Bid shading is the practice of bidding below an advertiser's true valuation in a first-price auction. Its mechanics, origins, key numbers and open disputes.

Bid shading is the practice of bidding below an advertiser's true valuation in a first-price auction. Its mechanics, origins, key numbers and open disputes.

Bid shading is the practice of bidding below an advertiser's true valuation in a first-price auction. Its mechanics, origins, key numbers and open disputes.

Bid shading is the practice of bidding below an advertiser's true valuation in a first-price auction. Its mechanics, origins, key numbers and open disputes.

Bid shading is the practice of bidding below an advertiser's true valuation in a first-price auction. Its mechanics, origins, key numbers and open disputes.

Bid shading is the practice of bidding below an advertiser's true valuation in a first-price auction. Its mechanics, origins, key numbers and open disputes.