Strategy and Endowment Effects of k-ZI Strategy in Continuous Double Auction Markets

It is easy to understand that the strategy and the endowment will affect a trader's profit in a continuous double auction (CDA) market by qualitative analysis, but it is hard by quantitative analysis. This paper quantitatively analyzes the strategy effect, the endowment effect, and the interaction between them in computerized CDA markets with k-ZI agents.