3 résultats
What happens to price discovery when a growing share of the traders in a market are autonomous language-model agents? The paper builds an event-sourced continuous double-auction exchange with exact accounting, a latent dividend process that separates fundamental value from public value and transaction price, seven…
Households and firms are beginning to delegate economic decisions to autonomous agents built on a few shared foundation models. This paper studies what this does in general equilibrium. A human's decision error is idiosyncratic and averages out; an AI agent's error is common to every principal that uses the same…
This paper studies how intraday shocks travel across U.S. equities using 7.69 billion one-minute bars covering the full listed and delisted cross-section from 1992 to 2026. Three findings emerge. First, isolated idiosyncratic shocks barely spread: across 1.85 million ±6σ one-minute events, the abnormal share of other…