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摘要翻译：
本文提出了一个通用的框架来描述在交易实验室进行的某一类实验中的人类决策。我们特别感兴趣的是区分投资者的两种不同的情绪或状态，分别对应于投资者使用基本投资策略和技术分析投资策略。我们的框架说明了在实验设置中已经遇到的两种相反的情况：i）理性预期的情况，和ii）纯推测的情况。我们考虑了新的实验条件，允许这两个因素都出现在交易者的决策过程中，从而在投资策略方面造成了两难局面。我们的理论框架允许我们预测这类交易实验的结果，这取决于诸如交易人数、市场流动性、技术分析策略中使用的信息量以及资产的股利等变量。我们发现有可能给出一个定性的预测交易行为依赖于一个比率，量化的波动在模型中。
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英文标题：
《A theoretical framework for trading experiments》
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作者：
Maxence Soumare, J{\o}rgen Vitting Andersen, Francis Bouchard, Alain
Elkaim, Dominique Gu\'egan, Justin Leroux, Michel Miniconi, Lars Stentoft
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最新提交年份：
2013
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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英文摘要：
A general framework is suggested to describe human decision making in a certain class of experiments performed in a trading laboratory. We are in particular interested in discerning between two different moods, or states of the investors, corresponding to investors using fundamental investment strategies, technical analysis investment strategies respectively. Our framework accounts for two opposite situations already encountered in experimental setups: i) the rational expectations case, and ii) the case of pure speculation. We consider new experimental conditions which allow both elements to be present in the decision making process of the traders, thereby creating a dilemma in terms of investment strategy. Our theoretical framework allows us to predict the outcome of this type of trading experiments, depending on such variables as the number of people trading, the liquidity of the market, the amount of information used in technical analysis strategies, as well as the dividends attributed to an asset. We find that it is possible to give a qualitative prediction of trading behavior depending on a ratio that quantifies the fluctuations in the model.
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PDF链接：
https://arxiv.org/pdf/1306.2073
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