房地产市场噪声交易行为分析——基于进化博弈理论的视角

噪声交易是房地产市场长期存在的一种现象,理性交易者与噪声交易者也长期并存于房地产市场。本文运用进化博弈理论研究房地产市场噪声交易者行为,分析噪声交易行为的复制动态,得到了理性投资者不可能利用投机行为把噪声交易者逐出市场的结论,同时给出了当博弈达到稳定均衡时选择理性交易策略和噪声交易策略的比例。

Analysis on Behavior of Noise Trade in Real Estate Market: Based on Perspective of Evolutionary Game Theroy

Noisy trade is a special phenomenon which is lasting in the real estate market,and the noisy trader and the rational trader are also in it.This paper applies the evolutionary game theory to analyze the trend behavior of real estate investors on the basis of analyzing their replication dynamics.It draws the conclusion that rational investors can not expel noisy trader from the market.Finally,it gives the proportion of rational trading strategy and nosie trading strategy when the game arriving the stable equi...