{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2026:JNTTRSM3FRHO2KSXBXOPZQTWXJ","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":"d0fd54b5d27bd5e5b95dd044a5795bbb635df9b67af4123f78ec61804073a6b0","cross_cats_sorted":["cs.CR","math.PR","q-fin.TR"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-05-19T12:12:01Z","title_canon_sha256":"6626783cbe17fe4a146259d2950e33f5b5ad3957bff384d371b7b4f6d0a32fbc"},"schema_version":"1.0","source":{"id":"2605.19742","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"2605.19742","created_at":"2026-05-20T01:06:11Z"},{"alias_kind":"arxiv_version","alias_value":"2605.19742v1","created_at":"2026-05-20T01:06:11Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2605.19742","created_at":"2026-05-20T01:06:11Z"},{"alias_kind":"pith_short_12","alias_value":"JNTTRSM3FRHO","created_at":"2026-05-20T01:06:11Z"},{"alias_kind":"pith_short_16","alias_value":"JNTTRSM3FRHO2KSX","created_at":"2026-05-20T01:06:11Z"},{"alias_kind":"pith_short_8","alias_value":"JNTTRSM3","created_at":"2026-05-20T01:06:11Z"}],"graph_snapshots":[{"event_id":"sha256:c69e1376ba04e8258f9764c5e00163fd83fd87a5d6292bb11ac45c32d6f35728","target":"graph","created_at":"2026-05-20T01:06:11Z","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/2605.19742/integrity.json","findings":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938","summary":{"advisory":0,"by_detector":{},"critical":0,"informational":0}},"paper":{"abstract_excerpt":"We derive a closed-form bid-ask spread and welfare decomposition for the Glosten-Milgrom 1985 sequential-trading model when the market maker observes the trade direction perturbed by a binary flip channel of probability $\\eta$ -- a natural information-theoretic model of privacy mechanisms acting on the direction signal. Under a committed Bayesian market-maker pricing rule, the equilibrium spread is $\\mu(1-2\\eta)\\Delta$, where $\\mu$ is the informed-trader fraction and $\\Delta = v_H - v_L$ the value range. The welfare decomposition identifies a per-trade transfer $\\mu\\eta\\Delta$ from the protoco","authors_text":"Yuki Nakamura","cross_cats":["cs.CR","math.PR","q-fin.TR"],"headline":"","license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-05-19T12:12:01Z","title":"The Privacy Subsidy in Glosten-Milgrom: Bid-Ask Spread and Welfare under Flip-Noise Direction Observation"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2605.19742","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":"sha256:6775365899acd06df390663f4985c6fd0a124c8884b747b5843b6832c0380ccb","target":"record","created_at":"2026-05-20T01:06:11Z","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":"d0fd54b5d27bd5e5b95dd044a5795bbb635df9b67af4123f78ec61804073a6b0","cross_cats_sorted":["cs.CR","math.PR","q-fin.TR"],"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"cs.GT","submitted_at":"2026-05-19T12:12:01Z","title_canon_sha256":"6626783cbe17fe4a146259d2950e33f5b5ad3957bff384d371b7b4f6d0a32fbc"},"schema_version":"1.0","source":{"id":"2605.19742","kind":"arxiv","version":1}},"canonical_sha256":"4b6738c99b2c4eed2a570ddcfcc276ba435964d0543af0853848288aa4595002","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"4b6738c99b2c4eed2a570ddcfcc276ba435964d0543af0853848288aa4595002","first_computed_at":"2026-05-20T01:06:11.791231Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-20T01:06:11.791231Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"j26fwJ4nVuiS53AoLnu7PbqdfTHR4RssOT3W1TeTOPh/7f+wNCvNYhgOTl5gdPsKQUqhsBOAVI29b/ZdyVCFDQ==","signature_status":"signed_v1","signed_at":"2026-05-20T01:06:11.791759Z","signed_message":"canonical_sha256_bytes"},"source_id":"2605.19742","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:6775365899acd06df390663f4985c6fd0a124c8884b747b5843b6832c0380ccb","sha256:c69e1376ba04e8258f9764c5e00163fd83fd87a5d6292bb11ac45c32d6f35728"],"state_sha256":"fa3f0998ce18f00ecd400180174b8c421220bd67c9ebed9af07fd60f374a431f"}