A Study On The Evolution Of Securities Investor Behaviors And Its Multi-Equilibrium Based On Evolutionary Game

Securities investors are securities market's important joiners and securities product's consumers. Recent years, studing on their behaviors has become one of the most popular research projects in the field of international finance and securities, and also is one of research contents close to society and investors. Behavior finance researching investor behaviors has become an important subject. But existing researches focused on static validation and describing of investor behavior characteristics, less involved its evolutionary mechanism. Whereas, studing their evolution can explore its evolutionary path and equilibrium structure, provide an important track enhancing securities market efficiency, and achieve protect of investor equity. So, the tasks in the dissertation are significant, whether in the theory or the practice.Securities investors in reality are limited rationality. The thought of "survivle while fitted" in the biologic evolution theory is introduced, and investor population behaviors are regarded as a dynamic evolution system in the dissertation. First of all, the evolutionary game model of this system is built, according to a population and determinately dynamic function in evolutionary game theory, and quilibrium structure and effect factors of the evolutionary system are analyzed. Next, the evolution quilibrium characteristics of investor behaviors in China's securities market are researched as a demonstration, and the reasons why noise traders become popular in the process of investor behavior evolution are explained, based on its evolutionary mechanism. Moreover, the influences of investor behavior evolution on share market's fluctuation are researched through setting up its noise trade model. When noise traders are dominant in securities market, price discovery function and resource configuration effect are also analyzed. Finally, when noise trade become popular, the shortage of some policies, such as, enlarging institution investor and short sale is explained, and some good suggestions are provided according to former research results. Some significative conclusions are founded out in the dissertation. The evolution of securities investor behaviors bears multi-equilibrium characteristics, namely, possibly converging to the equilibrium of complete value investment, or full noise trade, or coexistence of former two behaviors. And its evolution path and equilibrium are affected not only investor's payoff function and initial state of securities market, but expect error of noise traders, noise trade risk and so on. Because of the affect of initial orientation of...