Ranked Choice Voting

I hear on the news that several states are using "ranked choice voting". As I understand it, instead of voting for one single candidate, voters assign ranks to multiple candidates. They give their top choice a "1", their second choice a "2", and so on. If a candidate gets >50% of the "1" votes, they win. If not, the candidate with the fewest "1" votes is eliminated and the #2 votes on those ballots are re-allocated as 1's for candidates still in the running. If a candidate now has >50% of the 1 votes, they win. If not, this is repeated.

Are there any studies comparing this method to the traditional voting method?

And has anyone considered another method that I am calling a "weighted ranked voting system"? Ranked votes would be assigned a weight. For example, 1 votes would be worth 5 points, 2 votes 3 points, and 3 votes 1 point. Then add up the weights. If a candidate has >50%, they win. If not, eliminate the lowest candidate and recalculate.