95334 20210902121825.0 doi 10.1038/s41598-020-68094-z sideral 119087 ART-2020-119087 eng (orcid)0000-0002-2789-9250 Maciel Cardoso, Felipe Universidad de Zaragoza Effect of network topology and node centrality on trading 2020 Access copy available to the general public Unrestricted Global supply networks in agriculture, manufacturing, and services are a defining feature of the modern world. The efficiency and the distribution of surpluses across different parts of these networks depend on the choices of intermediaries. This paper conducts price formation experiments with human subjects located in large complex networks to develop a better understanding of the principles governing behavior. Our first experimental finding is that prices are larger and that trade is significantly less efficient in small-world networks as compared to random networks. Our second experimental finding is that location within a network is not an important determinant of pricing. An examination of the price dynamics suggests that traders on cheapest—and hence active—paths raise prices while those off these paths lower them. We construct an agent-based model (ABM) that embodies this rule of thumb. Simulations of this ABM yield macroscopic patterns consistent with the experimental findings. Finally, we extrapolate the ABM on to significantly larger random and small-world networks and find that network topology remains a key determinant of pricing and efficiency. info:eu-repo/grantAgreement/ES/DGA/E36-17R info:eu-repo/grantAgreement/EC/H2020/662725/EU/Bridging the gap: from Individual Behaviour to the Socio-tEchnical MaN/IBSEN This project has received funding from the European Union’s Horizon 2020 research and innovation program under grant agreement No H2020 662725-IBSEN info:eu-repo/grantAgreement/ES/MCIU-FEDER/PGC2018-098186-B-I00 info:eu-repo/grantAgreement/ES/MINECO-FEDER/FIS2017-87519-P info:eu-repo/semantics/openAccess by http://creativecommons.org/licenses/by/3.0/es/ 4.379 2020 MULTIDISCIPLINARY SCIENCES 17 / 73 = 0.233 2020 Q1 T1 1.24 2020 Multidisciplinary 2020 Q1 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion (orcid)0000-0002-9769-8796 Gracia-Lázaro, Carlos Universidad de Zaragoza Moisan, F. Goyal, S. (orcid)0000-0003-1874-2881 Sánchez, Ángel (orcid)0000-0002-0895-1893 Moreno, Yamir Universidad de Zaragoza 2004 405 Universidad de Zaragoza Dpto. Física Teórica Área Física Teórica 10, 1 (2020), 11113 [9 pp.] Sci. rep. Scientific Reports 2045-2322 4267907 http://zaguan.unizar.es/record/95334/files/texto_completo.pdf Versión publicada 312987 http://zaguan.unizar.es/record/95334/files/texto_completo.jpg?subformat=icon icon Versión publicada oai:zaguan.unizar.es:95334 articulos driver 2021-09-02-10:11:41 ARTICLE