{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,19]],"date-time":"2026-01-19T10:35:44Z","timestamp":1768818944889,"version":"3.49.0"},"reference-count":58,"publisher":"Maximum Academic Press","issue":"2","license":[{"start":{"date-parts":[[2012,4,26]],"date-time":"2012-04-26T00:00:00Z","timestamp":1335398400000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.cambridge.org\/core\/terms"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["The Knowledge Engineering Review"],"abstract":"<jats:title>Abstract<\/jats:title>\n                  <jats:p>This paper reviews the Zero Intelligence (ZI) methodology for investigating markets. This approach models individual traders, operating within a market mechanism, who behave without strategy, in order to determine the impact of the market mechanism and consequently the effect of trader behaviour. The paper considers the major contributions and models within this area from both the economics and finance communities before examining the strengths and weaknesses of this methodology.<\/jats:p>","DOI":"10.1017\/s0269888912000173","type":"journal-article","created":{"date-parts":[[2012,4,26]],"date-time":"2012-04-26T07:24:35Z","timestamp":1335425075000},"page":"273-286","source":"Crossref","is-referenced-by-count":44,"title":["Zero intelligence in economics and finance"],"prefix":"10.48130","volume":"27","author":[{"given":"Dan","family":"Ladley","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"27968","published-online":{"date-parts":[[2012,4,26]]},"reference":[{"key":"S0269888912000173_ref56","volume-title":"Handbook of Computational Economics","volume":"2","author":"Tesfatsion","year":"2006"},{"key":"S0269888912000173_ref53","doi-asserted-by":"crossref","first-page":"501","DOI":"10.7551\/mitpress\/4709.003.0047","volume-title":"Models of a Man: Essays in Memory of Herbet Simon","author":"Sunder","year":"2004"},{"key":"S0269888912000173_ref50","doi-asserted-by":"publisher","DOI":"10.1088\/1469-7688\/3\/6\/307"},{"key":"S0269888912000173_ref48","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/11.4.789"},{"key":"S0269888912000173_ref47","doi-asserted-by":"publisher","DOI":"10.1002\/ijfe.145"},{"key":"S0269888912000173_ref46","doi-asserted-by":"publisher","DOI":"10.2307\/1913393"},{"key":"S0269888912000173_ref45","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(00)00067-4"},{"key":"S0269888912000173_ref44","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-4757-2763-0"},{"key":"S0269888912000173_ref43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2008.09.005"},{"key":"S0269888912000173_ref41","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2681(01)00173-1"},{"key":"S0269888912000173_ref37","doi-asserted-by":"publisher","DOI":"10.1162\/003355397555307"},{"key":"S0269888912000173_ref35","first-page":"199","volume-title":"The Double Auction Market: Institutions, Theories, and Evidence","author":"Gode","year":"1993b."},{"key":"S0269888912000173_ref30","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-004-0570-9"},{"key":"S0269888912000173_ref29","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(94)90068-X"},{"key":"S0269888912000173_ref28","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90188-6"},{"key":"S0269888912000173_ref26","first-page":"374","article-title":"Positive-feedback investment strategies and destabilizing rational speculation","volume":"45","author":"DeLong","year":"1990b.","journal-title":"Journal of Finance"},{"key":"S0269888912000173_ref23","doi-asserted-by":"publisher","DOI":"10.1103\/PhysRevLett.90.108102"},{"key":"S0269888912000173_ref20","doi-asserted-by":"publisher","DOI":"10.1080\/713665670"},{"key":"S0269888912000173_ref17","doi-asserted-by":"publisher","DOI":"10.1016\/S1567-4223(03)00017-6"},{"key":"S0269888912000173_ref14","doi-asserted-by":"publisher","DOI":"10.1088\/1469-7688\/2\/5\/303"},{"key":"S0269888912000173_ref12","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(95)00901-9"},{"key":"S0269888912000173_ref11","doi-asserted-by":"publisher","DOI":"10.1088\/1469-7688\/2\/4\/301"},{"key":"S0269888912000173_ref10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2004.02.006"},{"key":"S0269888912000173_ref9","doi-asserted-by":"publisher","DOI":"10.1023\/A:1008776705863"},{"key":"S0269888912000173_ref6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1995.tb05192.x"},{"key":"S0269888912000173_ref5","doi-asserted-by":"publisher","DOI":"10.1086\/258584"},{"key":"S0269888912000173_ref2","unstructured":"Bagnall A. J. , Toft I. E. 2004. Zero Intelligence Plus and Gjerstad\u2013Dickhaut agents for sealed bid auctions. In Workshop on Trading Agent Design and Analysis, part of International Conference on Autonomous Agents and Multiagent Systems (AAMAS-2004), Columbia University, New York, 59\u201364."},{"key":"S0269888912000173_ref1","first-page":"15","volume-title":"The Economy as a Complex Evolving System II","author":"Arthur","year":"1997"},{"key":"S0269888912000173_ref7","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(97)00036-5"},{"key":"S0269888912000173_ref27","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1086\/296523","article-title":"The survival of noise traders in financial markets","volume":"64","author":"DeLong","year":"1991","journal-title":"Journal of Business"},{"key":"S0269888912000173_ref32","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.0409157102"},{"key":"S0269888912000173_ref15","unstructured":"Cliff D. , Bruten J. 1997. Minimal-intelligence agents for bargaining behaviors in market-based environments. Technical Report HPL-97-91, HP Labs."},{"key":"S0269888912000173_ref57","first-page":"831","volume-title":"Agent-Based Computational Economics: a constructive approach to economic theory. In Handbook of Computational Economics, 2","author":"Tesfatsion","year":"2006"},{"key":"S0269888912000173_ref55","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(98)00549-4"},{"key":"S0269888912000173_ref40","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2681(96)00892-X"},{"key":"S0269888912000173_ref34","doi-asserted-by":"publisher","DOI":"10.1086\/261868"},{"key":"S0269888912000173_ref19","first-page":"93","volume-title":"Market Making and the Changing Structure of the Securities Industry","author":"Cohen","year":"1985"},{"key":"S0269888912000173_ref51","doi-asserted-by":"publisher","DOI":"10.1086\/258609"},{"key":"S0269888912000173_ref21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2006.09.007"},{"key":"S0269888912000173_ref3","article-title":"Autonomous adaptive agents for single seller sealed bid auctions","volume":"12","author":"Bagnall","year":"2005","journal-title":"Journal of Autonomous Agents and Multi-Agent Systems"},{"key":"S0269888912000173_ref31","volume-title":"Scaling laws for the market microstructure of the interdealer broker markets","author":"Eliezer","year":"1998"},{"key":"S0269888912000173_ref52","first-page":"467","article-title":"On nonbinding price controls in a competitive market","volume":"71","author":"Smith","year":"1981","journal-title":"American Economic Review"},{"key":"S0269888912000173_ref36","first-page":"241","volume-title":"Computational Organization Theory","author":"Gode","year":"1994"},{"key":"S0269888912000173_ref39","first-page":"448","article-title":"Price controls and the behavior of auction markets: an experimental evaluation","volume":"71","author":"Isaac","year":"1981","journal-title":"American Economic Review"},{"key":"S0269888912000173_ref8","first-page":"221","volume-title":"The Double Auction Market: Institutions, Theories, and Evidence","author":"Bollerslev","year":"1993"},{"key":"S0269888912000173_ref22","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0142-2"},{"key":"S0269888912000173_ref58","first-page":"96","article-title":"Adaptive switching circuits","volume":"4","author":"Widrow","year":"1960","journal-title":"IRE WESCON Convention Record"},{"key":"S0269888912000173_ref49","doi-asserted-by":"publisher","DOI":"10.1103\/PhysRevE.64.056136"},{"key":"S0269888912000173_ref25","doi-asserted-by":"publisher","DOI":"10.1086\/261703"},{"key":"S0269888912000173_ref33","volume-title":"Convergence of Double Auctions to Pareto Optimal Allocations in the Edgeworth Box","author":"Gode","year":"2004"},{"key":"S0269888912000173_ref38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2003.06.001"},{"key":"S0269888912000173_ref42","first-page":"200","volume-title":"Agent-Mediated Electronic Commerce","author":"Ladley","year":"2006"},{"key":"S0269888912000173_ref24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1989.tb04385.x"},{"key":"S0269888912000173_ref4","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(97)00401-9"},{"key":"S0269888912000173_ref13","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(01)00335-1"},{"key":"S0269888912000173_ref54","doi-asserted-by":"publisher","DOI":"10.1007\/s11403-006-0006-7"},{"key":"S0269888912000173_ref18","doi-asserted-by":"crossref","unstructured":"Cliff D. 2006. Zip60: an enhanced variant of the zip trading algorithm. In cec-eee. Proceedings of the 8th IEEE International Conference on E-Commerce Technology and the 3rd IEEE International Conference on Enterprise Computing, E-Commerce, and E-Services (CEC\/EEE'06). IEEE Computer Society, 15.","DOI":"10.1109\/CEC-EEE.2006.99"},{"key":"S0269888912000173_ref16","doi-asserted-by":"publisher","DOI":"10.1177\/105971239900700310"}],"container-title":["The Knowledge Engineering Review"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.cambridge.org\/core\/services\/aop-cambridge-core\/content\/view\/S0269888912000173","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,1,5]],"date-time":"2026-01-05T14:44:06Z","timestamp":1767624246000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.cambridge.org\/core\/product\/identifier\/S0269888912000173\/type\/journal_article"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2012,4,26]]},"references-count":58,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2012,4,26]]}},"alternative-id":["S0269888912000173"],"URL":"https:\/\/doi.org\/10.1017\/s0269888912000173","relation":{},"ISSN":["0269-8889","1469-8005"],"issn-type":[{"value":"0269-8889","type":"print"},{"value":"1469-8005","type":"electronic"}],"subject":[],"published":{"date-parts":[[2012,4,26]]}}}