Although one of the most sophisticated of early agent-based markets, the SFI market was not the first. There were several early simulations that tried to look the impact of random behaving agents on various market structures as in Cohen, Maier, Schwartz & Whitcomb (1983). Another early market looked the interactions of specific trading strategies (Kim &Markowitz 1989). Some of the more interesting early markets were concerned with the dynamics of foreign exchange as in Frankel & Froot (1988) and De Grauwe, Dewachter & Embrechts (1993). These follow much of the later literature in being concerned with the interaction of potentially destabilizing trend following strategies and their.
