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If the trader's valuation is lower than the bid price, or higher than the ask price, then a trade (sell or buy) occurs. If a trade happens at round $t$, then letting $M_t$ be the market price (observed only at the end of round $t$), the maker's utility is $M_t - B_t$ if the maker bought the asset, and $A_t - M_t$ if they sold it. We characterize the maker's regret with res"},"verification_status":{"content_addressed":true,"pith_receipt":true,"author_attested":false,"weak_author_claims":0,"strong_author_claims":0,"externally_anchored":false,"storage_verified":false,"citation_signatures":0,"replication_records":0,"graph_snapshot":true,"references_resolved":false,"formal_links_present":false},"canonical_record":{"source":{"id":"2411.13993","kind":"arxiv","version":2},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"cs.GT","submitted_at":"2024-11-21T10:13:55Z","cross_cats_sorted":["cs.LG","q-fin.TR"],"title_canon_sha256":"f1afb9998a8c7132e9621b3d679b790e7c6180b5713357f6586c8c341583d6cd","abstract_canon_sha256":"64ca9a464fa541c16ad075c5d97d10aa471aa7ebf0f69bcc8ca7ac774f563005"},"schema_version":"1.0"},"receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T11:22:34.110366Z","signature_b64":"Hj51wYfZeQtb/n5PK7bDUjL4PprZH87imwkW4In/co4WeeUQGVIXrRvZ2//TyorJZrrfjyhXHsJLfm1GM18rBA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"ecce6a21dbf37196a69e4042a5a8a506901e017aa9e3657bd1f8bc29486fe227","last_reissued_at":"2026-07-05T11:22:34.109860Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T11:22:34.109860Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"graph_snapshot":{"paper":{"title":"Market Making without Regret","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":["cs.LG","q-fin.TR"],"primary_cat":"cs.GT","authors_text":"Luigi Foscari, Nicol\\`o Cesa-Bianchi, Roberto Colomboni, Tommaso Cesari, Vinayak Pathak","submitted_at":"2024-11-21T10:13:55Z","abstract_excerpt":"We consider a sequential decision-making setting where, at every round $t$, a market maker posts a bid price $B_t$ and an ask price $A_t$ to an incoming trader (the taker) with a private valuation for one unit of some asset. 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