H UMANS VERSUS A GENTS : C OMPETITION IN F INANCIAL M ARKETS OF THE 21 ST C ENTURY Research - in - Progress

Information systems have revolutionized the nature of markets. Traditionally, markets inherently comprised the strategic interaction of human traders only. Nowadays, however, automated trading agents are responsible for at least 60% of the US trading volume on financial stock markets. In this respect, financial markets of the 21st century are different to markets of previous centuries. Fuelled by discussions on their possible risks, there is a need for research on the effects of automated trading agents on market efficiency and on human traders. In order to systematically investigate these issues, we introduce a market framework for human-computer interaction. This framework is then applied in a case study on a financial market scenario. In particular, we plan to conduct a NeuroIS experiment in which we analyze overall market efficiency as well as the trading behavior and emotional responses of human traders when they interact with computerized trading agents.