| 证券市场新旧投资理念更替过程研究:一个基于演化视角的分析 |
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| 引用本文： | 毛捷,金雪军,袁佳.证券市场新旧投资理念更替过程研究:一个基于演化视角的分析[J].经济学(季刊),2005(2):707-738. |
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| 作者姓名： | 毛捷 金雪军 袁佳 |
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| 作者单位： | 浙江大学经济学院，浙江大学经济学院，浙江大学竺可桢学院 |
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| 摘 要： | 本文借助惯例演化博弈模型来分析证券市场新旧投资理念的更替过程。本文的主要结论如下。选择现有投资理念的个体所占比重以及选择新投资理念的相对效用决定了现有投资理念实现ESS均衡的难度;现有投资理念的ESS均衡不是随机稳定均衡(SSE),而新投资理念的ESS均衡是惟一的SSE;在特定投资者空间分布和信息交换模式下,选择新投资理念的成员规模和协同效应的限定程度决定了新投资理念能否扩散。
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| 关 键 词： | 投资理念 惯例 演化博弈 |
TRANSITION OF INVESTMENT STRATEGIES IN THE SECURITY MARKET:A VIEW OF EVOLUTION |
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| Mao Jie,Jin Xuejun and Yuan Jia.TRANSITION OF INVESTMENT STRATEGIES IN THE SECURITY MARKET:A VIEW OF EVOLUTION[J].China Economic Quarterly,2005(2):707-738. |
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| Authors: | Mao Jie Jin Xuejun and Yuan Jia |
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| Abstract: | The transition between new and existing investment strategies is studied with evo-lutionary game theoretical models.Proportion of investors choosing the existing strategy and the relative utility of choosing the new strategy play a crucial role in deciding the difficulty for the ex-isting strategy to reach ESS equilibrium;ESS equilibrium of the existing strategy is not SSE,but that of the new strategy is;under certain patterns for investors'space distribution and information exchange,the size of investors c... |
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