I’ve been in the field for 20 years and I know the difference between what companies do and what theoretical papers say they do. As the other person said, bids

I’ve been in the field for 20 years and I know the difference between what companies do and what theoretical papers say they do. As the other person said, bids repeat across multiple auctions on the same keyword and even in a generalized second price auction optimally your bids are adjusted based on the expected dynamics of each auction. Based on past information and so on. In a first price auction you’d keep lowering your average bid until it’s on average right above the next bid. The next bidder would then increase their bids. You’d then do so as well. Etc. Etc.