Table 1 Summary of the Parameters of the simulation

Number of agent

N

2500

 Initial amount of asset

a_i0

1

 The maximum amount of cash agent can hold

\( \overline{\mathrm{C}} \)

2

 Weight for fundamental value between two types of information

α_i

α_i ∈ [0, 1]

 Variance for random walk

σ²

10^-3

 Impact of the excess demand on the price

λ

0.25

 The fraction of trading

g

0.1

 Weight on price change rate

γ

1

 Initial fundamental value

\( {\mathrm{p}}_0^{\mathrm{f}} \)

0.53

 Initial asset price

p₀

0.5

 Upper bound for threshold

\( \overline{\Omega} \)

2

 Lower bound for threshold

\( \underline{\Omega} \)

1