Less Than Human : Simple adaptive trading agents for CDA markets

  title={Less Than Human : Simple adaptive trading agents for CDA markets},
  author={Janet Bruten},
Gode and Sunder (1993) described continuous double-auction (cda) markets populated by \zerointelligence" (zi) traders that act randomly. Their results appear to indicate that no intelligence is required to give human-like trading performance. Cli and Bruten (1997) demonstrated serious failings of zi traders. Here, `zi-plus' (zip) traders are introduced: simple stochastic agents that adapt over time using an elementary form of machine learning. It is shown that the performance of zip traders is… CONTINUE READING
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