The Evolution Dynamic and Long-Run Equilibrium in a Stock Market with Heterogeneous Traders  

作　　者：Pengju Zhao Wei Zhang Yumin Liu 

机构地区：[1]College of Management and Economics,Tianjin University,Tianjin 300072,China [2]System and Industrial Engineering Research Center of Zhongyuan University of Technology,Zhengzhou 450007,China [3]Business School,Zhengzhou university,Zhengzhou 450000,China

出　　处：《Journal of Systems Science and Systems Engineering》2020年第1期55-67,共13页系统科学与系统工程学报（英文版）

基　　金：We gratefully acknowledge editors of Journal of Systems Scienence and Systems Engineering,and two anonymous referees for their valuable comments and suggestions.This paper is supported by the National Natural Science Foundation of China under Grant No.71790594 and Program for interdisciplinary direction team in Zhongyuan University of Technology,China.

摘　　要：This paper uses ideas from biological evolution to analyze the evolution of the securities market in which rational and irrational traders coexist.A market evolutionary model is developed to describe the dynamic trajectories of rational and irrational traders'wealth.The main question is,are irrational traders eliminated as the securities market evolves.The paper considers the impact of new entrants on the security market long-term equilibrium.In addition,it discusses the existence and uniqueness of the long-term equilibrium The paper finds that,under some market conditions,irrational traders could survive in the long run.

关 键 词：Behavioral Finance IRRATIONAL TRADERS financial EVOLUTION theory random DYNAMIC system 

分 类 号：F832.51[经济管理—金融学]