Noise traders are often thought to be detrimental to market stability, increasing volatility and the risk of bubbles and crashes. The effect of noise traders on the learning and development of informed traders, however, has received little attention. We consider a computational model of a derivatives market containing informed traders and noise traders with the former group having to learn to price the traded asset. We demonstrate that noise traders have a beneficial effect on market stability: an increase in the amount of noise traders makes the market more resilient to shocks. Noise traders by pushing the price away from fundamentals create opportunities for learning, increasing the proportion of informed traders possessing high levels of trading skills in turn protecting the market.

噪音交易者通常被认为不利于市场稳定、增加波动性以及泡沫和崩盘的风险。然而，噪音交易者对知情交易者的学习和发展的影响却很少受到关注。我们考虑包含知情交易者和噪声交易者的衍生品市场的计算模型，前一组必须学习为交易资产定价。我们证明了噪音交易者对市场稳定性有有益影响：噪音交易者数量的增加使市场对冲击更具弹性。噪音交易者通过将价格推离基本面创造了学习机会，增加了拥有高水平交易技能的知情交易者的比例，从而保护了市场。