Spiering, J.

market market maker trader value order maker model price probability investor simulation asynchronou figure spread stock bid-ask spread information trade probability density estimate experiment result number bid-ask process discrete-time trading change estimate agent noise section continuous-time jump process discrete-time models agent-based fraction turn-based density fi nancial markets turn-based models queue paper market dynamics series decision example situation condition distribution bid price asynchronous models market maker model direction no-order condition period implementation representation action spread size dynamic time horizon market maker updates parameter behavior point behaviour asynchronous simulation execution place study difference market participants market price modeling increase research economic place orders setting stock markets