Yesterday, Google announced a new smart bidding feature within AdWords named "maximize conversions." As the name suggests, Google will automatically set the right bids for each auction to help get you the most conversions within your daily budget.
Google says "it uses advanced machine learning to automatically optimize bids and offers auction-time bidding capabilities that tailor bids for each and every auction." Here is a more detailed help document on this feature.
You can set this under your campaign's settings page, and then by clicking "Change bid strategy" and select Maximize Conversions. You can test Maximize Conversions, get insights and monitor your bid strategies to understand their performance.
Forum discussion at Google+.
This post was scheduled to go live today but was written earlier - I am currently offline today.