In the primary research, we built an environment composed of multi-population genetic programming based traders. Besides replicating the stylized facts, the comparison between SGP-based and MGP-based simulations are also discussed. From the marco-phenomena point of view, we don’t get too much difference, while the micro-structure does. The difference may come from:
• The different oriented traders, profit and prediction accuracy.
• The different evaluation cycle.
• The evolution of traders’ mind.
Of course, the influence of these points will be discussed more detail in the future research. Moreover, the effect of the level of the traders’ intelligence (the number of ideas for each trader) is also an important issue.
However, due to highly computation-intensive, this problem can’t be done easily at this moment.
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Table 13: Average of the Number of Traders with Successful Search on the h day after Business School Has Updated the Information
Market A Market B Market C
h N3,h N5,h N3,h N5,h
1 49.622 (0.56006) 18.76 (0.21546) 17.450 (0.66427) 13.798 (0.21455) 2 46.322 (0.52227) 18.78 (0.21613) 17.202 (0.65034) 13.988 (0.21654) 3 45.516 (0.51218) 19.07 (0.21768) 16.802 (0.63761) 14.108 (0.21862) 4 44.876 (0.50410) 18.78 (0.21525) 16.348 (0.62345) 13.856 (0.21362) 5 44.314 (0.49816) 18.64 (0.21367) 15.918 (0.60160) 14.072 (0.21569) 6 43.464 (0.48949) 18.39 (0.21079) 16.070 (0.61127) 13.912 (0.21334) 7 43.646 (0.49112) 18.36 (0.20980) 15.990 (0.60924) 14.160 (0.21701) 8 44.214 (0.49616) 18.28 (0.20994) 15.812 (0.60298) 13.940 (0.21304) 9 42.672 (0.48105) 18.08 (0.20739) 15.312 (0.57831) 14.276 (0.22227) 10 43.152 (0.48583) 18.44 (0.21139) 15.436 (0.58023) 14.098 (0.21655) 11 41.934 (0.47137) 18.50 (0.21193) 15.248 (0.58407) 14.166 (0.21728) 12 41.820 (0.47076) 18.49 (0.21151) 15.382 (0.57872) 13.904 (0.21358) 13 41.948 (0.47298) 18.27 (0.20932) 15.038 (0.56905) 14.230 (0.21954) 14 42.562 (0.47924) 18.42 (0.21081) 15.210 (0.57724) 13.718 (0.21103) 15 43.636 (0.48890) 18.73 (0.21448) 15.522 (0.58260) 13.830 (0.21356) 16 42.996 (0.48294) 18.47 (0.21094) 14.942 (0.57212) 14.244 (0.21901) 17 42.656 (0.48038) 18.58 (0.21294) 15.398 (0.58360) 13.918 (0.21322) 18 43.118 (0.48457) 19.21 (0.22044) 15.546 (0.58831) 13.944 (0.21273) 19 42.304 (0.47602) 18.45 (0.21136) 15.764 (0.59703) 14.210 (0.21941) 20 41.918 (0.47145) 18.09 (0.20715) 15.886 (0.58758) 14.224 (0.21972)
The values shown in the parentheses are the ratios of traders with successful search on theh day after business school has updated the information.
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