A microscopic price determination process by artificial market experiments with the U-Mart system

Though the mechanism of a market is the primary concern of economics, it was difficult to analyze it as a consequence of interaction by multi-participants. However, it has become possible to build an artificial virtual market which is constructed by many participants; humans and computer program machines. In this paper, we investigate how to realize the human trader's action and intention and observe a price determination process in a virtual auction market experiments by using the U-Mart system.