A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network
This paper builds an evolution model of investors behavior based on the reinforcement learning in multiplex networks. Due to the heterogeneity of learning characteristics of bounded rational investors in investment decisions, we consider, respectively, the evolution mechanism of individual investors...
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| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Wiley
2020-01-01
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| Series: | Complexity |
| Online Access: | http://dx.doi.org/10.1155/2020/3561538 |
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| _version_ | 1832551019048861696 |
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| author | Xiaqun Liu Yaming Zhuang Jinsheng Li |
| author_facet | Xiaqun Liu Yaming Zhuang Jinsheng Li |
| author_sort | Xiaqun Liu |
| collection | DOAJ |
| description | This paper builds an evolution model of investors behavior based on the reinforcement learning in multiplex networks. Due to the heterogeneity of learning characteristics of bounded rational investors in investment decisions, we consider, respectively, the evolution mechanism of individual investors and institutional investors on the complex network theory and reinforcement learning theory. We perform mathematical analysis and simulation to further explain the evolution characteristics of investors behavior. The conclusions are drawn as follows: First, the intensity of returns competition among institutional investors and the forgetting effect both have an impact on the equilibrium of their evolution as to all institutional investors and individual investors. Second, the network topology significantly affects the behavioral evolution of individual investors compared with institutional investors. |
| format | Article |
| id | doaj-art-fb1ebd0a83d14429a1299c1ae3f66d8c |
| institution | Kabale University |
| issn | 1076-2787 1099-0526 |
| language | English |
| publishDate | 2020-01-01 |
| publisher | Wiley |
| record_format | Article |
| series | Complexity |
| spelling | doaj-art-fb1ebd0a83d14429a1299c1ae3f66d8c2025-02-03T06:05:17ZengWileyComplexity1076-27871099-05262020-01-01202010.1155/2020/35615383561538A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in NetworkXiaqun Liu0Yaming Zhuang1Jinsheng Li2School of Economics and Management, Southeast University, Nanjing 211189, ChinaSchool of Economics and Management, Southeast University, Nanjing 211189, ChinaSchool of Business, Nanjing Normal University, Nanjing 210023, ChinaThis paper builds an evolution model of investors behavior based on the reinforcement learning in multiplex networks. Due to the heterogeneity of learning characteristics of bounded rational investors in investment decisions, we consider, respectively, the evolution mechanism of individual investors and institutional investors on the complex network theory and reinforcement learning theory. We perform mathematical analysis and simulation to further explain the evolution characteristics of investors behavior. The conclusions are drawn as follows: First, the intensity of returns competition among institutional investors and the forgetting effect both have an impact on the equilibrium of their evolution as to all institutional investors and individual investors. Second, the network topology significantly affects the behavioral evolution of individual investors compared with institutional investors.http://dx.doi.org/10.1155/2020/3561538 |
| spellingShingle | Xiaqun Liu Yaming Zhuang Jinsheng Li A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network Complexity |
| title | A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network |
| title_full | A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network |
| title_fullStr | A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network |
| title_full_unstemmed | A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network |
| title_short | A Model for Evolution of Investors Behavior in Stock Market Based on Reinforcement Learning in Network |
| title_sort | model for evolution of investors behavior in stock market based on reinforcement learning in network |
| url | http://dx.doi.org/10.1155/2020/3561538 |
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