Model And Simulation Of Stock Market Investor Behavior Evolution Based On Complex Network

Nowadays,fusion development tendency of financial market is remarkable,lead to the complexity of the financial system,cause the uncertainty of the market to strengthen,resulting in limited rational investor behavior decision-making of the complexity.And these factors will influence the entity economy development and social stability,to add difficulty to financial regulation.Based on the above background,this paper studies the evolution mechanism of investor behavior based on two different learning strategies.Considering inherent characteristic of the limited rational investors' learning in the investment decision-making process,the complex networks theory and learning theory was applied,first,investment behavior evolution model based on the Bayesian learning strategies in network was structured.Second,from the perspective of reinforcement learning,behavior decision-making mechanism of individual investors and institutional investors systematic description,build the investor behavior evolution model based on reinforcement learning strategies in network.Final,mathematical and simulation analysis are carried out on two kinds of models.Through mathematical and simulation analysis of two models,under the Bayesian learning strategy in network,the results show that the heterogeneity and connectivity of network have greater influence on the evolution of the individual investors' behavior than the institutional investors.The decision-making of individual investors has an important affect in the stability of the equilibrium states of individual investors'behavior.The equilibrium states of institutional investors' behavior is in nonlinear co-relation with the accuracy of the institutional investors' private information.Under the reinforcement learning strategy in network,different revenue function will affect the investors behavior evolution process,and it has greater influence on the evolution of the individual investors' behavior than the institutional investors.With the increase of investors' forgetting rate,the volatility of investor behavior increases.Under two learning strategies,as to all institutional investors and individual investors,the initial state of the investors' behavior has a small influence on the equilibrium of their behavioral evolution.