{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2026:HFO5HNQ3PZQEB2E2LR2WYQBYZY","short_pith_number":"pith:HFO5HNQ3","canonical_record":{"source":{"id":"2606.03767","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"econ.TH","submitted_at":"2026-06-02T15:21:49Z","cross_cats_sorted":["q-fin.GN"],"title_canon_sha256":"8b381829d1255893cde8d95ce700302e2f0a0f09fca7b1efc8c68bee24ab8bf0","abstract_canon_sha256":"be3c32f99041d757cdce3e7cd33db03cb7696b4a9fbdddd021a611e63a7842c2"},"schema_version":"1.0"},"canonical_sha256":"395dd3b61b7e6040e89a5c756c4038ce26449dc7eac317ffd08257b778ae992b","source":{"kind":"arxiv","id":"2606.03767","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2606.03767","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"arxiv_version","alias_value":"2606.03767v1","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2606.03767","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"pith_short_12","alias_value":"HFO5HNQ3PZQE","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"pith_short_16","alias_value":"HFO5HNQ3PZQEB2E2","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"pith_short_8","alias_value":"HFO5HNQ3","created_at":"2026-06-03T02:06:01Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2026:HFO5HNQ3PZQEB2E2LR2WYQBYZY","target":"record","payload":{"canonical_record":{"source":{"id":"2606.03767","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"econ.TH","submitted_at":"2026-06-02T15:21:49Z","cross_cats_sorted":["q-fin.GN"],"title_canon_sha256":"8b381829d1255893cde8d95ce700302e2f0a0f09fca7b1efc8c68bee24ab8bf0","abstract_canon_sha256":"be3c32f99041d757cdce3e7cd33db03cb7696b4a9fbdddd021a611e63a7842c2"},"schema_version":"1.0"},"canonical_sha256":"395dd3b61b7e6040e89a5c756c4038ce26449dc7eac317ffd08257b778ae992b","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-06-03T02:06:01.868846Z","signature_b64":"BZPOPIvSsX5PGUeBmuBoonECxsx04dRO9XtfDK2jUQFiQKnhsPE/7Fc/OAyweC/nFKdLd3q1HyHggflvK6dBBg==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"395dd3b61b7e6040e89a5c756c4038ce26449dc7eac317ffd08257b778ae992b","last_reissued_at":"2026-06-03T02:06:01.868392Z","signature_status":"signed_v1","first_computed_at":"2026-06-03T02:06:01.868392Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"2606.03767","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-06-03T02:06:01Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"vREfRIcAVl3+Wrj1bqr1NNZ+jv5avhvVZmg0TAyVFywU//hXFs7F4V6nOzNXZp3RLm406F5XVpYHbEltL00zCg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-30T15:59:11.433708Z"},"content_sha256":"76c5c89703d4313fbe687b5249c83921ceebb2d0ddf1204720068485ce781561","schema_version":"1.0","event_id":"sha256:76c5c89703d4313fbe687b5249c83921ceebb2d0ddf1204720068485ce781561"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2026:HFO5HNQ3PZQEB2E2LR2WYQBYZY","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Trading Frictions in Dynamic Cap-and-Trade Markets","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":["q-fin.GN"],"primary_cat":"econ.TH","authors_text":"Aleh Tsyvinski, Nicola Borri, Xi Wu, Yukun Liu","submitted_at":"2026-06-02T15:21:49Z","abstract_excerpt":"We develop a dynamic stochastic model of markets with an externality and multiple trading frictions, and cap-and-trade as the leading application. Slow participation, limited intermediation, and heterogeneous information interact in equilibrium: agents choose costly market access, access determines residual compliance demand, intermediary constraints translate residual demand into a surrender-month premium, and the premium feeds back into access incentives. These interactions shape how effectively the market corrects the externality. We characterize access choices in closed form, prove that th"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2606.03767","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2606.03767/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-06-03T02:06:01Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"1AcpnXzHZOnG2IcUqOQReVmdh03R580MavTXQnA2hMIIiJwbXakF+jiEnVNTQGx8J7DFjVkaqFtFjb5ICvcbDg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-30T15:59:11.434090Z"},"content_sha256":"7433984f1cee59eab30edcb4622e9640b0aacb8d9f44aa13290615a35038c077","schema_version":"1.0","event_id":"sha256:7433984f1cee59eab30edcb4622e9640b0aacb8d9f44aa13290615a35038c077"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY/bundle.json","state_url":"https://pith.science/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-06-30T15:59:11Z","links":{"resolver":"https://pith.science/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY","bundle":"https://pith.science/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY/bundle.json","state":"https://pith.science/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY/state.json","well_known_bundle":"https://pith.science/.well-known/pith/HFO5HNQ3PZQEB2E2LR2WYQBYZY/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:HFO5HNQ3PZQEB2E2LR2WYQBYZY","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"be3c32f99041d757cdce3e7cd33db03cb7696b4a9fbdddd021a611e63a7842c2","cross_cats_sorted":["q-fin.GN"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"econ.TH","submitted_at":"2026-06-02T15:21:49Z","title_canon_sha256":"8b381829d1255893cde8d95ce700302e2f0a0f09fca7b1efc8c68bee24ab8bf0"},"schema_version":"1.0","source":{"id":"2606.03767","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2606.03767","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"arxiv_version","alias_value":"2606.03767v1","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2606.03767","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"pith_short_12","alias_value":"HFO5HNQ3PZQE","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"pith_short_16","alias_value":"HFO5HNQ3PZQEB2E2","created_at":"2026-06-03T02:06:01Z"},{"alias_kind":"pith_short_8","alias_value":"HFO5HNQ3","created_at":"2026-06-03T02:06:01Z"}],"graph_snapshots":[{"event_id":"sha256:7433984f1cee59eab30edcb4622e9640b0aacb8d9f44aa13290615a35038c077","target":"graph","created_at":"2026-06-03T02:06:01Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"integrity":{"available":true,"clean":true,"detectors_run":[],"endpoint":"/pith/2606.03767/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We develop a dynamic stochastic model of markets with an externality and multiple trading frictions, and cap-and-trade as the leading application. Slow participation, limited intermediation, and heterogeneous information interact in equilibrium: agents choose costly market access, access determines residual compliance demand, intermediary constraints translate residual demand into a surrender-month premium, and the premium feeds back into access incentives. These interactions shape how effectively the market corrects the externality. We characterize access choices in closed form, prove that th","authors_text":"Aleh Tsyvinski, Nicola Borri, Xi Wu, Yukun Liu","cross_cats":["q-fin.GN"],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"econ.TH","submitted_at":"2026-06-02T15:21:49Z","title":"Trading Frictions in Dynamic Cap-and-Trade Markets"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2606.03767","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:76c5c89703d4313fbe687b5249c83921ceebb2d0ddf1204720068485ce781561","target":"record","created_at":"2026-06-03T02:06:01Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"be3c32f99041d757cdce3e7cd33db03cb7696b4a9fbdddd021a611e63a7842c2","cross_cats_sorted":["q-fin.GN"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"econ.TH","submitted_at":"2026-06-02T15:21:49Z","title_canon_sha256":"8b381829d1255893cde8d95ce700302e2f0a0f09fca7b1efc8c68bee24ab8bf0"},"schema_version":"1.0","source":{"id":"2606.03767","kind":"arxiv","version":1}},"canonical_sha256":"395dd3b61b7e6040e89a5c756c4038ce26449dc7eac317ffd08257b778ae992b","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"395dd3b61b7e6040e89a5c756c4038ce26449dc7eac317ffd08257b778ae992b","first_computed_at":"2026-06-03T02:06:01.868392Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-06-03T02:06:01.868392Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"BZPOPIvSsX5PGUeBmuBoonECxsx04dRO9XtfDK2jUQFiQKnhsPE/7Fc/OAyweC/nFKdLd3q1HyHggflvK6dBBg==","signature_status":"signed_v1","signed_at":"2026-06-03T02:06:01.868846Z","signed_message":"canonical_sha256_bytes"},"source_id":"2606.03767","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:76c5c89703d4313fbe687b5249c83921ceebb2d0ddf1204720068485ce781561","sha256:7433984f1cee59eab30edcb4622e9640b0aacb8d9f44aa13290615a35038c077"],"state_sha256":"5f4dc8fa0c3b44afed92fdb9708dcbc360abf5d067cdb0ceecfe33fd096f554d"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"ZH9h2tjwMMruMq4UjUjzDIeeNeMKWOu9iLbuGQogAQbxjMFSh3dxx6R/htP5UVEJWaHArRbcdtWIlnZMCgzFCg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-30T15:59:11.436052Z","bundle_sha256":"0ea504a8a6a652693e1cf4e8f5f19d1b3f1197bb780fdb89be8bdaa834099486"}}