Evolutionary Game Analysis Of Joint Development Of Stock Index And Share Price Index Futures

In the development process of stock index and stock index futures prices,the linkage relationship of cooperation and competition coexist.Article assumes that both players bounded rationality,construct evolutionary game model of Joint Development of stock price index and stock futures.On the basis, introducing the behavior of financial regulators,the article built both the Evolutionary Game Strategy of the stock price index futures and stock index in different financial policies and the Evolutionary Game Strategy of the stock price index,stock futures and financial regulators,by numerical simulation described specific path of evolution and its influencing factors.The analysis concluded that the system of linkage development of stock index and index futures has a distinctive "path dependence" feature,which was affected by the initial state of the model, input costs of Joint Development, additional income of joint development,the losses created by other side’s omission,both encourage policies and restrictive policies of financial regulators.Within the game system,cooperative competition runs through the whole story of linkage development, financial regulators should actively guide in order to achieve maximum benefits among stock index and futures index linkage.