证券市场羊群效应的演化博弈分析

An Analysis of Herd Behavior in Securities Market with Evolutionary Game Theory

羊群效应是证券市场的一种异象。运用演化博弈的理论框架,研究和描述了羊群效应的产生机理及其动态发展。羊群效应加速了信息的扩散,是信息公开化的途径之一,有利于市场效率的提高。

Herd behavior is an anomaly in securities market. This essay uses the framework of evolutionary game theory to make a brief analysis of the formation and dynamic development of herd behavior. It concludes that the herd behavior has accelerated the spread of information as one of the ways for information disclosure, which helps improve the market efficiency.