无摩擦股票市场外文文献Using Simulation to Better Understand Price Determination in a Nonfrictionless Equity Market.pdfVIP

Using Simulation to Better Understand Price Determination in a Nonfrictionless Equity . 7 1 / 9 Market 2 / 0 1 n. n o o i s S s i E m L r A e p Jian Hua, RobeRt a. ScHwaRtz, and GReGoRy SipReSS W r e H h s T i l U b O u P S t u W o E h t N i w F y J ian Hua his article focuses on simulation a well-structured simulation analysis can O l l Y a c is an assistant professor T i analysis—an analytic tool that, provide an experimental economics platform I n S o r in the Zicklin School of R t E c despite having been on the scene for that allows a marketplace to be constructed e V l Business at Baruch College I e 1 t Tmany years, has received relatively and experiments performed. Such an appli- N s U o in New York, NY. p y o sparse use in the literature. To have merit, a cation can be a particularly desirable alter- b t jian.hua@ m r o o r simulation model must (1) replicate reality native for a regulatory agency such as the c. e s s l u RobeRt a. ScHwaRtz a d with sufficient accuracy and (2) yield insights Sec