{"id":"https://openalex.org/W3133688683","doi":"https://doi.org/10.2139/ssrn.3799712","title":"Phase Transitions in Kyle's Model with Market Maker Profit Incentives","display_name":"Phase Transitions in Kyle's Model with Market Maker Profit Incentives","publication_year":2021,"publication_date":"2021-01-01","ids":{"openalex":"https://openalex.org/W3133688683","doi":"https://doi.org/10.2139/ssrn.3799712","mag":"3133688683"},"language":"en","primary_location":{"id":"doi:10.2139/ssrn.3799712","doi":"https://doi.org/10.2139/ssrn.3799712","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3799712","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":["arxiv","crossref","datacite"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.2139/ssrn.3799712","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5005713471","display_name":"Charles\u2010Albert Lehalle","orcid":"https://orcid.org/0000-0002-9978-9501","observed_orcids":["https://orcid.org/0000-0002-9978-9501"]},"institutions":[{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Charles-Albert Lehalle","raw_affiliation_strings":["Abu Dhabi Investment Authority, ADIA, 211 Corniche Road, Abu Dhabi, United Arab Emirates","Imperial College London, South Kensington Campus, Imperial College, LONDON, SW7 2AZ, United Kingdom"],"raw_orcid":"https://orcid.org/0000-0002-9978-9501","affiliations":[{"raw_affiliation_string":"Abu Dhabi Investment Authority, ADIA, 211 Corniche Road, Abu Dhabi, United Arab Emirates","institution_ids":[]},{"raw_affiliation_string":"Imperial College London, South Kensington Campus, Imperial College, LONDON, SW7 2AZ, United Kingdom","institution_ids":["https://openalex.org/I47508984"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5070328001","display_name":"Eyal Neuman","orcid":"https://orcid.org/0000-0003-0244-0774","observed_orcids":["https://orcid.org/0000-0003-0244-0774"]},"institutions":[{"id":"https://openalex.org/I47508984","display_name":"Imperial College London","ror":"https://ror.org/041kmwe10","country_code":"GB","type":"education","lineage":["https://openalex.org/I47508984"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Eyal Neuman","raw_affiliation_strings":["Imperial College London - Department of Mathematics, South Kensington Campus, Imperial College, LONDON, SW7 2AZ, United Kingdom"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Imperial College London - Department of Mathematics, South Kensington Campus, Imperial College, LONDON, SW7 2AZ, United Kingdom","institution_ids":["https://openalex.org/I47508984"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5050987183","display_name":"Segev Shlomov","orcid":"https://orcid.org/0000-0003-1216-8284","observed_orcids":["https://orcid.org/0000-0003-1216-8284"]},"institutions":[{"id":"https://openalex.org/I174306211","display_name":"Technion \u2013 Israel Institute of Technology","ror":"https://ror.org/03qryx823","country_code":"IL","type":"education","lineage":["https://openalex.org/I174306211"]}],"countries":["IL"],"is_corresponding":false,"raw_author_name":"Segev Shlomov","raw_affiliation_strings":["Technion, Haifa 32000, Israel"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Technion, Haifa 32000, Israel","institution_ids":["https://openalex.org/I174306211"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5070328001"],"corresponding_institution_ids":["https://openalex.org/I47508984"],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.4961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.4961000084877014,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10067","display_name":"Stochastic processes and financial applications","score":0.46880000829696655,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.016200000420212746,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/market-makers","display_name":"market makers","score":0.515999972820282},{"id":"https://openalex.org/keywords/insider-trading","display_name":"insider trading","score":0.8379999995231628},{"id":"https://openalex.org/keywords/noise-traders","display_name":"noise traders","score":0.9729999899864197},{"id":"https://openalex.org/keywords/stochastic-games","display_name":"stochastic games","score":0.5680000185966492},{"id":"https://openalex.org/keywords/phase-transitions","display_name":"phase transitions","score":0.7239999771118164},{"id":"https://openalex.org/keywords/bid-ask-spread","display_name":"bid-ask spread","score":0.8709999918937683},{"id":"https://openalex.org/keywords/market-microstructure","display_name":"market microstructure","score":0.6880000233650208},{"id":"https://openalex.org/keywords/equilibrium","display_name":"equilibrium","score":0.4300000071525574},{"id":"https://openalex.org/keywords/metastable-states","display_name":"metastable states","score":0.6940000057220459},{"id":"https://openalex.org/keywords/neural-network","display_name":"artificial neural networks","score":0.40799999237060547},{"id":"https://openalex.org/keywords/order-flow","display_name":"order flow","score":0.49399998784065247}],"concepts":[{"id":"https://openalex.org/C18991353","wikidata":"https://www.wikidata.org/wiki/Q1137319","display_name":"Market maker","level":4,"score":0.699359655380249},{"id":"https://openalex.org/C2778971194","wikidata":"https://www.wikidata.org/wiki/Q1664551","display_name":"Insider","level":2,"score":0.5981485247612},{"id":"https://openalex.org/C51926234","wikidata":"https://www.wikidata.org/wiki/Q3312426","display_name":"Market microstructure","level":3,"score":0.5354153513908386},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.486698180437088},{"id":"https://openalex.org/C76281924","wikidata":"https://www.wikidata.org/wiki/Q1499526","display_name":"Bid price","level":2,"score":0.47745898365974426},{"id":"https://openalex.org/C195487862","wikidata":"https://www.wikidata.org/wiki/Q850210","display_name":"Revenue","level":2,"score":0.45823007822036743},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.45339396595954895},{"id":"https://openalex.org/C144237770","wikidata":"https://www.wikidata.org/wiki/Q747534","display_name":"Mathematical economics","level":1,"score":0.43590691685676575},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3934027850627899},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.27612289786338806},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.24267661571502686},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.2139/ssrn.3799712","doi":"https://doi.org/10.2139/ssrn.3799712","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3799712","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},{"id":"pmh:oai:RePEc:arx:papers:2103.04481","doi":null,"is_oa":false,"landing_page_url":"http://arxiv.org/pdf/2103.04481","pdf_url":"http://arxiv.org/pdf/2103.04481","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:arXiv.org:2103.04481","doi":null,"is_oa":true,"landing_page_url":"http://arxiv.org/abs/2103.04481","pdf_url":"https://arxiv.org/pdf/2103.04481","source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3133688683","doi":null,"is_oa":true,"landing_page_url":"https://arxiv.org/pdf/2103.04481.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"arXiv (Cornell University)","raw_type":null},{"id":"pmh:oai:spiral.imperial.ac.uk:10044/1/87470","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10044/1/87470","pdf_url":null,"source":{"id":"https://openalex.org/S4306401396","display_name":"Spiral (Imperial College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I47508984","host_organization_name":"Imperial College London","host_organization_lineage":["https://openalex.org/I47508984"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Working Paper"},{"id":"doi:10.48550/arxiv.2103.04481","doi":"https://doi.org/10.48550/arxiv.2103.04481","is_oa":true,"landing_page_url":"https://doi.org/10.48550/arxiv.2103.04481","pdf_url":null,"source":{"id":"https://openalex.org/S4306400194","display_name":"arXiv (Cornell University)","issn_l":"2331-8422","issn":["2331-8422"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I205783295","host_organization_name":"Cornell University","host_organization_lineage":["https://openalex.org/I205783295"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Preprint"}],"best_oa_location":{"id":"doi:10.2139/ssrn.3799712","doi":"https://doi.org/10.2139/ssrn.3799712","is_oa":true,"landing_page_url":"https://doi.org/10.2139/ssrn.3799712","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"posted-content"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3133688683.pdf","grobid_xml":"https://content.openalex.org/works/W3133688683.grobid-xml"},"referenced_works_count":23,"referenced_works":["https://openalex.org/W986400952","https://openalex.org/W1516508599","https://openalex.org/W1529395246","https://openalex.org/W1845206393","https://openalex.org/W1899249567","https://openalex.org/W2000633988","https://openalex.org/W2050031929","https://openalex.org/W2059850901","https://openalex.org/W2086987861","https://openalex.org/W2101535175","https://openalex.org/W2156909104","https://openalex.org/W2557283755","https://openalex.org/W2593872707","https://openalex.org/W2801291183","https://openalex.org/W2808978174","https://openalex.org/W2888559564","https://openalex.org/W2889965522","https://openalex.org/W3006088441","https://openalex.org/W3037456777","https://openalex.org/W3087913378","https://openalex.org/W3122495111","https://openalex.org/W3124824127","https://openalex.org/W4400215617"],"related_works":["https://openalex.org/W4646642","https://openalex.org/W2969407074","https://openalex.org/W2633857615","https://openalex.org/W4413437332","https://openalex.org/W7124421972","https://openalex.org/W2007390655","https://openalex.org/W4403561732","https://openalex.org/W7098627503","https://openalex.org/W4300270860","https://openalex.org/W6927053514"],"abstract_inverted_index":null,"counts_by_year":[{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2}],"updated_date":"2026-11-09T13:22:03.289127","created_date":"2021-03-15T00:00:00"}
