids and picks the second highest bidder (no idea why it's the second highest) It's called a Vickrey Auction. It allows bidders to bid their true value (instead of trying to outbid all of the other bidders, as is what results from a first-price auction). https://en.wikipedia.org/wiki/Vickrey_auction https://en.wikipedia.org/wiki/Vickrey_auction