社交网络异质信息投资者市场演化及其规律

通过引入双因素交互机制和参照依赖优化过程,构建出社交网络环境下的异质信息交易模型.根据投资者的不同社交环境特性,分别使用Watts-Strogatz小世界网络和Modified Barabási-Albert网络来模拟线下和线上社交网络环境,并进行了市场仿真.研究表明:在无社交,线下社交,线上社交环境中,投资者不购买信息仅靠搭便车获利的难度依次增加了.社交环境中投资者的私有信号向社交圈内公众信号转化,引发不完全信息下决策的羊群效应,从而形成比无社交环境低且波动更剧烈的市场效率.相比于线下,线上环境中私有信号的进一步转化使得市场效率也随之进一步降低.社交网络环境下投资者需要支付更高的信息成本来弥补交互所致的低市场效率;线上比线下环境效率更低,支付的成本也更高.

The market evolution of heterogeneous information investors in social networking environments

Two factor interaction function and strategy improvement mechanism base on reference-dependent theory was introduced to construct heterogeneous information transaction model in social network environments. According to the different environmental characteristics of social communication, the Watts-Strogatz small world network and the modified Barabási-Albert network was used to simulate the real world offline and the online environment respectively. The results show that:The difficulty of noise traders to hitchhike is increased. This difficulty is even increased in the online social environments. The private signals purchased by investors will be publicized in their social networking circle when there are interaction between them, which results in the herd effect of decision-making under false belief, ensuring a lower and volatile market efficiency. Different from offline communication circle, the private signals turns further into the public signal in online environment, reducing market efficiency further. In the social network environment, investors need to pay more information cost to make up for the low market efficiency caused by interaction. Online market pays more cost than offline market as the former is less efficient in equilibrium.