证券市场机构与个人投资者的博弈分析

运用不完全信息博弈理论分析了机构投资者与个人投资者间的投资行为。在静态博弈中,分析了机构投资者套利与个人投资者买入情况下的利益关系,说明大力发展机构投资者有利于证券市场的发展。在动态博弈中,分析了在机构投资者哄抬股价的情况下,个人投资者的最优选择,以及机构投资者针对个人投资者的行动采取的最优策略。

Game Theory between the Institutional and Individual Investors in Securities Market

This article analysizes the investment behavior between the institutional investors and the individual investors by the game theory of the incomplete information.In the static game,it analysizes the interest relationship of the institutional investors arbitrage and the individual investors purchase,indicating that institutional investors will help to develop the securities market.In the dynamic game,it analysizes the case when the institutional investors bid up the stock prices,the optimal choice of the individual investors and the optimal strategy of the institutional investors targeting the action of the individual investors.