Fragmentation in trader preferences among multiple markets: market coexistence versus single market dominance.

Technological advancement has led to an increase in the number and type of trading venues and a diversification of goods traded. These changes have re-emphasized the importance of understanding the effects of market competition: does proliferation of trading venues and increased competition lead to dominance of a single market or coexistence of multiple markets? In this paper, we address these questions in a stylized model of zero-intelligence traders who make repeated decisions at which of three available markets to trade. We analyse the model numerically and analytically and find that the traders' decision parameters-memory length and how strongly decisions are based on past success-make the key difference between consolidated and fragmented steady states of the population of traders.

Forma mentis networks quantify crucial differences in STEM perception between students and experts.

In order to investigate how high school students and researchers perceive science-related (STEM) subjects, we introduce forma mentis networks. This framework models how people conceptually structure their stance, mindset or forma mentis toward a given topic. In this study, we build forma mentis networks revolving around STEM and based on psycholinguistic data, namely free associations of STEM concepts (i.

Market fragmentation and market consolidation: Multiple steady states in systems of adaptive traders choosing where to trade.

Technological progress is leading to proliferation and diversification of trading venues, thus increasing the relevance of the long-standing question of market fragmentation versus consolidation. To address this issue quantitatively, we analyze systems of adaptive traders that choose where to trade based on their previous experience. We demonstrate that only based on aggregate parameters about trading venues, such as the demand-to-supply ratio, we can assess whether a population of traders will prefer fragmentation or specialization towards a single venue.

Emergence of Cooperative Long-Term Market Loyalty in Double Auction Markets.

Loyal buyer-seller relationships can arise by design, e.g. when a seller tailors a product to a specific market niche to accomplish the best possible returns, and buyers respond to the dedicated efforts the seller makes to meet their needs.