Humans versus agents: Competition in financial markets of the 21st Century

Shuo Sarah Zhang, Christof Weinhardt, Marc T P Adam

Research output: Chapter in Book/Report/Conference proceedingConference contribution


Information systems have revolutionized the nature of markets. Traditionally, markets inherently comprised the strategic interaction of human traders only. Nowadays, however, automated trading agents are responsible for at least 60% of the US trading volume on financial stock markets. In this respect, financial markets of the 21st century are different to markets of previous centuries. Fuelled by discussions on their possible risks, there is a need for research on the effects of automated trading agents on market efficiency and on human traders. In order to systematically investigate these issues, we introduce a market framework for human-computer interaction. This framework is then applied in a case study on a financial market scenario. In particular, we plan to conduct a NeuroIS experiment in which we analyze overall market efficiency as well as the trading behavior and emotional responses of human traders when they interact with computerized trading agents.
Original languageEnglish
Title of host publicationInternational Conference on Information Systems, ICIS 2012|Internat. Conf. Inf. Syst. ICIS 2012
Number of pages10
Publication statusPublished - 2012
EventInternational Conference on Information Systems, ICIS 2012 - Orlando, FL
Duration: 1 Jul 2012 → …


ConferenceInternational Conference on Information Systems, ICIS 2012
CityOrlando, FL
Period1/07/12 → …


  • Auction
  • Electronic markets
  • Experiments
  • Framework
  • Human-computer interaction
  • NeuroIS


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