Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.
Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.
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双重拍卖市场中合作长期市场忠诚度的出现。
DOI：
10.1371/journal.pone.0154606
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发表时间：
2016
期刊：
影响因子：
3.7
通讯作者：
Galla T
中科院分区：
文献类型：
--
作者：
Alorić A;Sollich P;McBurney P;Galla T
忠诚的买卖关系可以通过设计产生，例如，当卖家根据特定的市场利基市场定制产品以实现可能的最佳回报时，买家对卖家为满足其需求所做的专心努力做出回应。相反，我们问是否有可能自发地产生忠诚度，特别是作为市场中各主体之间反复互动和共同适应的结果。我们设计了一个结合了这些特征的双向拍卖市场和适应性交易者的风格化模型。交易员根据他们以前的经验选择在哪里交易(哪个市场)以及如何交易(买入或卖出)。我们发现，当典型的市场回报规模(或在固定回报规模下，选择强度)高于某个阈值时，系统的偏好状态是分离的：买家和卖家都被分割成持续忠于一个市场而不是另一个市场的子组。我们在大市场的极限下解析地描述了隔离状态：它是由一些合作行动以促进交易的代理人稳定的，并且为个体交易者和整个人口提供了比未隔离的同行更高的回报。
Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs. We ask whether it is possible, instead, for loyalty to arise spontaneously, and in particular as a consequence of repeated interaction and co-adaptation among the agents in a market. We devise a stylized model of double auction markets and adaptive traders that incorporates these features. Traders choose where to trade (which market) and how to trade (to buy or to sell) based on their previous experience. We find that when the typical scale of market returns (or, at fixed scale of returns, the intensity of choice) become higher than some threshold, the preferred state of the system is segregated: both buyers and sellers are segmented into subgroups that are persistently loyal to one market over another. We characterize the segregated state analytically in the limit of large markets: it is stabilized by some agents acting cooperatively to enable trade, and provides higher rewards than its unsegregated counterpart both for individual traders and the population as a whole.