Before revision:  Extending significantly the framework of Schied and Zhang (2018)  , who considered two agents and one asset , we focus our attention on the conditions on the value of transaction cost making the trading profile of the agents, and as a consequence the price trajectory, wildly oscillating and the market unstable.
After revision:  Extending significantly the framework of Schied and Zhang (2018) and Luo and Schied (2020) , who considered two agents and one asset , we focus our attention on the conditions on the value of transaction cost making the trading profile of the agents, and as a consequence the price trajectory, wildly oscillating and the market unstable.