摘要翻译：
我们给出了具有异质累积信息结构的股票市场的模拟结果。我们发现交易者的收益是一个非单调的行为作为他们的信息水平的函数。特别是，平均知情代理人的表现低于随机交易者；只有最了解情况的代理商才能战胜市场。我们还研究了当交易者有可能使用基本面价值以外的其他信息时，策略更新机制的影响。这些结果证实了后者：只有对最了解情况的玩家来说，保持原教旨主义才是有回报的。模拟再现了一些程式化的股票交易数据，并在全球范围内显示了信息效率。
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英文标题：
《The value of information in financial markets: An agent-based simulation》
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作者：
Bence Toth, Enrico Scalas
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最新提交年份：
2007
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：Trading and Market Microstructure        交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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一级分类：Physics        物理学
二级分类：Physics and Society        物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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英文摘要：
  We present results on simulations of a stock market with heterogeneous, cumulative information setup. We find a non-monotonic behaviour of traders' returns as a function of their information level. Particularly, the average informed agents underperform random traders; only the most informed agents are able to beat the market. We also study the effect of a strategy updating mechanism, when traders have the possibility of using other pieces of information than the fundamental value. These results corroborate the latter ones: it is only for the most informed player that it is rewarding to stay fundamentalist. The simulations reproduce some stylized facts of tick-by-tick stock-exchange data and globally show informational efficiency.
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PDF链接：
https://arxiv.org/pdf/0712.2687