Dynamic Study Of Multi-period Asset Market Price On Heterogeneous Traders

In this paper, under the adaptive system of Car Chiarella and Xue-Zhong Heset up multi-period asset price model of two risk securities, using fundamentalistand chiarist as the main studying object. On the basis of different heterogeneousexpectation of trading belief in financial market, Chiarist having different attitudestowards risk, class as trend trades and contrarians.On the basis of differential equation theory , We, using the deviation of pricex(t) = p(t) - p*(t), the market fraction deviation of investors m(t) = n_1t - n_2t andthe moving average factor (x|-) =φ1x(t - 1) +φ2x(t - 2) + ... +φLx(t - L) as base,set up asset price model. We maily discuss the di?erent attitude towards risk andthe di?erent window length L how to a?ect the stability, the local gradual stabilityregion and the boundary condition of the dynamic system.