The Studies Of Investors' Behavioral Infection Based On Saturation Incidence

Based on the differential dynamic model,this paper researches the financial epidemic model of China securities market.Infection is always saturated due to the limitation of contact.Referencing the idea of differential dynamical model and combining saturation incidence kinetic model with behavioral finance,discusses the operation law of Shanghai securities market.Firstly,we use CCK to test the existence of herd behavior in Shanghai securities market,the establish the differential dynamic model with saturation incidence and apply Lyapunov function to prove the locally asymptomatic stability and globally asymptotically stability.Next,we analyze the influence of infection rate of funds and the removal rates of funds with risk-free interest rate.We conclude that when the basic regeneration numberR₀>1,there is a equilibrium point of market investor in differential dynamic market and it is locally Asymptomatic stability and globally asymptotically stability.The existence of herd behavior in Shanghai securities market,it provides us evidence for further studying the funds contagion behavior.Moreover,When infections rate of funds ? is 0.07 is an important point.In the case of moral market fluctuations,the removal rate of funds ? range 0.005 to0.0225.