Crowd Psychology and the Complexity of the Security Market  

作　　者：Fenghua Wen Linjie He Xiaoyong Zhang Chaoqun Ma 

机构地区：[1]Hunan University

出　　处：《China-USA Business Review》2005年第3期9-19,共11页美中经济评论（英文版）

基　　金：This paper is supported by National Social Science Foundation of China （No.03BJY056）.

摘　　要：The security market is a complex system. To explore the mechanism of complexity of the security market helps people understand the dynamics and the nature of its development, so as to better adapt to, regulate and control the security market. In terms of the science of complexity, investors＇ crowd psychology results in the complexity of the security market. This paper first confirms the existence of a crowd with empirical evidence gathered from the security market, then empirically demonstrates the existence of crowd psychology with a questionnaire, and finally analyses the influence of crowd psychology on the security market from the two angles of the correlation persistence and system evolution.

关 键 词：complex system crowd psychology Hurst Exponent Lyapunov Exponents 

分 类 号：F11[经济管理—国际贸易]