A Research On Implicit Learning In Security Investment

Using artificial grammar paradigm and subjective measurement criteria, the research studied investors' stock feeling during security investment. We displayed short-term stock fluctuations which generated by a particular artificial grammar, and tried to discuss the implicit learning in security market by analyzing how much implicit knowledge the subjects can hold.In experiment one, we used the subjective confidence judgment with the classification test, and tried to find whether there existed the "stock feeling" (or the implicit learning) in security market. In experiment two, we added an explicit learning task, which is a picture showing the annual market tendency along with the description on tendency in details, and tried to find the interaction between the implicit and explicit learning in security market. However, this experiment failed to consider carefully the investors' condition and their ability in a real security market, so some improvements on the explicit task were put in experiment three. This time, we displayed the explicit tendency picture without any description, in order to imitate individual investors' lack on both the channel to gain information and the ability to analyze available information, and tried to further discuss the complex interaction between the implicit and explicit learning.The results show: (1) There exists a particular kind of implicit learning in security market, and the result of this kind of implicit learning should be the so-called stock felling; (2) Implicit learning does not always have a positive impact on investors'judgment, contrarily, it can be the criteria of abnormality; (3) the interaction between implicit and explicit learning in security market is so complex. Both the personal conditions of investors and variable factors caused by the external market play an important role in investors' decision. So, it is hard to consider all the factors in this research.