English, Article, Journal or magazine article edition: Some Preliminary Experiments with the Financial "Toy-Room". F. Chiaromonte; M. Berte

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Bookmark: http://trove.nla.gov.au/version/138822
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Some Preliminary Experiments with the Financial "Toy-Room".
Author
  • F. Chiaromonte
  • M. Berte
Physical Description
  • preprint
Notes
  • We describe some preliminary experiments realized with Financial "Toy-Room" (a micro-founded simulation environment for decentralized trade in a homogeneous financial asset). The experiments are aimed at testing the system, and exploring its flexibility in depicting specific contexts as sub-cases. For this purpose, we selected an issue that has been widely investigated in the literature: the existence and characterization of markets in which prices are (or are believed to be) "quality signals" passing information from informed to uninformed traders. In our out-of-equilibrium simulation analysis, we take agents to trade based on a \f2spread rule\f1, and introduce \f2dis-synchronization\f1 in agents' updating processes. Thus, we investigate how dis-synchronization, updating paces and spreads affect persistence of trade and the time-path of prices in extreme regimes (i.e. when all agents are informed, or all agents are uninformed).
  • RePEc:wop:iasawp:ir98091
Language
  • English
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