;; Implements Zero-intelligence trading within a double-auction order-driven stock market
;;  The code implements a simple order
;; book trading described in Beaufils, Brandouy, Derveeuw and Mathieu 2007
;; and extends it with budget constraints

;; Created by:
;; Prof. Olivier BRANDOUY (c)
;; GREThA (UMR CNRS 5113)
;; Bordeaux University
;; olivier.brandouy@u-bordeaux.fr
;; http://brandouy.free.fr
;;
;; Updated by Prof. Murat Yildizoglu
;; GREThA (UMR CNRS 5113)
;; Bordeaux University
;; https://yildizoglu.fr
;; March 2014-2021


globals[
  totAsk   ;; total asked amount
  totBid   ;; total bid amount
  clock
  C
  D
  price       ;; currentmarket price
  p-1         ;; last price
  price-vector  ;; all prices in a list
  rent-vector ;; all returns in
  rent        ;; variation of rate of the value
  ]

turtles-own[

decision   ;; Amount to trade
talk       ;; Am I participating to the market?
intention  ;; Seller of buyer?
wealth     ;; Wealth of the agent
portfolio  ;; number of assets in agent's portfolio
]


;; Preparing the first period of the market

to setup

  clear-all

  if (fix-random-seed)[
    random-seed 47823
  ]
set clock 0
set totAsk 0
set totBid 0
set p-1 prix-initial
set price prix-initial
set price-vector (list prix-initial)
set rent-vector (list (prix-initial / 1000))
set-default-shape turtles "person"

;; Creating the agents
create-turtles nombre-agents
ask turtles [
  set heading 0
  move-to one-of patches
  set color green
  set wealth richesseInitiale
  ]

reset-ticks

end


;; Each period's operations
to go
  ;; Check speakers turtles for participating

  ask n-of nombre-speakers turtles [

    make-decision
    ;; Adjust their colour as a function of their place on the market

    ifelse (talk = 0) [
      set color green
    ]
    [
      ifelse (intention = 1) [
        set color red
      ]
      [
        set color yellow
      ]
    ]
  ]


;; Clear the market and adjust the price as a function of the disequilibrium

execute-orders

set price-vector lput price price-vector
set rent-vector lput rent rent-vector

tick

ask turtles [cancel-orders];

set clock clock + 1

end

;; Turtle decides to talk or not, and, if it talks,
;; fixes the side of the market and the amount to ask or bid
to make-decision

decide-talk  ; Talk or not? (see below)

if (talk = 1) [
  decide-intention  ; Ask or bid? (see below)
  set decision random-float max-taille-ordre  ;How much?
]
end


to decide-talk

let Z random 2
ifelse(Z = 1)[set talk 1] [set talk 0]
end

to decide-intention
let Z random 2
ifelse (Z = 0)[
  set intention 1  ;; bid
  if (decision > (wealth / p-1) ) [set decision (wealth / p-1)]  ;; can bid at maximum the n umber of assets that can be bought given the wealth of the agent and last period's price
]
[
  set intention 2  ;; ask
  if (decision > portfolio)[set decision portfolio] ;; can only ask for assets already in possession
]
end


to execute-orders  ;; Confronting demand and supply, and adjusting the price

let total 0.
set totAsk 0. ;; Total supply of the period
set totBid 0. ;; Total demand of the period

ask turtles with [intention = 1] [set totBid totBid + decision]
ask turtles with [intention = 2] [set totAsk totAsk + decision]
set total totAsk + totBid

;; Adjusting the market price

set p-1 price

;; Linear adjustment
;;set price p-1 + ((totbid ) - (totask)) * eta
;;if (price < 0)[set price 0.]

;; Milder adjustment of the price 1
;;set price p-1 *  (ln totbid  / ln totask) + random-float 0.01
;;if (price > 0 and p-1 > 0) [set rent ln (price) - ln (p-1)]

;; Milder adjustment of the price 2
set price (p-1 * exp(((totbid ) - (totask)) * eta)) ;; the price is fixed by the auctioneer: totBid > totAsk => Price increases

set rent ln (price) - ln (p-1) ;; the market return computed in the standard fashion

;; Now the transactions take place

;; For the bidders:
;;Check the wealth constraint first

set totBid 0.
ask turtles with [intention = 1 and (decision > (wealth / price))] ;; Not enough money to buy initial bids
[
  set decision (wealth / price)   ;; decision adjusted as a function of the wealth and the current price (no debt)
  set totBid (totBid + decision)
]

;; Check rationing berween the demand and the supply

let ratio totAsk / totBid

ifelse ratio >= 1 ;;Supply > Demand => no rationing on the demand side
[
  ask turtles with [intention = 1][
    set portfolio portfolio + decision   ;; the new portfolio is computed
    set wealth (wealth - (decision * price))  ;; and the new wealth of the agent
  ]

  ;; Rationing of the supply side
  set totAsk 0.
  ask turtles with [intention = 2][ ;; askers
    set decision decision / ratio  ;; taking into account the rationing
    set portfolio portfolio - decision   ;; the new portfolio is computed
    set wealth (wealth + (decision * price))  ;; and the new wealth of the agent
    set totAsk (totAsk + decision)
  ]
]
[   ;; ratio < 1: Supply < Demand => no rationing on the supply side
  set totBid 0.
  ask turtles with [intention = 1][
    set decision decision * ratio
    set portfolio portfolio + decision   ;; the new portfolio is computed
    set wealth (wealth - (decision * price))  ;; and the new wealth of the agent
    set totBid (totBid + decision)
  ]
    ask turtles with [intention = 2][ ;; askers
    set portfolio portfolio - decision   ;; the new portfolio is computed
    set wealth (wealth + (decision * price))  ;; and the new wealth of the agent
  ]
]




end



to cancel-orders  ;; Clean the table
set decision 0
set intention 0
set talk 0
end
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@#$#@#$#@
## WHAT IS IT?

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