<b>There is no second price to hide behind</b>

<b>There is no second price to hide behind</b>

Confirmed: GAM has run a unified first-price auction for years, but plenty of stacks still carry bid-shading logic and reserve assumptions written for second-price behavior. In first-price, every cent of an over-high floor that clears is margin you keep — and every floor that's too high is a blank you eat.

— Old second-price reserve math under-prices first-price inventory
— Bid shading lives buyer-side now, not yours

Impact: re-audit any floor logic older than the first-price switch. (confirmed)