In a market maker scenario,we develop evolutionary learning in a sim-ple asset pricing model with two types of rational traders,fundamentalists andchartists.Chartists use the simplest trading rule.then simple asset was promotedto Multi-asset.Use local asymptotic stability of discrete dynamical systems andbifurcation theory for the analysis of underling deterministic system.we obtainedthat whenμincrease,at the equilibrium point, the stability region of systems de-cline.Show that the speed of market maker adjust market is higher,the role ofmarket maker in stabilizing the market is weaker. boundary value of Hopf branchis permanent positive, boundary value of Flip branch is both positive and nega-tive.Show that the behavior of trend followers and contrarians can damage thestability of system at the fixed point.In the empirical analysis,we analysis the sequence of simulation data ofmodel and the sequence of the real market data by using the statistical analysisof economic characteristics for comparative analysis. |