content_image/314013.jpg
Figure 1: The graph shows the order fills for different values of Ω, which parametrizes the market maker’s level of ambiguity aversion. For example, when Ω is 0.4, a 0.001 share of the second Arrow- Debreu security is filled. The second Arrow-Debreu security pays $1 to its holder if and only if the second state is realized at maturity. 

## 5.2 Simulation B: Market Maker’s Pivot Probability Distribution 

In this subsection, we show how the market maker’s pivot prior probabilistic belief affects the way our algorithm clears the market. Table 5 below shows the limit order book used for this subsection. Table 6 below shows the set of simulation parameters for both iterations. 

<img src='content_image/314013.jpg'>

