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- Zero-intelligence_trader abstract "A zero-intelligence trader (ZI) is a simple algorithmic trader in a market who proposes to purchase (bid) or to sell (ask) randomly, subject only to minimal constraints. Constraints might be resource or bankruptcy constraints imposed externally by the rules of the market. Ownership of sufficient resources to buy the items the trader bids for, or ownership of resources the trader offers for sale are examples of such market-imposed constraints. Alternatively, the constraints may be internal to the trader. Not bidding more than the value of the resource to the trader, and not asking less than the cost of the resource to the trader are examples of such internal constraints. Under either interpretation, ZI traders use minimal intelligence in choosing their actions in markets.Simple double auctions tend to achieve high levels of allocative efficiency even when they are populated by zero-intelligence traders. This result has been used to show that the aggregate level properties of markets can be quite different from the behavior and properties of individuals who participate in them. Specifically, any non-rationality of individuals does not necessarily carry over into outcomes of markets.The simple form of this algorithmic trader allows it to serve as a convenient tool to explore and identify properties that can be attributed to various kinds of market institutions. Performance of markets populated with ZI traders has also served as a benchmark to compare the performance of various market and other social institutions.".
- Zero-intelligence_trader wikiPageExternalLink ZITraderLab.pdf.
- Zero-intelligence_trader wikiPageID "19594637".
- Zero-intelligence_trader wikiPageLength "2381".
- Zero-intelligence_trader wikiPageOutDegree "6".
- Zero-intelligence_trader wikiPageRevisionID "680804539".
- Zero-intelligence_trader wikiPageWikiLink Algorithmic_trading.
- Zero-intelligence_trader wikiPageWikiLink Bankruptcy.
- Zero-intelligence_trader wikiPageWikiLink Category:Financial_markets.
- Zero-intelligence_trader wikiPageWikiLink Double_auction.
- Zero-intelligence_trader wikiPageWikiLink Market_(economics).
- Zero-intelligence_trader wikiPageWikiLink Trader_(finance).
- Zero-intelligence_trader wikiPageWikiLinkText "Zero-intelligence trader".
- Zero-intelligence_trader wikiPageWikiLinkText "zero-intelligence trader".
- Zero-intelligence_trader hasPhotoCollection Zero-intelligence_trader.
- Zero-intelligence_trader wikiPageUsesTemplate Template:Cite_journal.
- Zero-intelligence_trader wikiPageUsesTemplate Template:Econ-theory-stub.
- Zero-intelligence_trader wikiPageUsesTemplate Template:Refimprove.
- Zero-intelligence_trader wikiPageUsesTemplate Template:Reflist.
- Zero-intelligence_trader subject Category:Financial_markets.
- Zero-intelligence_trader hypernym Trader.
- Zero-intelligence_trader type Person.
- Zero-intelligence_trader comment "A zero-intelligence trader (ZI) is a simple algorithmic trader in a market who proposes to purchase (bid) or to sell (ask) randomly, subject only to minimal constraints. Constraints might be resource or bankruptcy constraints imposed externally by the rules of the market. Ownership of sufficient resources to buy the items the trader bids for, or ownership of resources the trader offers for sale are examples of such market-imposed constraints.".
- Zero-intelligence_trader label "Zero-intelligence trader".
- Zero-intelligence_trader sameAs m.04mxsx1.
- Zero-intelligence_trader sameAs Q8069446.
- Zero-intelligence_trader sameAs Q8069446.
- Zero-intelligence_trader wasDerivedFrom Zero-intelligence_trader?oldid=680804539.
- Zero-intelligence_trader isPrimaryTopicOf Zero-intelligence_trader.