Real-time bidding in online advertising is a complex process where advertisers need to estimate the value of ad impressions and decide how much to bid. Previous methods tackled these challenges separately, but a new approach called Bidding Machine optimizes all three aspects together. By jointly optimizing utility estimation, market value forecasting, and bid decision-making, the Bidding Machine significantly improves campaign effectiveness and profits. The researchers demonstrated the effectiveness of this approach through offline experiments and online testing.