Trading in markets with noisy information: an evolutionary analysis

Figures & data

Table 1. Stylised example of a heuristic payoff table for $k=3$ strategies and a finite population of $n=6$ individuals.

$N_{i1}$	$N_{i2}$	$N_{i3}$	$U_{i1}$	$U_{i2}$	$U_{i3}$
6	0	0	0.5	0	0
5	1	0	0.4	0.7	0
	···			···
3	1	2	0.3	0.5	0.8
	···			···
0	0	6	0	0	0.9

Figure 1. Different cost and noise functions used in the experiments.

Figure 2. Relative return over information level, for a market with $n=100$ traders, 10 for each information level. Different cost functions are used; the noise is kept zero.

Figure 3. Relative return over information level, for a market with $n=100$ traders, 10 for each information level. Different noise functions are used; the cost is kept zero.

Figure 4. Relative return over information level, for a market with $n=100$ traders, 10 for each information level.

Figure 5. Evolutionary dynamics of a market with three information levels and different cost functions for information. The noise is kept at zero.

Figure 6. Evolutionary dynamics of a market with three information levels and different types of noise over information. Cost for information is zero.

Figure 7. Evolutionary dynamics of a market with different noise and cost functions.

Figure 8. Evolutionary dynamics in the presence of mutation. No noise or cost are used.