6 papers
The Privacy Subsidy in Continuous-Time Kyle: Cumulative Welfare under Noise-Perturbed Order-Flow Observation
Yuki Nakamura
We extend the closed-form privacy-subsidy result of Nakamura~(2026, arXiv:2605.15746) from the single-period Kyle model to continuous-time. A committed Bayesian automated market ma…
Measuring Alignment-Induced Activation Shifts Correctly: A Template-Controlled Difference-in-Differences Protocol
Yuki Nakamura
Comparing a model's internal activations before and after alignment is a natural way to ask what safety training changes: one forms the matrix of paired aligned-minus-base activati…
The Privacy Subsidy in Glosten-Milgrom: Bid-Ask Spread and Welfare under Flip-Noise Direction Observation
Yuki Nakamura
We derive a closed-form bid-ask spread and welfare decomposition for the Glosten-Milgrom 1985 sequential-trading model when the market maker observes the trade direction perturbed…
The Privacy Subsidy: Kyle's under Noise-Perturbed Order-Flow Observation
Yuki Nakamura
Privacy-preserving cryptocurrency exchanges alter what the pricing mechanism observes about order flow. We derive the unique linear Kyle equilibrium when a committed Bayesian marke…
Bennett's Conjecture in Lean 4: Counter-Models for the PSR-Reducibility of Spinoza's Propositions V and XIV
Yuki Nakamura
In A Study of Spinoza's Ethics (1984, §17), Jonathan Bennett argues that the demonstration of Proposition V of Spinoza's Ethica contains identifiable invalid moves and that, even…
Body-Reservoir Governance in Repeated Games: Embodied Decision-Making, Dynamic Sentinel Adaptation, and Complexity-Regularized Optimization
Yuki Nakamura
Standard game theory explains cooperation in repeated games through conditional strategies such as Tit-for-Tat (TfT), but these require continuous computation that imposes physical…