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Normally humans and algorithmic systems can trade with one another, but above a certain speed there is a sudden change to a market in which humans cannot take part and where all transactions are robot-to-robot. This abrupt transition from a mixed human-robot phase to an all-robot phase is known as the ‘robot phase transition’.
This report presents the findings of laboratory-style experiments where human traders interacted with algorithmic trading agents (ie robots) in experimental models of electronic financial markets.