5 papers · 1 filter
The Privacy Subsidy in Market Microstructure
Yuki Nakamura
Privacy-preserving exchange designs price on a coarsened view of order flow. We show that a market maker committed to informationally efficient (posterior-mean) pricing on a signal…
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…
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…
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…