{"_canonicalization":{"envelope_id":"axm_ + sha256(envelope minus {signature, axiom_id, anchors})","envelope_signature":"ed25519(envelope minus {signature, axiom_id})","json":"sort_keys=True, separators=(',',':'), ensure_ascii=False, allow_nan=False, utf-8","leaf_hash":"sha256(0x00 || canonical_json(envelope_full))","seal_signature":"ed25519(seal minus {signature, sig_algorithm})"},"axiom_id":"axm_7bd57e1c1ac12af551cdcd353b5e813c0d740f9af3fd709a61429cb490c33bf1","bitcoin_anchor":{"bitcoin_attestations":[],"calendar_attestations":[],"ots_url":"","stamped_at":"","status":"pending_next_stamp"},"envelope":{"anchors":[{"chain":"crovia.axiom_graph","height":0,"merkle_proof":"spider_vendor_press_v1","root_at_anchor":"spider_vendor_press_v1"}],"axiom_id":"axm_7bd57e1c1ac12af551cdcd353b5e813c0d740f9af3fd709a61429cb490c33bf1","axiom_type":"AX.OBS","body":{"axiom_subtype":"news.vendor_press.v1","category":"news","fingerprint":"4d6568882127ca799fd9d35a9d29da765f1bacccd3e5067e213ebbf4d9101e8b","published":"Tue, 30 Jun 2026 00:00:00 -0400","receipt_hash":"4d6568882127ca799fd9d35a9d29da765f1bacccd3e5067e213ebbf4d9101e8b","schema":"spider.news.vendor_press.v1","spider":"vendor_press","spider_record":{"axiom_subtype":"news.vendor_press.v1","category":"news","decision_hint":"POSITIVE","envelope_target":"AX.OBS","fingerprint":"4d6568882127ca799fd9d35a9d29da765f1bacccd3e5067e213ebbf4d9101e8b","observed_at":"2026-06-30T04:43:04.087680Z","parent_run_hash":"74f7ab392cc702044101fe24a76a2fdad11164cd79ce725aad6c446a477e89c5","published":"Tue, 30 Jun 2026 00:00:00 -0400","runtime_version":"0.1.0","schema":"spider.news.vendor_press.v1","source_status":200,"source_url":"https://export.arxiv.org/rss/cs.AI","spider":"vendor_press","summary_excerpt":"arXiv:2606.29457v1 Announce Type: new \nAbstract: When two companies bid to buy the same target, no one knows exactly what the target is worth. Each bidder pays for due diligence: costly, imperfect homework that sharpens its own private estimate before it bids. How much of that homework is worth buying? We build a simple computer model of the bidding contest and let it teach itself to bid well by playing against itself, the way a game engine learns chess. The economic question, how much diligence pays for itself, and the computational question, when the contest becomes too complex to solve exactly, are both controlled by a single thing: how many pieces of private information a bidder carries. Our main finding is that the right amount of diligence is modest and finite. It falls as diligence gets more expensive, and it falls further when both sides are doing their homework, because competition erodes the value of knowing more. We also test a recent claim from AI research: that simple, gen","title":"How Much Due Diligence Before You Bid? Learning in Intractable Takeover Auctions","url":"https://arxiv.org/abs/2606.29457","vendor":"arxiv_cs_ai"},"summary":"arXiv:2606.29457v1 Announce Type: new \nAbstract: When two companies bid to buy the same target, no one knows exactly what the target is worth. Each bidder pays for due diligence: costly, imperfect homework that sharpens its own private estimate before it bids. How much of that homework is worth buying? We build a simple computer model of the bidding contest and let it teach itself to bid well by playing against itself, the way a game engine learns chess. The economic question, how much diligence pays for itself, and the computational question, when the contest becomes too complex to solve exactly, are both controlled by a single thing: how many pieces of private information a bidder carries. Our main finding is that the right amount of diligence is modest and finite. It falls as diligence gets more expensive, and it falls further when both sides are doing their homework, because competition erodes the value of knowing more. We also test a recent claim from AI research: that simple, gen","title":"How Much Due Diligence Before You Bid? Learning in Intractable Takeover Auctions","vendor":"arxiv_cs_ai"},"confidence":{"method":"deterministic"},"decision":"POSITIVE","issued_at":"2026-06-30T04:43:04Z","notes":"Spider vendor_press (news) news.vendor_press.v1","object":{"captured_by":"crovia.spider.vendor_press","primary_source_url":"https://arxiv.org/abs/2606.29457"},"predecessors":[],"schema":"crovia.axiom.v1","signature":"ed25519:732011fef15246f22163e4bdec3ea7be805a4cef9966428f7996ff61e81040e1f3afffeedf76909c2351290a811590ef9bd54b9b2296bcb92def0b86eb616702","signer":"crovia.substrate","subject":{"observed_at":"2026-06-30T04:43:04Z","source_collector":"spider:vendor_press","target_id":"https://arxiv.org/abs/2606.29457"},"tsa":{"authority":"crovia.substrate.bootstrap","rfc3161_token":"{\"kind\":\"crovia.bootstrap.tsa\",\"source_jsonl\":\"/opt/crovia/spider/data/news/vendor_press_v1.jsonl\",\"source_seal_merkle_root\":\"spider_vendor_press_v1\",\"upgrade_path\":\"Sessione H \\u2014 OpenTimestamps weekly anchor\"}"},"zk_mode":"clear","zk_proof":null},"ledger":{"leaf_hash":"7c386d9e0f45ba7f09c2b90d557c1b44e8a6e703d261bc941d5e47596093d5e6","leaf_index":264648,"ledger_path":"/opt/crovia/substrate/axiom_ledger.jsonl"},"merkle_proof":{"hash_alg":"sha256","leaf_prefix":"0x00","node_prefix":"0x01","odd_leaf_rule":"duplicate_last","path":[{"sibling":"e937c22d2ccecc9274d6dc6c0cd761dc5960ccc01e2a2c6ca858f211f488d8aa","side":"right"},{"sibling":"f6440232dc42861a1f213ec926698d3454a5b80125e02873d055fbd54fd03c7b","side":"right"},{"sibling":"381ba1d2b80e3abb49ebea017da2529ad2c01bd1fb4e3ef49ac1405a6625448c","side":"right"},{"sibling":"ddce16d3a633460764bd30b493e01db3a77bb09ce1a76f2fbf1a1c5df80cf71c","side":"left"},{"sibling":"b900ee396a5584fae1fdea34a878f46cb398e9728c0c6dddeb66939681f3351e","side":"right"},{"sibling":"0a27664369302f0956d74b2834cdf1f3aec65e09110e09edfc2d796fc639a390","side":"right"},{"sibling":"47460e4ad3c750350537b3d1cfaa7edcd6bdd9654e146d3d3828bac68075ac72","side":"left"},{"sibling":"0adb33f90b5325f1bcd6d9d08abc79306f0275cec357b6a5d5a9aeb8dae006eb","side":"left"},{"sibling":"a18aac5bf38684ad71f816483beee037e0b60af41587ea19ba92b263e2076d3e","side":"left"},{"sibling":"e814db3b1e34c91aa2d674ee041f8e093e00869024c9f6f8c4d72cab70c3a87e","side":"right"},{"sibling":"23994bf0974e5c9c7f63a61b4f0a48b0ca756a4adc34a8f85f878e774c37dfbe","side":"right"},{"sibling":"f9b4bed84fa6990c71ad2887c91bda183001f05f6b648f21d1273045a26b11fd","side":"left"},{"sibling":"173d2dc4b29ee04ea41d6d0ebc334c4bc2d46e7ee4230c94765413f24fb4bc42","side":"right"},{"sibling":"112461f7c0ec411116fb5c6c90fe95cea9d8f188b9fe08afe25a837ac02d0071","side":"right"},{"sibling":"ea9488204352c49db8f7daf05eefcd7628ecf9413830346674801a99d0654a94","side":"right"},{"sibling":"6261c13b9922cb657f10d1e5d36ec15d8771cf8766e36c61dcbffb7bed57e396","side":"right"},{"sibling":"fa19aa3faf287618b820bcfceebb366152ad521dd20ef9f51e977816663e448b","side":"right"},{"sibling":"c32f943406b62d1fc59b7f7e243492174c8e1caba8c8a2705f86c773315736e0","side":"right"},{"sibling":"1cecb7f447febd025aac272837c80de218aecc6485d2395a509b2a1f1b9c746e","side":"left"}]},"schema":"crovia.axiom_proof.v1","seal":{"first_collector_run_id":"","first_receipt_hash":"","jsonl_path":"/opt/crovia/substrate/axiom_ledger.jsonl","key_id":"430895f101d38164","last_collector_run_id":"","last_receipt_hash":"","leaf_count":265374,"merkle_root":"9636001ecab173cb6af10dc7c71eb14585daa62f9c0a6f027046f05633156891","public_key_hex":"cf742e26f75669dc673cb5c0786a1ae23ae8ca19c347317192ce40c28a7ff25c","run_id":"hourly_json_retrofit_20260630T053701Z","schema":"crovia.seal.v1","seal_family_version":"crovia-seal-family/1","seal_kind":"substrate_batch","sealed_at":"2026-06-30T05:38:03Z","sig_algorithm":"ed25519","signature":"6d4b8fd9b9da856cbb5fba7540877c6a63fa18a5ec3eaf28dc4d6d1c64921c9c0565f8c95f4b7aec0e7744fd7754844f051baf863db708cad768765b416a7b0c","signer_version":"1.1.0"},"trust_root":{"key_id":"430895f101d38164","public_key_hex":"cf742e26f75669dc673cb5c0786a1ae23ae8ca19c347317192ce40c28a7ff25c","signature_algorithm":"ed25519","url":"/registry/canon/TRUST_ROOT.md"},"verifier":{"spec":"/registry/canon/AXIOM_RECEIPT_v1.md","url":"/v/axm_7bd57e1c1ac12af551cdcd353b5e813c0d740f9af3fd709a61429cb490c33bf1"}}