How does value-based bidding work?

Value-based bidding is a Smart Bidding strategy that uses machine learning to drive the highest click-through rate possible, by bidding for conversions that drive business objectives.
Value-based bidding is a Smart Bidding strategy that uses machine learning to drive the highest target impression share possible, by bidding for conversions that drive business objectives.
Value-based bidding is a Smart Bidding strategy that uses machine learning to drive the highest impressions possible, by bidding for conversions that drive business objectives.
Value-based bidding is a Smart Bidding strategy that uses machine learning to drive the highest conversion value possible, by bidding for conversions that drive business objectives.

The correct answer is:

Value-based bidding is a Smart Bidding strategy that uses machine learning to drive the highest conversion value possible, by bidding for conversions that drive business objectives.