Evolution, Noise Traders, and Market Efficiency in a One-Sided Auction Market

2011 ◽  
pp. 113-155
Author(s):  
Guo Ying Luo
Keyword(s):  
Market Efficiency ◽  
Noise Traders ◽  
Auction Market

Minimal Intelligence Agents in Double Auction Markets with Speculators

2011 ◽  
pp. 79-98
Author(s):  
Senlin Wu ◽  
Siddhartha Bhattacharyya
Keyword(s):  
Market Efficiency ◽  
Double Auction ◽  
Sufficient Condition ◽  
Agent Based Model ◽  
Market Conditions ◽  
Market Prices ◽  
Auction Markets ◽  
Agent Based ◽  
Auction Market

This chapter explores the minimal intelligence conditions for traders in a general double auction market with speculation activities. Using an agent-based model, it is shown that when traders and speculators play together under general market curve settings, zero-intelligent plus (ZIP) is still a sufficient condition for market prices to converge to the equilibrium. At the same time, market efficiency is lowered as the number of speculators increase. The experiments demonstrate that the equilibrium of a double auction market is an interactive result of the intelligence of the traders and other factors such as the type of the players and market conditions. This research fills in an important gap in the literature, and strengthens Cliff and Bruten’s (1997) declaration that zero is not enough for a double auction market.

Market Efficiency in an Irrational World

CFA Digest ◽  
2000 ◽  
Vol 30 (3) ◽  
pp. 58-59
Author(s):  
Roger Ignatius
Keyword(s):  
Market Efficiency

Insecticide Residues on 1972 U.S. Auction-Market Tobacco

1975 ◽  
Vol 8 (1) ◽  
Author(s):  
J. J. Domanski ◽  
P. L. Haire ◽  
T.J. Sheets
Keyword(s):  
Detection Limit ◽  
Auction Market ◽  
Insecticide Residues ◽  
Low Detection Limit ◽  
Average Residue ◽  
The Individual ◽  
In Fire

AbstractAverage residue Ievels of DDT + TDE in flue-cured tobacco decreased from 6.1 ppm in 1970 to 0.85 ppm in 1972. DDT + TDE residues in Burley also dropped sharply from previous levels. In 1972 one sample from Kentucky contained 8.17 ppm; all other Burley samples were less than 0.25 ppm. DDT + TDE residues also declined in fire-cured and air-cured types; of these samples Tennessee dark air-cured tobacco contained the highest average residue (3.5 ppm of DDT + TDE). In 1972 over 90 % of the flue-cured samples were positive for toxaphene. Since each of our samples was a composite of tobacco from 10 farmers, we cannot conclude from this result that 90 % of the individual piles contained toxaphene. Significant amounts of toxaphene were found in other types also; for example, 50 % of the 1972 Burley samples had toxaphene concentrations greater than 0.5 ppm. Average endosulfan levels decreased between 1970 and 1972 in flue-cured and Burley tobaccos. However, in all of the dark air and dark fire-cured samples from Tennessee endosulfan residues exceeded 5 ppm. Average endrin residues were at or near the low detection limit in alI samples except fire-cured and dark air-cured tobacco from Tennessee; these averaged 0.26 and 0.17 ppm, respectively.

Sign in / Sign up

Export Citation Format

Share Document