{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2015:JADBAA4ZNR2IKKNWCQTAGGAJUZ","short_pith_number":"pith:JADBAA4Z","canonical_record":{"source":{"id":"1512.08866","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2015-12-30T06:52:23Z","cross_cats_sorted":[],"title_canon_sha256":"6338846109061497c5a391d34d021eb53440f92410f7cad77221d020681b7172","abstract_canon_sha256":"d2b005ba064e71277eda0b1d67391a1302ae7bf9555c9e83578d7058bd5eb5d5"},"schema_version":"1.0"},"canonical_sha256":"48061003996c748529b61426031809a67d20e2946cfd16575509aa392e6c5466","source":{"kind":"arxiv","id":"1512.08866","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1512.08866","created_at":"2026-05-18T01:23:34Z"},{"alias_kind":"arxiv_version","alias_value":"1512.08866v1","created_at":"2026-05-18T01:23:34Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1512.08866","created_at":"2026-05-18T01:23:34Z"},{"alias_kind":"pith_short_12","alias_value":"JADBAA4ZNR2I","created_at":"2026-05-18T12:29:27Z"},{"alias_kind":"pith_short_16","alias_value":"JADBAA4ZNR2IKKNW","created_at":"2026-05-18T12:29:27Z"},{"alias_kind":"pith_short_8","alias_value":"JADBAA4Z","created_at":"2026-05-18T12:29:27Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2015:JADBAA4ZNR2IKKNWCQTAGGAJUZ","target":"record","payload":{"canonical_record":{"source":{"id":"1512.08866","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2015-12-30T06:52:23Z","cross_cats_sorted":[],"title_canon_sha256":"6338846109061497c5a391d34d021eb53440f92410f7cad77221d020681b7172","abstract_canon_sha256":"d2b005ba064e71277eda0b1d67391a1302ae7bf9555c9e83578d7058bd5eb5d5"},"schema_version":"1.0"},"canonical_sha256":"48061003996c748529b61426031809a67d20e2946cfd16575509aa392e6c5466","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T01:23:34.654061Z","signature_b64":"j6DTSIb3gTib8vcsfjXfvymKAbJWrG0nEO6+nSgdNgTEaIm5ShoGUTXDQE/fEh1dsS08TQrH985um/T171QKBg==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"48061003996c748529b61426031809a67d20e2946cfd16575509aa392e6c5466","last_reissued_at":"2026-05-18T01:23:34.653495Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T01:23:34.653495Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1512.08866","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":"2026-05-18T01:23:34Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"RLx1d/7HmvT2vAdmGomu2NQ8TY6JqGkEwtLykYpLq+0JUe3KkwEDSc/zCZth07jPf/Dlmlh/raNssAgy0p3jAg==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-25T22:52:46.448411Z"},"content_sha256":"8a6e23f4e5fab52fe3e505e640bb7506087a14962ed85b8f86af8a388939ecf9","schema_version":"1.0","event_id":"sha256:8a6e23f4e5fab52fe3e505e640bb7506087a14962ed85b8f86af8a388939ecf9"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2015:JADBAA4ZNR2IKKNWCQTAGGAJUZ","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"On Optimal Pricing Model for Multiple Dealers in a Competitive Market","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Jia-Wen Gu, Qing-Qing Yang, Tak-Kuen Siu, Wai-Ki Ching","submitted_at":"2015-12-30T06:52:23Z","abstract_excerpt":"In this paper, the optimal pricing strategy in Avellande-Stoikov's for a monopolistic dealer is extended to a general situation where multiple dealers are present in a competitive market. The dealers' trading intensities, their optimal bid and ask prices and therefore their spreads are derived when the dealers are informed the severity of the competition. The effects of various parameters on the bid-ask quotes and profits of the dealers in a competitive market are also discussed. This study gives some insights on the average spread, profit of the dealers in a competitive trading environment."},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1512.08866","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":""},"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":"2026-05-18T01:23:34Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"trSyvJODoiwgNlJgyABNkmQQiR8JYdJOXiiF5LYhOGXFLao+vUrWJgfkYUJrdT9omoUFHxFqpr5dZGzsZENrDA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-05-25T22:52:46.449130Z"},"content_sha256":"887983cc801e5ea59124682a91a2c69cc50d973fe5680877a1a95db8e8cffa0c","schema_version":"1.0","event_id":"sha256:887983cc801e5ea59124682a91a2c69cc50d973fe5680877a1a95db8e8cffa0c"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ/bundle.json","state_url":"https://pith.science/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ/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":"2026-05-25T22:52:46Z","links":{"resolver":"https://pith.science/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ","bundle":"https://pith.science/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ/bundle.json","state":"https://pith.science/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ/state.json","well_known_bundle":"https://pith.science/.well-known/pith/JADBAA4ZNR2IKKNWCQTAGGAJUZ/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2015:JADBAA4ZNR2IKKNWCQTAGGAJUZ","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":"d2b005ba064e71277eda0b1d67391a1302ae7bf9555c9e83578d7058bd5eb5d5","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2015-12-30T06:52:23Z","title_canon_sha256":"6338846109061497c5a391d34d021eb53440f92410f7cad77221d020681b7172"},"schema_version":"1.0","source":{"id":"1512.08866","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1512.08866","created_at":"2026-05-18T01:23:34Z"},{"alias_kind":"arxiv_version","alias_value":"1512.08866v1","created_at":"2026-05-18T01:23:34Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1512.08866","created_at":"2026-05-18T01:23:34Z"},{"alias_kind":"pith_short_12","alias_value":"JADBAA4ZNR2I","created_at":"2026-05-18T12:29:27Z"},{"alias_kind":"pith_short_16","alias_value":"JADBAA4ZNR2IKKNW","created_at":"2026-05-18T12:29:27Z"},{"alias_kind":"pith_short_8","alias_value":"JADBAA4Z","created_at":"2026-05-18T12:29:27Z"}],"graph_snapshots":[{"event_id":"sha256:887983cc801e5ea59124682a91a2c69cc50d973fe5680877a1a95db8e8cffa0c","target":"graph","created_at":"2026-05-18T01:23:34Z","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"},"paper":{"abstract_excerpt":"In this paper, the optimal pricing strategy in Avellande-Stoikov's for a monopolistic dealer is extended to a general situation where multiple dealers are present in a competitive market. The dealers' trading intensities, their optimal bid and ask prices and therefore their spreads are derived when the dealers are informed the severity of the competition. The effects of various parameters on the bid-ask quotes and profits of the dealers in a competitive market are also discussed. This study gives some insights on the average spread, profit of the dealers in a competitive trading environment.","authors_text":"Jia-Wen Gu, Qing-Qing Yang, Tak-Kuen Siu, Wai-Ki Ching","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2015-12-30T06:52:23Z","title":"On Optimal Pricing Model for Multiple Dealers in a Competitive Market"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1512.08866","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":"sha256:8a6e23f4e5fab52fe3e505e640bb7506087a14962ed85b8f86af8a388939ecf9","target":"record","created_at":"2026-05-18T01:23:34Z","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":"d2b005ba064e71277eda0b1d67391a1302ae7bf9555c9e83578d7058bd5eb5d5","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2015-12-30T06:52:23Z","title_canon_sha256":"6338846109061497c5a391d34d021eb53440f92410f7cad77221d020681b7172"},"schema_version":"1.0","source":{"id":"1512.08866","kind":"arxiv","version":1}},"canonical_sha256":"48061003996c748529b61426031809a67d20e2946cfd16575509aa392e6c5466","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"48061003996c748529b61426031809a67d20e2946cfd16575509aa392e6c5466","first_computed_at":"2026-05-18T01:23:34.653495Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:23:34.653495Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"j6DTSIb3gTib8vcsfjXfvymKAbJWrG0nEO6+nSgdNgTEaIm5ShoGUTXDQE/fEh1dsS08TQrH985um/T171QKBg==","signature_status":"signed_v1","signed_at":"2026-05-18T01:23:34.654061Z","signed_message":"canonical_sha256_bytes"},"source_id":"1512.08866","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:8a6e23f4e5fab52fe3e505e640bb7506087a14962ed85b8f86af8a388939ecf9","sha256:887983cc801e5ea59124682a91a2c69cc50d973fe5680877a1a95db8e8cffa0c"],"state_sha256":"b41f2d03b22e344b4e74d4066fb2e8417dfc6241cdab73bd79a908ce7a16d0c6"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"IssWiYxeFFLxnNlH7wD7+yyLgoQTFCzT9NyhLdDvKfFntDc4Tlvm6lg5SDuTNVel/W/JKk+zkuTvOWbLIVEgAQ==","signed_message":"bundle_sha256_bytes","signed_at":"2026-05-25T22:52:46.453076Z","bundle_sha256":"c8303ca591320fd847951bd0089f97a38285fd09a56a17107c2a57fa1aad289c"}}