In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. I...In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.展开更多
This paper analyzes the characteristics of BRICS＇s agricultural trading in four ways： export market competition, revealed comparative advantage, trade specialization index, and export similarity index. It shows that...This paper analyzes the characteristics of BRICS＇s agricultural trading in four ways： export market competition, revealed comparative advantage, trade specialization index, and export similarity index. It shows that BRICS countries export different agricultural goods in the same market, so they do not have real competition in agricultural trading markets. BRICS countries have a comparative advantage in different products; especially Brazil with having total different RCA products. In BRICS countries, China and Brazil are the closest trading partners. Compared with other BRICS countries, China and India have a higher similarity in agricultural trading.展开更多
基金Supported by National Natural Science Foundation of China under Grant Nos.60973152 and 60573172Doctoral Program Foundation of Institution of Higher Education of China under Crant No.20070141014Natural Science Foundation of Liaoning Province of China under Grant No.20082165
文摘In this study, we build a double auction market model, which contains two types of agent traders, i.e., the noise traders and fundamentalists, to investigate the effect of the trader composition on the stock market. It is found that, the non-trivial Hurst exponent and the fat-tailed distribution of transaction prices can be observed at any ratio of the noise traders. Analyses on the price variation properties, including the Hurst exponent and the price variation region, show that these properties are stable when the ratio is moderate. However, the non-price variation properties, including the trading volume and the profitability of the two kinds of agents, do not keep stable untrivially in any interval of the ratio of noise traders.
文摘This paper analyzes the characteristics of BRICS＇s agricultural trading in four ways： export market competition, revealed comparative advantage, trade specialization index, and export similarity index. It shows that BRICS countries export different agricultural goods in the same market, so they do not have real competition in agricultural trading markets. BRICS countries have a comparative advantage in different products; especially Brazil with having total different RCA products. In BRICS countries, China and Brazil are the closest trading partners. Compared with other BRICS countries, China and India have a higher similarity in agricultural trading.
