Zero‐intelligence versus human agents: An experimental analysis of the efficiency of Double Auctions and Over‐the‐Counter markets of varying sizes

2021 ◽  
Author(s):  
Giuseppe Attanasi ◽  
Samuele Centorrino ◽  
Elena Manzoni
Keyword(s):  
Experimental Analysis ◽  
Over The Counter ◽  
Double Auctions ◽  
Zero Intelligence

Fuzzy logic-based bidding strategies in dynamic double auctions

Kybernetes ◽  
2019 ◽  
Vol 48 (3) ◽  
pp. 612-635
Author(s):  
Baki Unal ◽  
Çagdas Hakan Aladag
Keyword(s):  
Fuzzy Logic ◽  
Bidding Strategy ◽  
Double Auction ◽  
Auction Markets ◽  
Content Type ◽  
Bidding Strategies ◽  
Double Auctions ◽  
Inference Systems ◽  
Zero Intelligence ◽  
Logic Inference

Purpose Double auctions are widely used market mechanisms on the world. Communication technologies such as internet increased importance of this market institution. The purpose of this study is to develop novel bidding strategies for dynamic double auction markets, explain price formation through interactions of buyers and sellers in decentralized fashion and compare macro market outputs of different micro bidding strategies. Design/methodology/approach In this study, two novel bidding strategies based on fuzzy logic are presented. Also, four new bidding strategies based on price targeting are introduced for the aim of comparison. The proposed bidding strategies are based on agent-based computational economics approach. The authors performed multi-agent simulations of double auction market for each suggested bidding strategy. For the aim of comparison, the zero intelligence strategy is also used in the simulation study. Various market outputs are obtained from these simulations. These outputs are market efficiencies, price means, price standard deviations, profits of sellers and buyers, transaction quantities, profit dispersions and Smith’s alpha statistics. All outputs are also compared to each other using t-tests and kernel density plots. Findings The results show that fuzzy logic-based bidding strategies are superior to price targeting strategies and the zero intelligence strategy. The authors also find that only small number of inputs such as the best bid, the best ask, reference price and trader valuations are sufficient to take right action and to attain higher efficiency in a fuzzy logic-based bidding strategy. Originality/value This paper presents novel bidding strategies for dynamic double auction markets. New bidding strategies based on fuzzy logic inference systems are developed, and their superior performances are shown. These strategies can be easily used in market-based control and automated bidding systems.

scholarly journals Chain: A Dynamic Double Auction Framework for Matching Patient Agents

2007 ◽  
Vol 30 ◽  
pp. 133-179 ◽  
Author(s):  
J. L. Bredin ◽  
D. C. Parkes ◽  
Q. Duong
Keyword(s):  
General Framework ◽  
Allocative Efficiency ◽  
Double Auction ◽  
Matching Method ◽  
Learning Agents ◽  
Double Auctions ◽  
Single Period ◽  
Zero Intelligence ◽  
Multiple Buyers ◽  
Arrival Intensity

In this paper we present and evaluate a general framework for the design of truthful auctions for matching agents in a dynamic, two-sided market. A single commodity, such as a resource or a task, is bought and sold by multiple buyers and sellers that arrive and depart over time. Our algorithm, Chain, provides the first framework that allows a truthful dynamic double auction (DA) to be constructed from a truthful, single-period (i.e. static) double-auction rule. The pricing and matching method of the Chain construction is unique amongst dynamic-auction rules that adopt the same building block. We examine experimentally the allocative efficiency of Chain when instantiated on various single-period rules, including the canonical McAfee double-auction rule. For a baseline we also consider non-truthful double auctions populated with ``zero-intelligence plus"-style learning agents. Chain-based auctions perform well in comparison with other schemes, especially as arrival intensity falls and agent valuations become more volatile.

Acetaminophen: Neonatal hepatotoxicity due to late pregnancy exposure

1987 ◽  
Vol 45 ◽  
pp. 718-719
Author(s):  
G.A. Miranda ◽  
M.A. Arroyo ◽  
C.A. Lucio ◽  
M. Mongeotti ◽  
S.S. Poolsawat
Keyword(s):  
Low Dose ◽  
Fetal Liver ◽  
Late Pregnancy ◽  
Toxic Chemicals ◽  
Control Group ◽  
High Dose ◽  
Over The Counter ◽  
Liver And Kidney ◽  
Neonatal Liver ◽  
Childbearing Women

Exposure to drugs and toxic chemicals, during late pregnancy, is a common occurrence in childbearing women. Some studies have reported that more than 90% of pregnant women use at least 1 prescription; of this, 60% used more than one. Another study indicated that 80% of the consumed drugs were not prescribed, and of this figure, 95% were “over-the-counter” drugs. Acetaminophen, the safest of all over-the-counter drugs, has been reported to induce fetal liver necrosis in man and animals and to have abortifacient and embryocidal action in mice. This study examines the degree to which acetaminophen affects the neonatal liver and kidney, when a fatty diet is simultaneously fed to the mother during late pregnancy.Timed Swiss Webster female mice were gavaged during late pregnancy (days 16-19) with fat suspended acetaminophen at a high dose, HD = 84.50 mg/kg, and a low dose, LD = 42.25 mg/kg; a control group received fat alone.

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