// definition
Pay-as-bid
Payment at the offered price
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Short definition
Auction pricing rule under which each successful bidder receives its own offered price, subject to the scheme’s conditions. The ranking price may be adjusted separately: in IF26 an eligible bonus reduces the ranking price by 25% while retaining the requested premium.
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Knowledge map
Formula
IF26: ranking price with bonus = offered price × 0.75; payment = offered price.