Benink, Harald A.; Gordillo, Jose Luis; Pardo, Juan Pablo; … - EconWPA - 2004
An agent-based artificial financial market (AFM) is used to study market efficiency and learning in the context of the … there are many coexisting signals. Learning is introduced by considering 'copycat' traders that learn the relative values of … the different strategies in the market and copy the most successful one. We show how such learning leads to a more …