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Why You Should Invest In Upgrading Democracy And Give To The Center For Election Science
Figure out which candidate was ranked last by the largest number of voters.

That's Coomb's method, and it generally works better than IRV, but has strategy-susceptibility problems.

For every voter who ranked that candidate last, their second-to-last choice is now treated as their last choice.

That's not Coomb's method, but might be equivalent? I'm a little confused by this. Remember that after that candidate is eliminated, they are removed from all ballots, not just the ones that listed them last.