We present an agent-based model of manipulating prices in financial markets through spoofing: submitting spurious orders to mislead traders who learn from the order book. Our model captures a complex market environment for a single security, whose common value is given by a dynamic fundamental...

Since social dilemmas among n-persons are often embedded in other types of social exchanges, the exclusion of defectors in social dilemmas from other exchanges functions as a costless selective incentive. Recently, such “linkage” has been considered as a promising solution to resolve the...