What Are My Incentives as the Advertiser?

If you ran a first price auction, that encourages people to bid up the maximum amount. Whoever wins the auction is ultimately going to overpay by a little bit and have some gret. So what's left? I can bid my true valuation. If that click, legitimately to me, is worth three dollars, i should just bid three dollars. Those are more or less the choices every advertiser has to make.

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