**3. Experimental Method**

Real data, from traders and trading outcomes, is used at every stage of our analysis. Each trader's strategy is based on real world strategies employed by actual traders. The market composition of algorithmic versus human traders is set up to simulate the growth of actual algorithmic trading over time, which researchers in the field have quantified. Finally, each experiment's findings have been carefully compared to real data based empirical findings from the literature.

In this section we present the settings of our simulation environment: the trader types and parameter settings for each, the strategies that each of our traders uses, and the rules for deciding the volume of shares and the price at which to trade. Table 1 summarizes this information.


**Table 1.** Simulation details of each experiment.
