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1)36')(+.' þ 0 ðñÂl 2ºYà d Âl 2>¹ÃÂz4 Probability Density Functions Cumulative Distribution Functions 10 1.0 0.9 9 0.8 8 0.7 7 0.6 Å f(Price) F(Price) Æ wB = 0.9 0.5 0.4 wB = 0.75 Å wB = 0.9 Çw = 0.75 B 6 5 Çw = 0.5 4 wB = 0.5 0.3 Çw = 0.1 B 3 wB = 0.25 Å 0.2 B wB = 0.25 2 wB = 0.1 1 0.1 Ä 0.0 0.5 Ä 0.6 Ä 0.7 Ä 0.8 Price Ä 0.9 Ä 0 0.5 1.0 0.6 0.7 0.8 0.9 1.0 Price 1.0 1.0 0.9 0.9 0.8 0.8 Price Price u,79a)V#YN8 H _kP=OM]È V#79:97KlYO79P+rX)Y «BF#É B¯H)É B¯EF#e PJ#< Ê˹Ì!Í E9) H É"EI)FÉE F#É;EÎ)FÉ"E ¢Ï 0.7 0.7 0.6 0.6 Ð 0.5 0 Ñ 2 Ò Ó Ô Õ Ð 0.5 4 6 8 Time (millions) 5 MY sellers, w B=0.75 10 0 Ñ 2 Ö Ò Ó 4 6 Time (millions) 5 DF sellers, w B=0.75 Õ Ô 8 10 Ö u,79a)V#YN8 I _{× YO79Q;8W<6$JP)U79Q;=rXYTP$x F Á[ =O8Z:K:98;YN={P)J<]ldx F ¥Tu=O8Z:K:98;YN=k<#VYO79J#aWLOM8kcYO=OL HC U79:9:97KXJ{LO79U[8k=OLN8;b#="R 0.5 0.5 0.4 0.4 0.3 0.3 Profit Ø Profit Ø 0.2 0.2 0.1 0.1 0.0 Ð 0 Ñ 2 Ò Ó Ô 0.0 4 6 8 Time (millions) 5 MY sellers, w B=0.75 Õ 10 Ð 0 Ñ 2 Ö Ò Ó 4 6 Time (millions) 5 DF sellers, w B=0.75 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