Research In Traders' Personal Learning Mechanism In Asm

In today's society, more and more diversified with the development of financial markets, it is more and more common that the financial heteromorphisms in contradiction with the Efficient Market Hypothesis is difficult to get the explain from the standard financial theory.The paper is based on Agent-based computational finance, re-examines the stock market in the perspective of complex adaptive systems by emphasising on two features which are bounded rationality and dynamic heterogeneous of investors. The research methods be of the opinion that traders of bounded rationality in order to survive must take the initiative to adapt to rapidly changing market.This is asking them to be equipped with active learning capacity which can adjust traders'trading behavior according to the change of external environment. The statisticall natures by adaptive behavior of many traders who have the learning ability cause the emergent property of the stock market and some so-called financial heterogeneous which are difficult to explain. After all,the bottom-up research approach is a new attempt, while conclusions on the basis are bound to have some theoretical and realistic meaning.The paper is divided into five chapters, the first major step is to locate the learning ability of investors to is an individual learning ability, and then constructes an artificial stock market on this basis.In this market, investors have bounded rationality and are heterogeneous.They have individual learning ability. Then through detail statistics, analysis and comparison with the data obtained by fast and slow learning speed experiments, we can clearly understand how the investors'learning ability and the pace of learning affect the stock market.The main conclusions of this paper include the following: First, the learning ability of traders would appropriately improve their rational investment capacity, to promote urge the share prices to their fundamental value, so as to achieve the purpose of enhancing the effectiveness of the market,however it is limited role, even if the traders themselves have the most powerful learning ability,they can not have an insight into everything, so the market fail to be in full force; Second, the learning speed of traders have a significant impact on the stock market.To a certain degree,more slow the learning speed is, more effective the market is.