{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2009:KMZ34KXPKSLRL26JG6EUDC2QZV","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":"a2ab01d05a82fdc48a4d66c8b906882e671b1e60027735b338e579ec09b39b4d","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2009-02-15T02:23:03Z","title_canon_sha256":"e7928af7367d940261ecc974a4f5e596c0d4a4279e8e7d1dcb1c70f2c155e865"},"schema_version":"1.0","source":{"id":"0902.2516","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"0902.2516","created_at":"2026-05-18T03:56:24Z"},{"alias_kind":"arxiv_version","alias_value":"0902.2516v1","created_at":"2026-05-18T03:56:24Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.0902.2516","created_at":"2026-05-18T03:56:24Z"},{"alias_kind":"pith_short_12","alias_value":"KMZ34KXPKSLR","created_at":"2026-05-18T12:26:00Z"},{"alias_kind":"pith_short_16","alias_value":"KMZ34KXPKSLRL26J","created_at":"2026-05-18T12:26:00Z"},{"alias_kind":"pith_short_8","alias_value":"KMZ34KXP","created_at":"2026-05-18T12:26:00Z"}],"graph_snapshots":[{"event_id":"sha256:1d559916988c5e392d255246ce839e4e02fda52efee4eadb35ccd96519d00334","target":"graph","created_at":"2026-05-18T03:56:24Z","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":"We study optimal trade execution strategies in financial markets with discrete order flow. The agent has a finite liquidation horizon and must minimize price impact given a random number of incoming trade counterparties. Assuming that the order flow $N$ is given by a Poisson process, we give a full analysis of the properties and computation of the optimal dynamic execution strategy. Extensions, whereby (a) $N$ is a fully-observed regime-switching Poisson process; and (b) $N$ is a Markov-modulated compound Poisson process driven by a hidden Markov chain, are also considered.\n  We derive and com","authors_text":"Erhan Bayraktar, Mike Ludkovski","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2009-02-15T02:23:03Z","title":"Optimal Trade Execution in Illiquid Markets"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"0902.2516","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":"sha256:3e05a94be700be5fdd72b77249b6bc92396f69b206dc18686a9a7cd40ef3ada9","target":"record","created_at":"2026-05-18T03:56:24Z","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":"a2ab01d05a82fdc48a4d66c8b906882e671b1e60027735b338e579ec09b39b4d","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.TR","submitted_at":"2009-02-15T02:23:03Z","title_canon_sha256":"e7928af7367d940261ecc974a4f5e596c0d4a4279e8e7d1dcb1c70f2c155e865"},"schema_version":"1.0","source":{"id":"0902.2516","kind":"arxiv","version":1}},"canonical_sha256":"5333be2aef549715ebc93789418b50cd5b8abd2cb17c0dbf16c5da11740e5841","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"5333be2aef549715ebc93789418b50cd5b8abd2cb17c0dbf16c5da11740e5841","first_computed_at":"2026-05-18T03:56:24.589436Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T03:56:24.589436Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"eDoiHa4q9bYDlur/GFcWhUPcnzM1wqSSWuDoGQFhoDMalraEq+Gc2h6Xb7NZGD2wKVERZNVCPqhKKeLNYY40DA==","signature_status":"signed_v1","signed_at":"2026-05-18T03:56:24.589985Z","signed_message":"canonical_sha256_bytes"},"source_id":"0902.2516","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:3e05a94be700be5fdd72b77249b6bc92396f69b206dc18686a9a7cd40ef3ada9","sha256:1d559916988c5e392d255246ce839e4e02fda52efee4eadb35ccd96519d00334"],"state_sha256":"8c0182ac8363d34c10a2e8499ad0a66a6ed4887a7829a77302ec28c5d667986b"}