Democracy versus dictatorship in self-organized models of financial markets

被引：15

作者：

D'Hulst, R ^{[1
]}

Rodgers, GJ ^{[1
]}

机构：

[1] Brunel Univ, Dept Math Sci, Uxbridge UB8 3PH, Middx, England

来源：

PHYSICA A | 2000年 / 280卷 / 3-4期

关键词：

herding; economy; market organization; decision process;

D O I：

10.1016/S0378-4371(00)00089-3

中图分类号：

O4 [物理学];

学科分类号：

0702 ;

摘要：

Models to mimic the transmission of information in financial markets are introduced. As an attempt to generate the demand process, we distinguish between dictatorship associations, where groups of agents rely on one of them to make decision, and democratic associations, where each agent takes part in the group decision. In the dictatorship model, agents segregate into two distinct populations, while the democratic model is driven towards a critical state where groups of agents of all sizes exist. Hence, both models display a level of organization, but only the democratic model is self-organized. We show that the dictatorship model generates less-volatile markers than the democratic model. (C) 2000 Elsevier Science B.V. All rights reserved.

引用

页码：554 / 565

页数：12