A MICROSCOPIC MODEL OF THE STOCK-MARKET - CYCLES, BOOMS, AND CRASHES

被引：132

作者：

LEVY, M

LEVY, H

SOLOMON, S

机构：

[1] HEBREW UNIV JERUSALEM,SCH BUSINESS,JERUSALEM,ISRAEL

[2] HEBREW UNIV JERUSALEM,RACAH INST PHYS,JERUSALEM,ISRAEL

[3] UNIV FLORIDA,GAINESVILLE,FL 32611

来源：

ECONOMICS LETTERS | 1994年 / 45卷 / 01期

关键词：

D O I：

10.1016/0165-1765(94)90065-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We present a model of the stock market based on the behavior of individual investors. Simulations exhibit rich phenomena which include cycles, booms, and crashes. Low dividend yield and more homogeneous market participants are shown to induce crashes.

引用

页码：103 / 111

页数：9