Investor Sentiment in an Artificial Limit Order Market

<div>Summary of submission rules of agent <span class="nowrap"><svg height="8.8423pt" id="M124" style="vertical-align:-0.2064009pt" version="1.1" viewbox="-0.0498162 -8.6359 3.66193 8.8423" width="3.66193pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M244 607C244 633 228 655 200 655C166 655 146 618 146 594C146 564 166 546 191 546C221 546 244 574 244 607ZM222 91L209 114C184 94 148 66 133 66C127 66 124 73 130 96L201 370C213 416 211 448 191 448C162 448 88 407 29 352L42 328C73 354 104 371 114 371C120 371 119 365 115 345L53 92C32 5 45 -12 68 -12C103 -12 186 50 222 91Z"></path></g></svg>,</span> <span class="nowrap"><svg height="9.75571pt" id="M125" style="vertical-align:-1.11981pt" version="1.1" viewbox="-0.0498162 -8.6359 52.4554 9.75571" width="52.4554pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M241 635C89 635 35 457 35 312C35 153 89 -12 240 -12C390 -12 443 166 443 312C443 466 390 635 241 635ZM238 602C329 602 354 454 354 312C354 172 330 22 240 22C152 22 124 173 124 313S148 602 238 602Z"></path></g><g transform="matrix(.013,0,0,-0.013,9.872,0)"><path d="M531 71V127L115 310L531 494V550L57 335V285L531 71ZM531 -40V10H57V-40H531Z"></path></g><g transform="matrix(.013,0,0,-0.013,21.135,0)"><path d="M748 650H522L515 622L546 617C580 611 587 604 565 575C518 513 469 451 419 393C376 474 349 534 330 580C318 609 325 612 361 618L383 622L392 650H151L144 622C214 616 224 612 257 543L360 327C270 218 187 124 159 95C106 40 92 34 26 28L17 0H252L259 28L236 31C189 37 188 47 209 78C249 136 308 210 377 294L478 79C494 44 487 37 449 32L418 28L409 0H673L680 28C596 34 591 39 554 116L436 361C526 469 574 521 604 553C659 612 669 614 739 622L748 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,34.712,0)"><path d="M531 71V127L115 310L531 494V550L57 335V285L531 71ZM531 -40V10H57V-40H531Z"></path></g><g transform="matrix(.013,0,0,-0.013,45.975,0)"><path d="M384 0V27C293 34 287 42 287 114V635C232 613 172 594 109 583V559L157 557C201 555 205 550 205 499V114C205 42 199 34 109 27V0H384Z"></path></g></svg>,</span> is drawn from a uniform distribution.</div>

Complexity

tab1

Table 1

Table 1: Investor Sentiment in an Artificial Limit Order Market 