Each advertisement has a
list of keywords for which it will appear, and a maximum per-click bid on each keyword.
(You can find out more about AdWords at http://adwords.google.com.)
Because Google AdWords is a type of Vickrey auction, you pay only what the secondhighest
bidder paid, so you can bid your maximum without fear of overpaying. However,
a number of ads can appear on a single page, with progressively lower bidders receiving
progressively lower locations. Some Google AdWords advertisers attempt to bid as low as
possible while still having their ad appear on the search results page.
Additionally, advertisers often attempt to purchase obscure keywords or misspelled
keywords. In reality, such attempts are often stymied by the fact that keywords without
competition usually do not receive many search results, so the total amount of clicks
available for purchase is likely low. As a result, advertisers attempt to construct the most
attractive ad possible, so they can get more clicks for obscure, and therefore cheaper,
keywords.
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