Contrary to these allegations, humanist Myths of the Free Market 142 authors have not elevated any collective body to a source of value, but have focused on persons. To avoid these complications and to focus on the behavior of discretionary liquidity traders, we assume that no trader is informed in more than one period. Suppose that the price in period 1 is given by where and that the price in period 2 is given by where Note that the form of the price is the same in the two periods, but the order flow in the second period has been modified to reflect the prediction of the discretionary liquidity-trading component based on the order flow in the first period and the realization of Let ? Load Dim myOption As New StockOption(IBMDP) Label1.