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@InCollection(AMEC03,
        author = "Yi Feng and Ronggang Yu and Peter Stone",
        title="Two Stock-Trading Agents: Market Making and Technical Analysis",
        booktitle="Agent Mediated Electronic Commerce {V}: Designing Mechanisms and Systems",
        editor="Peyman Faratin and David C.\ Parkes and Juan A.\ Rodriguez-Aguilar and William E.\ Walsh",
        series="Lecture Notes in Artificial Intelligence",      
        publisher="Springer Verlag",
        volume="3048",
        year="2004",
        pages="18--36",
        abstract={
                  Evolving information technologies have brought
                  computational power and real-time facilities into
                  the stock market. Automated stock trading draws much
                  interest from both the fields of computer science
                  and of business, since it promises to provide
                  superior ability in a trading market than any
                  individual trader. Trading strategies have been
                  proposed and practiced from the perspectives of
                  Artificial Intelligence, market making, external
                  information feedback, technical analysis etc. This
                  paper examines two automated stock-trading agents in
                  the context of the Penn-Lehman Automated Trading
                  (PLAT) simulator, which is a real-time, real-data
                  market simulator. The first agent devises a
                  market-making strategy exploiting market volatility
                  without predicting the exact direction of the stock
                  price movement. The second agent uses technical
                  analysis. It might seem natural to buy when the
                  market is on the rise and sell when it's on the
                  decline, but the second agent does exactly the
                  opposite. As a result, we call it the reverse
                  strategy. The strategies used by both agents are
                  adapted for automated trading. Both agents performed
                  well in the PLAT live competition. In this paper, we
                  analyze the performance of these two automated
                  trading strategies.  Comparisons between them are
                  also provided.
        },
        wwwnote={<a href="http://www.iiia.csic.es/amecv/">AMEC-2003</a>},
)