That strategy quickly falls apart if more than one company bids an "artifically high amount". It's a pretty well-studied format that incentivizes bidders to bid

That strategy quickly falls apart if more than one company bids an "artifically high amount". It's a pretty well-studied format that incentivizes bidders to bid the true value. https://en.wikipedia.org/wiki/Generalized_second-price_auction https://en.wikipedia.org/wiki/Generalized_second-price_aucti...