Using data collected from an experimental double auction market, we study the dynamics of interaction among traders. Our focus is on the effect the trading network has on price dynamics and price-fundamental convergence. At the aggregate level, the network of empirical exchanges reveals properties that are dissimilar from random graphs and, in particular, high centrality and high clustering. Precisely, these properties are identifiable as the cause of price volatility and divergence from the fundamental value. At the microscopic level, we find out how the topological properties of the network derive from the behavior of traders. In fact, our findings show that it is the unbridled trading action of very centralized players who implement a minority game, to give rise to volatility clustering and arbitrage opportunities.

使用从实验性双重拍卖市场收集的数据，我们研究了交易者之间互动的动态。我们的重点是交易网络对价格动态和价格基本面收敛的影响。在总体层面，经验交换网络揭示了与随机图不同的属性，特别是高中心性和高聚类。准确地说，这些属性可识别为价格波动和与基本价值背离的原因。在微观层面上，我们发现网络的拓扑属性如何源自交易者的行为。事实上，我们的研究结果表明，正是非常中心化的参与者实施了少数派博弈的肆无忌惮的交易行为，才产生了波动性聚集和套利机会。