Agent-based model with multi-agent RL shows market-maker profitability trends upward overall with rising aggregate market informedness as price-discovery benefits offset adverse-selection costs.
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Market Informedness and Market-Maker Profitability: The Trade-Off Between Adverse Selection and Price Discovery
Agent-based model with multi-agent RL shows market-maker profitability trends upward overall with rising aggregate market informedness as price-discovery benefits offset adverse-selection costs.