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# Auction Dynamics
- URL: https://www.adlingo.org/glossary/auction-dynamics/
- Published: 2025-01-15T11:54:00.000Z
- Updated: 2025-01-15T11:54:00.000Z
- Description: The collection of factors and behaviors that influence how programmatic auctions function, including pricing mechanisms, timeout settings, and bidding strategies.
- Author: Travis Lusk
- Tags: Programmatic, #glossary, #Import 2026-10-27 17:05

Everything happening underneath the clearing price you see on the invoice. Floor prices, bid shading, timeout behavior, auction type, second-price legacy math running inside nominally first-price systems. None of it is visible by default. All of it affects what you pay and whether you win. Understanding auction mechanics is the difference between a trader and someone who just submits bids.