Studies of interactions between human traders and algorithmic trading systems

Studies of interactions between human traders and algorithmic trading systems
Document type
Literature review
Author(s)
De Luca, Marco; Szostek, Charlotte; Cartlidge, John
Publisher
BIS
Date of publication
1 September 2011
Series
The Future of Computer Trading in Financial Markets. Foresight Driver Review – DR 13
Subject(s)
Trends: economic, social and technology trends affecting business
Collection
Business and management
Material type
Reports

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In this document the authors review the very small amount of published literature that does describe scientific studies of interactions between human and robot traders under experimental conditions. The interactions between human traders in electronic markets has long been studied in the field known as Experimental Economics, and more recently the interactions between software-agent traders in electronic markets has been the topic of various abstract research studies in so-called Agent-based Computational Economics (ACE). These two research fields are largely distinct: the first studies markets populated entirely by human traders; the second studies markets populated entirely by algorithmic software-agent traders. There is a surprising lack of studies of the interactions between human traders and robot traders. That is, there is very little scientific literature that explores heterogeneous markets, populated by both humans and robots. 

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