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Three Days of Scintillating Talks
October 21-23
Online via Zoom
09:00 am Eastern Time, NY, USA

Zero-intelligence (ZI) and Minimal-intelligence (MI) agents have provided valuable insights into how rules of engagement and institutional structures affect outcomes.


This virtual conference is for sharing insights, findings, theories, applications, and tools regarding ZI and MI agents in the following areas and beyond:

  • Economics, Finance, and Business

  • Psychology, Sociology, Politics, and Humanities

  • Computer Science, AI, and Machine Learning

  • Engineering, Automation, Telecommunications, and Information Systems and Control

  • Energy, Fuel, and Ecological Sciences

  • Mathematics, Statistical Physics, and Complexity

  • ZI/MI Software

Bees at Work

The Second Conference on Zero/Minimal Intelligence Agents

October 21-23, 2021

Sponsored by
Yale School of Management,
Universität Klagenfurt,
Max Planck Institute for Human Development

Delivered online via Zoom
The Conference


  • Name of presenting coauthors are shown in bold below

Download Detailed Session Schedule Here


8:30 AM-3:00 PM (EDT New York, USA) Conference Lobby

Welcome Remarks

(8:30 AM-9:00 AM EDT New York, USA)

Shabnam Mousavi

Session 1: Experiments and Algorithmic Trading (Video)

(9:00 AM-10:30 AM EDT New York, USA)

Moderator: Shabnam Mousavi

  1. Elizaveta Nekrasova, Tibor Neugebauer, Te Bao, Yohanes Eko Riyanto: Algorithmic Trading in Experimental Markets with Human Traders: A Literature Survey (Slides)

  2. Yuji Aruka, Yoshihiro Nakajima, Naoki Mori, Shuji Shinohara: The minimum heterogeneous agent configuration to realize the future price time series in the AI market experiment: an updated version (Slides)

  3. Tibor Neugebauer, Martin Angerer, Jason Shachat: Arbitrage bots in experimental asset markets 

Session 2: Risk Parity, Parametrized Response and Belief Updating (Video)

(11:00 AM-12:30 PM EDT New York, USA)

Moderator: Dave Cliff

  1. Simon Carlstedt: The Risk Parity Premium Puzzle: A Resolution with Minimal-Intelligence Traders (Slides)

  2. Dave Cliff: Parameterised-Response Zero-Intelligence Traders 

  3. Daniele Giachini, Matteo Ottaviani, Shabnam Mousavi: Market structure or agent rationality: How efficiency trades with belief updating? (Slides)

Session 3: Efficiency and Information in Markets (Video)

(1:00 PM-2:30 PM EDT New York, USA)

Moderator: Stephan Leitner

  1. Paolo Pellizzari, Luca Gerotto, Marco Tolotti: An Agent-based model of informed and misinformed trading with learning by imitation

  2. Diego Aycinena, David Porter, Vernon Smith: Informational and Allocative Efficiency with Zero- and Minimal-Intelligence Agents without Predefined Roles under Alternative Exchange Institutions

  3. Brett Williams: Opening the Book: Price Information’s Impact on Market Efficiency in the Lab (Slides)


8:30 AM-3:00 PM (EDT New York, USA) Conference Lobby

Session 4: Cooperation and Iterative Reasoning (Video)

(9:00 AM-10:30 AM EDT New York, USA)

Moderator: Dan Gode

  1. Shirsendu Podder, Simone Righi, Francesca Pancotto: Reputation and Punishment sustain cooperation in the Optional Public Goods Game (Slides)

  2. Aad Ruiter: Cooperation in repeated Cournot games (Slides)

  3. Rosemarie Nagel, Jens Schmidt, Davide Marchiori: Iterated Reasoning and Efficiency Heuristics, and a Behavioral Taxonomy of 2x2 Games (Slides)

Session 5: Panel Discussion (Video)

(11:00 AM-12:30 PM EDT New York, USA)

Moderator: Dave Cliff

Panelists: Shu-Heng Chen, Robert Axtell, Kevin McCabe, Dave Cliff, Daniel Ladley

Session 6: Coordination among ZI/MI Agents (Video)

(1:00 PM-2:30 PM EDT New York, USA)

Moderator: Friederike Wall

  1. Simone Righi, Shirsendu Podder, Karoly Takacs: Local Reputation, Local Selection, and the Leading Eight Norms (Slides)

  2. Stephan Leitner: On the Role of Incentives in Evolutionary Approaches to Organizational Design (Slides)

  3. Friederike Wall: Coordination in Organizations with Heterogeneous Minimal Intelligence Agents (Slides)


8:30 AM-3:00 PM (EDT New York, USA) Conference Lobby

Session 7: Forms and Networks of ZI/MI Agents (Video)

(9:00 AM-10:30 AM EDT New York, USA)

Moderator: Shabnam Mousavi

  1. Shabnam Mousavi, Shyam Sunder, Haron Adbaru, and Michael Lin: Market Networks under ZI Traders (Slides)

  2. Paul Brewer, Raymond Moberly, Jeremy Juybari: A comparison of zero and minimal intelligence agendas in Markov Chain voting models. (Slides)

  3. Vittorio Carlei, Edgardo Bucciarelli, Gaetano Adamo, Oksana Ustenko: Can swarms explain empirical/experimental asset pricing? The case of emerging swarm intelligence from zero intelligence agents.

Session 8: ZI/MI Agents in Double Auctions and Edgeworth Box (Video)

(11:00 AM-12:30 PM EDT New York, USA)

Moderator: Dan Gode

  1. Heinrich Nax: The CDA with trade externalities

  2. Dan Gode, Stephen Spear, Shyam Sunder: Optimal Allocations without Utility Maximization in an Edgeworth Box (Slides)

  3. John Ledyard, Jasmina Arifovic: Individual Evolutionary Learning and Zero-Intelligence in the Continuous Double Auction (Slides)

Session 9: Emergence in and of Markets (Video)

(1:00 PM-2:30 PM EDT New York, USA)

Moderator: Shabnam Mousavi

  1. Fan Gao, Daniel Ladley: Endogenous Network in OTC Markets (Slides)

  2. Kevin McCabe, Stephen Kunath, Sarah Sylvester, Aleksander Psurek: The Adaptive Rationality of Markets

  3. Ram Poudel: A Science of Human Society with Two Eyes Open

Closing remarks

(2:30 PM-2:45 PM EDT New York, USA)

Friederike Wall, Stephan Leitner



This conference is generously supported by:

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