会议专题

An Research On Stock Market Evolutionary

Friedman considered that financial market should eliminate the irrational traders. For the sake of analyze such a point, established a model adopt birth-death process to research the stock market which have rational traders and irrational traders. We studied the velocity of rational traders and irrational traders enter and quit the stock market. Based on this we can analysis the dynamic rule of the increase or decrease of the numbers of rational traders and irrational traders in stock market. The conclusion is that the irrational may not be eliminated from the stock market. Their survival or disappear depend on many factors. Such factors include the initial wealth of irrational traders, the profits and losses of irrational traders, etc.

birth-death process irrational traders rational traders stock market evolutionary

LIU Yumin ZHAO Pengju

Business School, Zhengzhou University, Zhengzhou, P. R. China, 450052 School of Economics and Management, Zhongyuan University of Technology,Zhengzhou, P. R. China, 4500

国际会议

2010 International Conference on Management(2010管理国际大会)

上海

英文

203-209

2010-07-24(万方平台首次上网日期,不代表论文的发表时间)