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Zero is Not Enough On The Lower Limit of Agent Intelligence - www-cdr stanford

Zero is Not Enough On The Lower Limit of Agent Intelligence - www-cdr stanford 2025

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The document discusses the limitations of 'zero-intelligence' (zi) traders in continuous double auction markets, arguing that their performance is heavily influenced by market structure rather than trader intelligence. It introduces 'zero-intelligence-plus' (zip) traders, who incorporate basic machine learning techniques, demonstrating that these agents can achieve market performance closer to human traders. The paper critiques previous findings by Gode and Sunder (1993), showing that zi traders often fail to reach equilibrium prices under certain conditions. Through simulations, it is shown that zip traders outperform zi traders in terms of price convergence and allocative efficiency, suggesting that minimal intelligence is necessary for effective trading in such markets.

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