Loyal buyer-seller relationships often arise when a seller tailors a product to
a specific market niche to accomplish the best possible returns, and when
buyers respond to the dedicated efforts of the seller to meet their needs.
We ask whether it is possible, instead, for loyalty to arise spontaneously,
and in particular as a consequence of repeated interaction and coadaptation
among the agents in a market. We devise a stylized model of
double auction markets and adaptive traders in which traders choose
where and how to trade (to buy or to sell) based on their previous
experience and characterize the emergent market behaviours.