Discrete scale invariance in stock markets before crashes

被引：123

作者：

Feigenbaum, JA ^{[1
]}

Freund, PGO ^{[1
]}

机构：

[1] UNIV CHICAGO,DEPT PHYS,CHICAGO,IL 60637

来源：

INTERNATIONAL JOURNAL OF MODERN PHYSICS B | 1996年 / 10卷 / 27期

关键词：

D O I：

10.1142/S021797929600204X

中图分类号：

O59 [应用物理学];

学科分类号：

摘要：

We propose a picture of stock market crashes as critical points in a system with discrete scale invariance. The critical exponent is then complex, leading to log-periodic fluctuations in stock market indexes. We present ''experimental'' evidence in favor of this prediction. This picture is in the spirit of the known earthquake-stock market analogy and of recent work on log-periodic fluctuations associated with earthquakes.

引用

页码：3737 / 3745

页数：9

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