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1

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?) ...


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 ...


3

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 ...


-1

Short answer is market values change when perceptions of the market valuation of the stock changes between at least one buyer and one seller in the last trade of shares. Long analysis first watch this video by Aswath Damodaran On The ‘Dark Side Of Valuation’: https://www.youtube.com/watch?v=3DtpkMOjH7s Then read his 50 page paper The Dark Side of Valuation: ...


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