Gabriel P.Andrade

Who Aggregates Information? Screening, Rent, and the Coexistence of CLOB and AMM Prediction Markets

Prediction-market shares differ from traditional financial products in that, with no information or outside utility, classical delta-neutral Central Limit Order Book~(CLOB) market making cannot be financed by payoff-uninformative noise flow. Transaction-level evidence from a major prediction-market CLOB platform shows...