Kyle (1985) builds a pioneering and influential model, in which an insider
with long-lived private information submits an optimal order in each period
given the market maker's pricing rule. An inconsistency exists to some extent
in the sense that the ``constant pricing rule " actually assumes an adaptive
expected price with pricing rule given before insider making the decision, and
the ``market efficiency" condition, however, assumes a rational expected price
and implies that the pricing rule can be influenced by insider's strategy.