The Hesitation of Anxious Traders in an Agent-Based Model

Table 6

Agents’ strategic benefit in considering the LSTM. Note: In this table, we report the difference in strategic benefit between anxious agents and fundamentalist agents and related t-statistics. More specifically, the anxious agent maintains the original route to obtain the expectation for price, while the fundamentalist agent applies the long short-term memory (LSTM) neural network to acquire the expectation for price. The market proportion of the anxious agent lies between 0.5 and 0.9. d denotes the magnitude of behavioral hesitation and decision rigidity. It extends from 1 to 5.

d	0.5	0.6	0.7	0.8	0.9
Panel A: anxious agents’ benefit minus fundamentalist agents’ benefit
1	−0.566	−0.659	−0.370	−0.488	−0.687
2	−0.472	−0.516	−0.526	−1.041	−0.639
3	−0.688	−0.680	−0.469	−0.538	−0.323
4	−0.322	−0.580	−0.603	−0.674	−0.871
5	−0.703	−0.938	−1.062	−0.480	−0.390
Panel B: t-statistics
1	−0.922	−1.600	−0.800	−1.324	−1.120
2	−1.401	−1.417	−1.565	−1.804	−0.755
3	−1.407	−1.690	−1.386	−1.401	−0.961
4	−1.540	−1.366	−1.538	−1.060	−1.594
5	−1.727	−1.249	−1.705	−0.895	−1.294