Speculators With Learning Process Of Nonlinear Cobweb Model And Empirical Analysis

In the paper,Firstly,Using the relationship between supply and demand from cobweb model for pricing assets and apply the theory to the stock market, we established a speculators with learning process of nonlinear cobweb model,to make the market supply and demand according to oneself the nature of the abstract.Speculators will heterogeneous according to different attitudes toward risk are divided into two types added as a supplier,their supply can be measure by the profit maximization, the introduction of the learning process with infinite memory and introducing the market score N about speculators.By difference equation theory, the linearization of nonlinear model, through the linearization of the equivalence, to analyze the stability of the equilibrium solution and branch, gain to the influence of the main parameters for the model, that speculators are to stabilize the market has played a positive role.Secondly, we make the speculators nonlinear model extended to more assets, the specific studies two risky assets, and the parameters for stability analysis of region and branch, which demonstrates the process of transformation speculators could damage stabilize the market, and generate the complex dynamic.Finally, Numerical simulation of the new model and former model, to vali-date the above conclusion, and through time series statistical knowledge, test its statistical characteristics, compared with the real market, found that the model can well simulate the real market.