商品期货市场操纵成本以及操纵收益评价

Evaluation of Manipulation Cost and Benefits on Futures Market

本文从心理学角度、经济学原理、微观金融理论对商品期货市场操纵成本和操纵收益进行了计算和评价,操纵成本和操纵收益仅仅限于会计核算成本和会计核算收益。根据各自的函数关系,求出各自对应的最大化操纵利润函数,并根据经济学原理,对多头操纵状态下以及空头操纵状态下的市场操纵均衡状态进行了分析,计算出了各自对应状态下社会福利的净损失。

This article, from the perspective of psychology, economic theory, and miero finance theory, calculates and reviews manipulation cost and manipulation benefit on futures market. The eost and benefit here are limited only to the aceounting aspect. In addition, this article calculates the maximum manipulation profit function aeeording to the different manipulation eondifions. Finally it analyzes the equilibrium condition of the long and short manipulation and calculates the respeetive net loss of social welfare.