Evolutionary dynamics in financial markets with heterogeneities in strategies and risk tolerance
Wen-Juan Xu,
Chen-Yang Zhong,
Fei Ren
et al.
Abstract:In nature and human societies, the effects of homogeneous and heterogeneous characteristics on the evolution of collective behaviors are quite different from each other. It is of great importance to understand the underlying mechanisms of the occurrence of such differences. By incorporating pair pattern strategies and reference point strategies into an agent-based model, we have investigated the coupled effects of heterogeneous investment strategies and heterogeneous risk tolerance on price fluctuations. In th… Show more
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