Actual implementation example at Kyoto University

The contents of an experiment

Experiments with human agents
(1) Use of U-Mart for educational purpose
(2) Experiments held at Graduate School of Economics/Faculty of Economics, Kyoto University
(3) Experiments held three times

Conditions of experiments

・ Results of the third experiment
・Machine agent: 1
・Order randomly at around spot price
・Human agents: 7 Participants were divided into two types: those who made big profits or those who lost everything. Three went bankrupt

Behavior of agents with big profits

Transition of profit

・They repeated small lot orders and gradually accumulated profits.
・Numbers/quantities of selling and buying orders were well balanced.

Behavior of bankrupted agents

Transition of the price

・When they judged on whether the market was going to move in a downward phase, market price raised rapidly, and if their hidden losses (unrealized loss) grew.