کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
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478795 | 1446150 | 2009 | 9 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Fuzzy relations for the analysis of traders’ preferences in an information market game Fuzzy relations for the analysis of traders’ preferences in an information market game](/preview/png/478795.png)
In this paper we focus on preference and decision data gathered during a computer-supported information market game in which 35 students participated during seven consecutive trading sessions. The participants’ individual preferences on the market shares are collected to calculate a collective preference ranking using the Borda social choice method. Comparing this preference ranking to the shares’ actual market ranking resulting from the participants’ trading, we find a statistically significant difference between both rankings. As the preferences established by market behavior cannot be adequately explained through a social choice rule, we propose an alternative explanation based on the herd behavior phenomenon where traders imitate the most successful trader in the market. Using a decision analysis technique based on fuzzy relations, we study the participants’ rankings of the best share in the market during 7 weeks and compare the most successful trader to the other traders. The results from our analysis show that a substantial number of traders is indeed following the market leader.
Journal: European Journal of Operational Research - Volume 195, Issue 3, 16 June 2009, Pages 905–913