Imperfect commitment in MEV auctions creates piecewise equilibria where searchers mix risky and safe bids, with empirical decomposition revealing high replicability exposure in naked arbitrage and liquidations but low exposure in sandwiches.
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Imperfect Commitment in Maximal Extractable Value Auctions
Imperfect commitment in MEV auctions creates piecewise equilibria where searchers mix risky and safe bids, with empirical decomposition revealing high replicability exposure in naked arbitrage and liquidations but low exposure in sandwiches.