A Study On The Sequence Equilibrium Behavior Of Multiple Inside Traders Under Gaussian Distributed Price Of A Risk Asset

In this paper,the sequence equilibrium behavior of multiple inside traders under Gaussian distributed price of a risk asset is studied.The generalization of inside trader's participation probability makes it more difficult to calculate and prove,especially when the number of internal traders increases.By reasonably using and improving the ideas and methods in the existing related literature,some difficult are solved successfully by using mathematics software Mathematica assisted calculation.According to inside traders' attitudes toward risk,we divide the inside trading model into risk-like,risk-neutral,and risk-averse.When inside traders do not discuss their probabilities that they attend trading before any trading and do not keep the same probability in the trading,there is no equilibrium in all three models.