hard · Volume Profile Analysis

In a Kyle model context, if the variance of fundamental value ( σ_v ) increases while the variance of noise trading ( σ_u ) remains constant, what happens to Kyle's Lambda ( λ ) and the behavior of the informed trader?

  1. λ decreases (lower price impact); the informed trader increases their trade size.
  2. λ increases (higher price impact); the informed trader reduces their trade size.
  3. λ stays constant; the informed trader is unaffected by fundamental variance.
  4. The informed trader abandons the market as λ becomes infinite.

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