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3

Gode and Sunder (1993) recorded a result similar to yours. The abstract of the paper reads: We report market experiments in which human traders are replaced by "zero-intelligence" programs that submit random bids and offers. Imposing a budget constraint (i.e., not permitting traders to sell below their costs or buy above their values) is ...


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I suspect that the reason for that result is the way how you modeled the situation is by having the prices to be offered at random from a sample of numbers in uniform fashion (unless I am misreading the code) but this is unrealistic. As mentioned in the paper Smith's 1962: each sequence of experiments was conducted over sequences five to ten minutes long ...


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The standard definition of market capitalisation is: Market capitalisation = (number of units in existence)*(price). Update: VARulle gave a link to the definition they use for “circulating supply”: “The best approximation of the number of coins that are circulating in the market and in the general public’s hands.” They need to eliminate “burned” (destroyed?) ...


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