Software agents and market (in) efficiency: A human trader experiment

被引：29

作者：

Grossklags, J ^{[1
]}

Schmidt, C

机构：

[1] Univ Calif Berkeley, Sch Informat Management, Berkeley, CA 94720 USA

[2] Univ Mannheim, D-68131 Mannheim, Germany

来源：

IEEE TRANSACTIONS ON SYSTEMS MAN AND CYBERNETICS PART C-APPLICATIONS AND REVIEWS | 2006年 / 36卷 / 01期

关键词：

artificial trading agent and human traders; double auction; electronic market; experimental economics;

D O I：

10.1109/TSMCC.2005.860575

中图分类号：

TP18 [人工智能理论];

学科分类号：

081104 ; 0812 ; 0835 ; 1405 ;

摘要：

This paper studies how software agents influence the market behavior of human traders. Software agents with a passive arbitrage-seeking strategy are introduced in a double auction market experiment with human subjects in the laboratory. As a treatment variable, the influence of information on the existence of software agents is investigated. We found that common knowledge about the presence of software agents triggers more efficient market prices when the programmed strategy was employed, whereas an effect of the information condition on behavioral variables could not be observed. When controlling for information on software agents' participation, the introduction of software agents results in lower market efficiency.

引用

页码：56 / 67

页数：12

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