A market maker or liquidity provider is a company, or an individual, that quotes both a

buy and a sell price in a financial instrument or commodityheld in inventory, hoping to

make a profit on the bid-offer spread, or turn.[1][2] The U.S. Securities and Exchange

Commission defines a ‘“market maker’” as a firm that stands ready to buy and

sell stockon a regular and continuous basis at a publicly quoted price.[3]

A Designated Primary Market Maker (DPM) is a specialized market maker approved by

an exchange to guarantee that he or she will take the position in a particular assigned

security, option or option index.[4

Game theory is the study of strategic decision making. Specifically, it is "the study

ofmathematical models of conflict and cooperation between intelligent rational decision-

makers."[1] An alternative term suggested "as a more descriptive name for the discipline"

is interactive decision theory.[2] Game theory is mainly used in economics, political

science, and psychology, as well as logic,computer science, and biology. The subject

first addressed zero-sum games, such that one person's gains exactly equal net losses of

the other participant or participants. Today, however, game theory applies to a wide

range of behavioral relations, and has developed into an umbrella term for the logical

side of decision science, including both humans and non-humans (e.g. computers,

animals).

Modern game theory began with the idea regarding the existence of mixed-strategy

equilibria in two-person zero-sum games and its proof by John von Neumann. Von

Neumann's original proof usedBrouwer fixed-point theorem on