D. Gode and S. Sunder. Allocative e#ciency of markets with zero intellegence traders: Market as a partial substitute for individual rationality. J. of Political Economy, 101:119--137, 1993.  Home/Search   Document Not in Database   Summary   Related Articles

....period. The CDA is the dominant institution for real world trading of equities, derivatives, etc. Experiments with human subjects in simulated CDAs find reliable price convergence close to theoretical equilibria [9, 10] Several studies examined CDAs with various computerized bidding agents [1, 2, 4, 5, 8], including a major comparative study in the Santa Fe Double Auction Tournament (SFDAT) 7] The principal conclusion was that Todd Kaplan s simple sniping strategy, which waits for the bid ask Permission to make digital or hard copies of all or part of this work for personal or classroom use ....

....algorithm that uses recent market activity to estimate the probability that a bid or ask at any given price will be traded. We test these strategies against themselves and against each other, and also against two benchmark opponents: Kaplan agents and so called Zero Intelligence (ZI) agents [5]. We follow the standard practice of giving each agent a fixed role of either Buyer (submits only bids) or Seller (submits only asks) and a fixed schedule of limit prices (seller costs or buyer valuations) for each unit of commodity bought or sold. A uniform random distribution is used to ....

[Article contains additional citation context not shown here]

D. Gode and S. Sunder. Allocative e#ciency of markets with zero intellegence traders: Market as a partial substitute for individual rationality. J. of Political Economy, 101:119--137, 1993.

Online articles have much greater impact   More about CiteSeer.IST   Add search form to your site   Submit documents   Feedback  

CiteSeer.IST - Copyright Penn State and NEC