Marc Vorsatz

Fundación de Estudios de Economía Aplicada

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About

Marc Vorsatz is a leading experimental economist whose research centers on market microstructure, information aggregation, and the behavioral impact of strategic manipulation in financial markets. His most influential work, “Information aggregation in experimental asset markets in the presence of a manipulator” (2010, 37 citations), investigates how an uninformed robot trader—programmed to buy shares early and sell later—can distort asset prices and disrupt the efficient aggregation of dispersed information. Building on this, his earlier study “Price manipulation in an experimental asset market” (2008, 27 citations) systematically demonstrates that such manipulative strategies can significantly alter market outcomes, even when traders are aware of the robot’s presence. Vorsatz’s contributions are foundational to understanding the fragility of market efficiency in the face of strategic, non-fundamental trading. His work has important implications for market design, regulation, and the detection of manipulation in real-world financial systems. By combining rigorous experimental methods with clear theoretical motivation, Vorsatz has provided essential insights into how information flows and price formation can be distorted—a topic of enduring relevance for students and researchers in behavioral finance and experimental economics.