A calibrated agent-based model of a one-sided sell-offer market for fractional shares yields a liquidity ratio of 13.9 percent versus 9.6 percent observed, but it misses offer counts and traded volumes by wide margins.
Allocative Efficiency of Markets with zero-intelligence Traders: Market as a partial Substitute for individual Rational- ity
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Simulating Liquidity: Agent-Based Modeling of Illiquid Markets for Fractional Ownership
A calibrated agent-based model of a one-sided sell-offer market for fractional shares yields a liquidity ratio of 13.9 percent versus 9.6 percent observed, but it misses offer counts and traded volumes by wide margins.