Before revision:  In contrast to the approach of regular control on diffusion as in the classical Avellaneda and Stoikov  market-making framework, we exploit the techniques of optimal switching and impulse control on marked point processes, which have proven to be very effective in modeling the order-book features.
After revision:  In contrast to the approach of regular control on diffusion as in the classical Avellaneda and Stoikov 1 market-making framework, we exploit the techniques of optimal switching and impulse control on marked point processes, which have proven to be very effective in modeling the order-book features.