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Mario A. Bertella, Felipe R. Pires, Henio H. A. Rego, Jonathas N. Silva, Irena Vodenska, H. Eugene Stanley
Confidence and self-attribution bias in an artificial stock market
www.plosone.org
www.plosone.org
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11.9999 0 0 11.9999 200.0125 454.2236 cm
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5.0173 -1.9559 Td
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q
1 j
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5.9998 0 0 5.9998 332.844 363.1181 cm
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1 TL
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[()]TJ
ET
Q
q
1 j
1 J
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10 0 0 10 338.1732 365.6125 cm
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1.0884 0.2777 Td
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5.9998 0 0 5.9998 385.0015 363.1181 cm
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[()]TJ
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( )Tj
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10 0 0 10 397.4173 365.6125 cm
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1.0318 0.2777 Td
()Tj
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5.9998 0 0 5.9998 433.0771 363.1181 cm
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[()]TJ
ET
Q
q
1 j
1 J
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10 0 0 10 563.4708 366.1228 cm
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()Tj
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-0.0397 -0.2778 Td
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1 J
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7.4999 0 0 6.6659 320.9952 341.2913 cm
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-0.0053 Tc
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[()]TJ
ET
Q
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1 j
1 J
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10 0 0 10 325.4173 342.9354 cm
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7.4999 0 0 6.6659 560.7496 347.4141 cm
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(2)Tj
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Q
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1 j
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[()]TJ
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0.6633 0 Td
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5.9998 0 0 5.9998 401.0456 314.7023 cm
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5 0 0 5 412.6677 313.2283 cm
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[()]TJ
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7.4999 0 0 6.6659 235.9559 286.8094 cm
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[()]TJ
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(,)Tj
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1 j
1 J
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1 J
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[()]TJ
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(;)Tj
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[()]TJ
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Q
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1 j
1 J
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()Tj
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1.0488 0 Td
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5.9998 0 0 5.9998 327.2881 254.4377 cm
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1 TL
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[()]TJ
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[()]TJ
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1 J
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[()]TJ
ET
Q
q
1 j
1 J
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5.9998 0 0 5.9998 341.7448 254.4377 cm
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1 TL
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[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 346.507 256.9322 cm
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()Tj
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0.9921 0 Td
[()]TJ
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Q
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1 j
1 J
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5.9998 0 0 5.9998 361.474 254.4377 cm
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1 TL
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[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 364.0251 256.9322 cm
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1 TL
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0.6009 0 Td
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0.9978 0 Td
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(1)Tj
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0.9921 0 Td
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0.3969 0 Td
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[()]TJ
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Q
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1 j
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5.9998 0 0 5.9998 422.1921 254.4377 cm
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1 TL
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[()]TJ
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[()]TJ
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0.8787 0 Td
( )Tj
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0.7748 0 Td
(1)Tj
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Q
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1 j
1 J
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10 0 0 10 437.8393 256.9322 cm
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1 TL
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0.9921 0 Td
[()]TJ
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1.0998 0 Td
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2.16 0 Td
(the)Tj
-34.7638 -1.2982 Td
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3.4185 0 Td
(of)Tj
1.0148 0 Td
(stocks)Tj
2.6645 0 Td
(that)Tj
1.7802 0 Td
(agent)Tj
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2.3867 0 Td
[()]TJ
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0.4876 0 Td
(will)Tj
1.6668 0 Td
(buy)Tj
1.7064 0 Td
(at)Tj
/F10 1 Tf
0.9524 0 Td
[()]TJ
/F5 1 Tf
0.5216 0 Td
(\()Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 374.1165 679.748 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(,)Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 380.0692 681.3921 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(\))Tj
0.5555 0 Td
(will)Tj
1.6668 0 Td
(be)Tj
1.1509 0 Td
(the)Tj
1.4683 0 Td
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4.2066 0 Td
(itself,)Tj
2.33 0 Td
(and)Tj
1.7292 0 Td
(the)Tj
1.4683 0 Td
(number)Tj
3.4186 0 Td
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2.6645 0 Td
(that)Tj
1.7802 0 Td
(the)Tj
1.4683 0 Td
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2.3925 0 Td
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1.4967 0 Td
(at)Tj
0.9525 0 Td
(the)Tj
1.4683 0 Td
(same)Tj
2.262 0 Td
(time)Tj
/F10 1 Tf
2.0239 0 Td
[()]TJ
/F5 1 Tf
0.5215 0 Td
(\()Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 394.9795 666.7086 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(,)Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 400.8755 668.4094 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(\))Tj
0.5612 0 Td
(will)Tj
1.6611 0 Td
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1.1509 0 Td
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(This)Tj
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1.6667 0 Td
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-33.0006 -1.2982 Td
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2.4037 0 Td
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0.8447 0 Td
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3.7644 0 Td
(By)Tj
1.2529 0 Td
(adding)Tj
2.9877 0 Td
(the)Tj
1.474 0 Td
(contribution)Tj
5.2893 0 Td
(of)Tj
/F10 1 Tf
1.0148 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 451.8425 653.7259 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(,)Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 459.9496 655.4267 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(and)Tj
/F10 1 Tf
1.7291 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 481.8897 653.7259 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(,)Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 489.9968 655.4267 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(together)Tj
3.5319 0 Td
(for)Tj
1.389 0 Td
(all)Tj
-33.9191 -1.3039 Td
(agents,)Tj
2.9764 0 Td
(we)Tj
1.3266 0 Td
(can)Tj
1.627 0 Td
(determine)Tj
4.32 0 Td
(the)Tj
1.474 0 Td
(total)Tj
2.0013 0 Td
(quantity)Tj
3.5546 0 Td
(demanded,)Tj
/F10 1 Tf
4.6771 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 425.3102 640.7433 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 427.5212 642.3874 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(,)Tj
0.4478 0 Td
(and)Tj
1.7291 0 Td
(supplied,)Tj
/F10 1 Tf
3.8325 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 494.5322 640.7433 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 496.8 642.3874 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(.)Tj
0.4422 0 Td
(Thus,)Tj
2.4774 0 Td
(according)Tj
4.1839 0 Td
(to)Tj
-36.782 -1.2982 Td
(Farmer)Tj
3.1691 0 Td
(and)Tj
1.7291 0 Td
(Joshi)Tj
2.211 0 Td
([)Tj
0.83 0.64 0.02 0 k
(20)Tj
0 g
(],)Tj
2.075 0 Td
(the)Tj
1.4683 0 Td
(stock)Tj
2.3074 0 Td
(price)Tj
2.2224 0 Td
(at)Tj
0.9524 0 Td
(time)Tj
/F10 1 Tf
2.0296 0 Td
[()]TJ
/F5 1 Tf
0.5216 0 Td
(is)Tj
/F10 1 Tf
0 Tc
-3.4186 -2.4945 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 357.5055 601.9653 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 362.8346 604.4598 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F10 1 Tf
1.0488 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 378.1417 601.9653 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
/F11 1 Tf
0.3401 0 Td
( )Tj
/F12 1 Tf
0.7748 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 388.2897 604.4598 cm
BT
/F16 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
392.485 612 m
410.4567 612 l
410.4567 611.7732 l
392.485 611.7732 l
f*
6 0 0 6 392.485 614.4944 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
3.5998 0 0 3.5998 395.9433 612.9637 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
6 0 0 6 398.7779 614.4944 cm
BT
/F11 1 Tf
1 TL
0 0 Td
( )Tj
/F10 1 Tf
0.9921 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
3.5998 0 0 3.5998 408.9259 612.9637 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
6 0 0 6 399.8551 606.274 cm
BT
/F13 1 Tf
1 TL
0 0 Td
(b)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 563.4708 607.6346 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F5 1 Tf
(6)Tj
/F11 1 Tf
()Tj
/F5 1 Tf
-0.004 Tc
-36.3455 -2.4774 Td
(where)Tj
2.6475 0 Td
(parameter)Tj
/F15 1 Tf
4.3143 0 Td
()Tj
/F5 1 Tf
0.7087 0 Td
(eases)Tj
2.2223 0 Td
(price)Tj
2.2224 0 Td
(fluctuations)Tj
4.9435 0 Td
(in)Tj
1.0375 0 Td
(the)Tj
1.4684 0 Td
(market.)Tj
-18.3684 -1.2983 Td
(The)Tj
1.7858 0 Td
(rate)Tj
1.7461 0 Td
(of)Tj
1.0148 0 Td
(return)Tj
2.7609 0 Td
(at)Tj
0.9525 0 Td
(time)Tj
/F10 1 Tf
2.0296 0 Td
[()]TJ
/F5 1 Tf
0.5159 0 Td
(can)Tj
1.627 0 Td
(then)Tj
2.0183 0 Td
(be)Tj
1.1509 0 Td
(calculated)Tj
4.2065 0 Td
(using)Tj
/F10 1 Tf
0 Tc
-6.7067 -2.4888 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 350.4188 542.4944 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 355.748 544.9889 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
366.2362 547.7102 m
420.4913 547.7102 l
420.4913 547.3134 l
366.2362 547.3134 l
f*
10 0 0 10 366.2362 551.7921 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 371.0551 549.2976 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 375.8173 551.7921 cm
BT
/F11 1 Tf
1 TL
0 0 Td
( )Tj
/F10 1 Tf
0.9921 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 390.5574 549.2976 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
/F11 1 Tf
0.3401 0 Td
( )Tj
/F12 1 Tf
0.7748 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 402.9732 551.7921 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F10 1 Tf
0.9921 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 417.9401 549.2976 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 385.8519 538.1291 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 390.6708 535.6346 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
/F11 1 Tf
0.3401 0 Td
( )Tj
/F12 1 Tf
0.7748 0 Td
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 563.4708 544.7055 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F5 1 Tf
(7)Tj
/F11 1 Tf
()Tj
ET
Q
q
1 j
1 J
0 w
11.9999 0 0 11.9999 200.0125 502.5826 cm
BT
/F0 1 Tf
1 TL
-0.0033 Tc
0 0 Td
(Formation)Tj
4.6724 0 Td
(of)Tj
1.0489 0 Td
(expectations)Tj
5.7685 0 Td
(and)Tj
1.8662 0 Td
(trading)Tj
3.2362 0 Td
(strategies)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 200.0125 485.5748 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(For)Tj
1.627 0 Td
(the)Tj
1.4684 0 Td
(formation)Tj
4.2576 0 Td
(of)Tj
1.0148 0 Td
(expectations)Tj
5.1873 0 Td
(regarding)Tj
4.0932 0 Td
(the)Tj
1.474 0 Td
(price)Tj
2.2224 0 Td
(and)Tj
1.7291 0 Td
(future)Tj
2.6589 0 Td
(dividend)Tj
3.7644 0 Td
(of)Tj
1.0148 0 Td
(the)Tj
1.4683 0 Td
(stock)Tj
2.3074 0 Td
(traded,)Tj
/F10 1 Tf
-34.2876 -1.2982 Td
[(\r)]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 205.5118 470.8913 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(,)Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 211.4078 472.5921 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(\()Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 219.5716 470.8913 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(+1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 231.874 472.5921 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(+)Tj
/F10 1 Tf
0.7993 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
7.4999 0 0 6.6659 244.8566 470.8913 cm
BT
/F10 1 Tf
1 TL
-0.0053 Tc
0 0 Td
[()]TJ
/F5 1 Tf
(+1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 254.948 472.5921 cm
BT
/F5 1 Tf
1 TL
-0.004 Tc
0 0 Td
(\),)Tj
0.788 0 Td
(the)Tj
1.4683 0 Td
(fundamentalists)Tj
6.6047 0 Td
(assume)Tj
3.1464 0 Td
(certain)Tj
2.9877 0 Td
(rules)Tj
2.1487 0 Td
(based)Tj
2.4718 0 Td
(on)Tj
1.2756 0 Td
(the)Tj
1.4683 0 Td
(dividend)Tj
3.7644 0 Td
(at)Tj
0.9524 0 Td
(time)Tj
/F10 1 Tf
2.0296 0 Td
[()]TJ
/F5 1 Tf
0.5159 0 Td
(and)Tj
-35.1153 -1.2982 Td
(therefore)Tj
3.8551 0 Td
(estimate)Tj
3.5432 0 Td
(that)Tj
1.7802 0 Td
(growth)Tj
3.0727 0 Td
(will)Tj
1.6611 0 Td
(be)Tj
1.1509 0 Td
(at)Tj
0.9524 0 Td
(a)Tj
0.6576 0 Td
(constant)Tj
3.634 0 Td
(rate)Tj
/F10 1 Tf
1.7518 0 Td
[()]TJ
/F5 1 Tf
(,)Tj
0.8561 0 Td
(i.e.,)Tj
/F10 1 Tf
0 Tc
-8.6967 -1.8539 Td
[(\r)]TJ
/F11 1 Tf
0.5726 0 Td
()Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 356.7685 438.5763 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
/F11 1 Tf
0.3496 0 Td
()Tj
/F12 1 Tf
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 366.9732 441.0708 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6576 0 Td
()Tj
/F10 1 Tf
1.0488 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 389.0834 438.5763 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 391.6346 441.0708 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
(1)Tj
/F11 1 Tf
1.1055 0 Td
()Tj
/F10 1 Tf
0.9977 0 Td
[()]TJ
/F11 1 Tf
0.4763 0 Td
()Tj
14.604 -0.0226 Td
()Tj
/F5 1 Tf
(8)Tj
/F11 1 Tf
()Tj
/F5 1 Tf
-0.004 Tc
-36.3455 -2.1714 Td
(and)Tj
/F10 1 Tf
0 Tc
14.2298 -2.5284 Td
[(\r)]TJ
/F11 1 Tf
0.5726 0 Td
()Tj
/F10 1 Tf
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 356.6551 391.3511 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
/F11 1 Tf
0.3496 0 Td
()Tj
/F12 1 Tf
(1)Tj
ET
Q
q
1 j
1 J
0 w
10 0 0 10 366.8598 393.8456 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
0.6576 0 Td
()Tj
ET
Q
q
1 j
1 J
0 w
383.9811 396.5669 m
421.1717 396.5669 l
421.1717 396.1701 l
383.9811 396.1701 l
f*
10 0 0 10 383.9811 400.6488 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
5.9998 0 0 5.9998 388.97 398.1543 cm
BT
/F10 1 Tf
1 TL
0 0 Td
[()]TJ
ET
Q
q
1 j
1 J
0 w
10 0 0 10 391.5212 400.6488 cm
BT
/F11 1 Tf
1 TL
0 0 Td
()Tj
/F12 1 Tf
(1)Tj
/F11 1 Tf
1.1055 0 Td
()Tj
/F10 1 Tf
0.9977 0 Td
[()]TJ
/F11 1 Tf
0.4763 0 Td
()Tj
/F10 1 Tf
-2.5569 -1.3662 Td
[()]TJ
/F11 1 Tf
0.6917 0 Td
( )Tj
/F10 1 Tf
0.9921 0 Td
[()]TJ
/F11 1 Tf
15.4884 0.6859 Td
()Tj
/F5 1 Tf
(9)Tj
/F11 1 Tf
()Tj
/F5 1 Tf
-0.004 Tc
-36.3455 -2.8346 Td
(in)Tj
1.0318 0 Td
(which)Tj
/F10 1 Tf
2.6532 0 Td
[()]TJ
/F5 1 Tf
0.686 0 Td
(refers)Tj
2.4548 0 Td
(to)Tj
1.0261 0 Td
(the)Tj
1.474 0 Td
(discount)Tj
3.6794 0 Td
(rate)Tj
1.7461 0 Td
(of)Tj
1.0148 0 Td
(the)Tj
1.4683 0 Td
(flow)Tj
1.9445 0 Td
(of)Tj
1.0148 0 Td
(future)Tj
2.6589 0 Td
(dividends.)Tj
4.3483 0 Td
(On)Tj
1.5194 0 Td
(the)Tj
1.4683 0 Td
(other)Tj
2.3471 0 Td
(hand,)Tj
2.4831 0 Td
(the)Tj
-35.0189 -1.2982 Td
(chartists)Tj
3.5603 0 Td
(estimate)Tj
3.5433 0 Td
(that)Tj
1.7801 0 Td
(prices)Tj
2.5852 0 Td
(are)Tj
1.4457 0 Td
(inertial,)Tj
3.3051 0 Td
(that)Tj
1.7802 0 Td
(is,)Tj
1.0715 0 Td
(if)Tj
0.7766 0 Td
(the)Tj
1.4683 0 Td
(recent)Tj
2.7099 0 Td
(price)Tj
2.2224 0 Td
(has)Tj
1.542 0 Td
(increased)Tj
3.9968 0 Td
(the)Tj
1.474 0 Td
(future)Tj
-33.2614 -1.304 Td
(price)Tj
2.2224 0 Td
(will)Tj
1.661 0 Td
(also)Tj
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