我国证券投资者交易行为的进化博弈与多重均衡研究

Research on Evolutionary Game of Trade Behavior of Security Investors in China and Multi-Equilibrium

本文应用进化博弈方法,建立了开放市场条件下证券投资者交易行为演化的进化博弈模型,并通过实证研究,分析了我国证券投资者行为进化的动态演化过程及其均衡点。研究结论表明,投资者交易行为的进化既不是传统金融学、也不是行为金融学认为的那样,仅存在单一路径和均衡点,而是可能具有多重均衡的特征,这是由投资者策略行为的互补性决定的。

In the paper, applying the method of evolutionary game theory, we build up an evolutionary game model of the trade behavior of security investors in opening market, and analyze its dynamic evolutionary process through experiential research, basing on security market in China. The results show that the evolution of trade behavior isn＇t merely exist single path and equilibrium, which is standpoint of classical finance theory and behavioral finance, it has the characteristic of multi-equilibrium because strategic trade behavior is complementary.