英文标题：
《Trading in Complex Networks》
---
作者：
Felipe M. Cardoso, Carlos Gracia-Lazaro, Frederic Moisan, Sanjeev
Goyal, Angel Sanchez, and Yamir Moreno
---
最新提交年份：
2019
---
英文摘要：
Global supply networks in agriculture, manufacturing, and services are a defining feature of the modern world. The efficiency and the distribution of surpluses across different parts of these networks depend on choices of intermediaries. This paper conducts price formation experiments with human subjects located in large complex networks to develop a better understanding of the principles governing behavior. Our first finding is that prices are larger and that trade is significantly less efficient in small-world networks as compared to random networks. Our second finding is that location within a network is not an important determinant of pricing. An examination of the price dynamics suggests that traders on cheapest -- and hence active -- paths raise prices while those off these paths lower them. We construct an agent-based model (ABM) that embodies this rule of thumb. Simulations of this ABM yield macroscopic patterns consistent with the experimental findings. Finally, we extrapolate the ABM on to significantly larger random and small world networks and find that network topology remains a key determinant of pricing and efficiency.
---
中文摘要：
农业、制造业和服务业的全球供应网络是现代世界的一个决定性特征。这些网络不同部分的效率和盈余分配取决于中介机构的选择。本文对位于大型复杂网络中的人类受试者进行价格形成实验，以更好地理解支配行为的原则。我们的第一个发现是，与随机网络相比，小世界网络中的价格更高，贸易效率明显更低。我们的第二个发现是，网络中的位置不是定价的重要决定因素。对价格动态的研究表明，在最便宜的路径上（因此也是最活跃的路径）的交易者会提高价格，而在这些路径之外的交易者会降低价格。我们构建了一个基于agent的模型（ABM），该模型体现了这一经验法则。模拟这种ABM产生的宏观模式与实验结果一致。最后，我们将ABM外推到更大的随机小世界网络，发现网络拓扑仍然是定价和效率的关键决定因素。
---
分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
--
一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
--

---
PDF下载：
-->