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