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Allocative Efficiency of Markets with Zero Intelligence (Z1) Traders: Market as a Partial Substitute for Individual Rationality

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  1. More Realistic Understanding of Capitalism
    by Peter Boettke in Coordination Problem on 2010-02-15 00:14:47

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Cited by:

  1. Wei-Xing Zhou & Guo-Hua Mu & Si-Wei Chen & Didier Sornette, "undated". "Strategies used as Spectroscopy of Financial Markets Reveal New Stylized Facts," Working Papers ETH-RC-11-005, ETH Zurich, Chair of Systems Design.
  2. Juergen Huber & Martin Shubik & Shyam Sunder, 2008. "The Value of Fiat Money with an Outside Bank: An Experimental Game," Cowles Foundation Discussion Papers 1675, Cowles Foundation for Research in Economics, Yale University, revised Apr 2010.
  3. Berg, Joyce E. & Rietz, Thomas A., 2019. "Longshots, overconfidence and efficiency on the Iowa Electronic Market," International Journal of Forecasting, Elsevier, vol. 35(1), pages 271-287.
  4. Giuseppe Attanasi & Samuele Centorrino & Elena Manzoni, 2020. "Zero-Intelligence vs. Human Agents: An Experimental Analysis of the Efficiency of Double Auctions and Over-the-Counter Markets of Varying Sizes," Working Papers 05/2020, University of Verona, Department of Economics.
  5. Mirowski, Philip, 2007. "Markets come to bits: Evolution, computation and markomata in economic science," Journal of Economic Behavior & Organization, Elsevier, vol. 63(2), pages 209-242, June.
  6. Johann Lussange & Ivan Lazarevich & Sacha Bourgeois-Gironde & Stefano Palminteri & Boris Gutkin, 2021. "Modelling Stock Markets by Multi-agent Reinforcement Learning," Computational Economics, Springer;Society for Computational Economics, vol. 57(1), pages 113-147, January.
  7. Rodolphe Buda, 2007. "Propositions for the Building of a Quantitative Austrian Modelling: An Answer to Prof. Rizzo and to Prof. Vriend," Working Papers hal-04139234, HAL.
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  10. Dragicevic, Arnaud Z. & Ettinger, David, 2011. "Private Valuation of a Public Good in Three Auction Mechanisms," Journal of Benefit-Cost Analysis, Cambridge University Press, vol. 2(2), pages 1-29, April.
  11. Stöckl, Thomas & Palan, Stefan, 2018. "Catch me if you can. Can human observers identify insiders in asset markets?," Journal of Economic Psychology, Elsevier, vol. 67(C), pages 1-17.
  12. Gallegati, Mauro & Kirman, Alan, 2019. "20 years of WEHIA: A journey in search of a safer road," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 5-14.
  13. Henry Hanifan & Ben Watson & John Cartlidge & Dave Cliff, 2021. "Time Matters: Exploring the Effects of Urgency and Reaction Speed in Automated Traders," Papers 2103.00600, arXiv.org.
  14. Andreas Ortmann & Leonidas Spiliopoulos, 2017. "The beauty of simplicity? (Simple) heuristics and the opportunities yet to be realized," Chapters, in: Morris Altman (ed.), Handbook of Behavioural Economics and Smart Decision-Making, chapter 7, pages 119-136, Edward Elgar Publishing.
  15. Eric Smith & J Doyne Farmer & Laszlo Gillemot & Supriya Krishnamurthy, 2003. "Statistical theory of the continuous double auction," Quantitative Finance, Taylor & Francis Journals, vol. 3(6), pages 481-514.
  16. Itzhak Rasooly, 2022. "Competitive equilibrium and the double auction," Papers 2209.07532, arXiv.org.
  17. Guerrero, Jaysson & Sok, Bunyim & Chapman, Archie C. & Verbič, Gregor, 2021. "Electrical-distance driven peer-to-peer energy trading in a low-voltage network," Applied Energy, Elsevier, vol. 287(C).
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  19. Russo, Alberto & Catalano, Michele & Gaffeo, Edoardo & Gallegati, Mauro & Napoletano, Mauro, 2007. "Industrial dynamics, fiscal policy and R&D: Evidence from a computational experiment," Journal of Economic Behavior & Organization, Elsevier, vol. 64(3-4), pages 426-447.
  20. Sunder, Shyam, 2002. "Regulatory competition among accounting standards within and across international boundaries," Journal of Accounting and Public Policy, Elsevier, vol. 21(3), pages 219-234.
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  33. Jo~ao Pedro Jerico & Franc{c}ois P. Landes & Matteo Marsili & Isaac P'erez Castillo & Valerio Volpati, 2016. "When does inequality freeze an economy?," Papers 1602.07300, arXiv.org, revised Apr 2016.
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  35. Samuli Reijula & Jaakko Kuorikoski & Timo Ehrig & Konstantinos Katsikopoulos & Shyam Sunder, 2018. "Nudge, Boost, or Design? Limitations of behaviorally informed policy under social interaction," Journal of Behavioral Economics for Policy, Society for the Advancement of Behavioral Economics (SABE), vol. 2(1), pages 99-105, March.
  36. Itzhak Rasooly, 2022. "Competitive equilibrium and the double auction," Economics Series Working Papers 974, University of Oxford, Department of Economics.
  37. Sean Crockett, 2013. "Price Dynamics In General Equilibrium Experiments," Journal of Economic Surveys, Wiley Blackwell, vol. 27(3), pages 421-438, July.
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  41. Luo, Guo Ying, 2003. "Evolution, efficiency and noise traders in a one-sided auction market," Journal of Financial Markets, Elsevier, vol. 6(2), pages 163-197, April.
  42. Hoog, S. van der, 2004. "On the Micro-Dynamics of a Cash-in-Advance Economy," CeNDEF Working Papers 04-12, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
  43. James Nicolaisen & Valentin Petrov & Leigh Tesfatsion, 2000. "Market Power and Efficiency in a Computational Electricity Market with Discriminatory Double-Auction Pricing," Computational Economics 0004005, University Library of Munich, Germany.
  44. Jason Shachat & Zhenxuan Zhang, 2017. "The Hayek Hypothesis and Long‐run Competitive Equilibrium: An Experimental Investigation," Economic Journal, Royal Economic Society, vol. 127(599), pages 199-228, February.
  45. Anselma Wörner & Verena Tiefenbeck & Felix Wortmann & Arne Meeuw & Liliane Ableitner & Elgar Fleisch & Inês Azevedo, 2022. "Bidding on a Peer-to-Peer Energy Market: An Exploratory Field Study," Information Systems Research, INFORMS, vol. 33(3), pages 794-808, September.
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  47. Christian Korth, 2009. "Fairness, Price Stickiness, and History Dependence in Decentralized Trade," Lecture Notes in Economics and Mathematical Systems, in: Fairness in Bargaining and Markets, chapter 0, pages 81-101, Springer.
  48. Jonathan E. Alevy & Craig E. Landry & John A. List, 2015. "Field Experiments On The Anchoring Of Economic Valuations," Economic Inquiry, Western Economic Association International, vol. 53(3), pages 1522-1538, July.
  49. Todd Feldman & Daniel Friedman, 2010. "Human and Artificial Agents in a Crash-Prone Financial Market," Computational Economics, Springer;Society for Computational Economics, vol. 36(3), pages 201-229, October.
  50. Salter, Alexander W. & Smith, Daniel J., 2019. "Political economists or political economists? The role of political environments in the formation of fed policy under burns, Greenspan, and Bernanke," The Quarterly Review of Economics and Finance, Elsevier, vol. 71(C), pages 1-13.
  51. Fiala, Nathan, 2014. "Skills in the Marketplace: Market Equilibrium, Personality and Ability in a Field-Based Experiment," Working Papers 30, University of Connecticut, Department of Agricultural and Resource Economics, Charles J. Zwick Center for Food and Resource Policy.
  52. Lovric, M. & Kaymak, U. & Spronk, J., 2008. "A Conceptual Model of Investor Behavior," ERIM Report Series Research in Management ERS-2008-030-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  53. Waller, William S. & Shapiro, Brian & Sevcik, Galen, 1999. "Do cost-based pricing biases persist in laboratory markets?," Accounting, Organizations and Society, Elsevier, vol. 24(8), pages 717-739, November.
  54. Leigh Tesfatsion, 2002. "Agent-Based Computational Economics," Computational Economics 0203001, University Library of Munich, Germany, revised 15 Aug 2002.
  55. Makarewicz, Tomasz, 2021. "Traders, forecasters and financial instability: A model of individual learning of anchor-and-adjustment heuristics," Journal of Economic Behavior & Organization, Elsevier, vol. 190(C), pages 626-673.
  56. Jan Toporowski, 2013. "The Elgar Companion to Hyman Minsky," Review of Political Economy, Taylor & Francis Journals, vol. 25(1), pages 175-177, January.
  57. Claude Montmarquette, 2008. "L'économétrie des données expérimentales : défis et opportunités," Economie & Prévision, La Documentation Française, vol. 0(1), pages 7-17.
  58. Giuseppe Attanasi & Samuele Centorrino & Elena Manzoni, 2021. "Zero‐intelligence versus human agents: An experimental analysis of the efficiency of Double Auctions and Over‐the‐Counter markets of varying sizes," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 23(5), pages 895-932, October.
  59. Emanuela Sciubba, 2006. "The evolution of portfolio rules and the capital asset pricing model," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 123-150, September.
  60. Jinzhong Niu & Simon Parsons, 2013. "Maximizing Matching in Double-sided Auctions," Papers 1304.3135, arXiv.org.
  61. John A List & Ian Muirex & Devin Pope & Gregory Sun, 2023. "Left-Digit Bias at Lyft," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(6), pages 3186-3237.
  62. Heemeijer, Peter & Hommes, Cars & Sonnemans, Joep & Tuinstra, Jan, 2009. "Price stability and volatility in markets with positive and negative expectations feedback: An experimental investigation," Journal of Economic Dynamics and Control, Elsevier, vol. 33(5), pages 1052-1072, May.
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  65. Nathalie Oriol & Iryna Veryzhenko, 2019. "Market structure or traders' behavior? A multi agent model to assess flash crash phenomena and their regulation," Quantitative Finance, Taylor & Francis Journals, vol. 19(7), pages 1075-1092, July.
  66. LeBaron, Blake, 2000. "Agent-based computational finance: Suggested readings and early research," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 679-702, June.
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  68. Michael Kostmann & Wolfgang K. Härdle, 2019. "Forecasting in Blockchain-Based Local Energy Markets," Energies, MDPI, vol. 12(14), pages 1-27, July.
  69. Großklags, Jens & Schmidt, Carsten & Siegel, Jonathan, 2000. "Dumb software agents on an experimental asset market," SFB 373 Discussion Papers 2000,96, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  70. Derveeuw, Julien & Beaufils, Bruno & Mathieu, Philippe & Brandouy, Olivier, 2007. "Testing double auction as a component within a generic market model architecture," MPRA Paper 4918, University Library of Munich, Germany.
  71. Nathalie Oriol & Iryna Veryzhenko, 2015. "Market structure or traders’ behavior? An assessment of flash crash phenomena and their regulation based on a multi-agent simulation," Working Papers halshs-01254435, HAL.
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  74. Teglio, Andrea, 2020. "On the typicality of the representative agent," MPRA Paper 105407, University Library of Munich, Germany.
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