政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/50621

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113311/144292 (79%)
Visitors : 50932707 Online Users : 958

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大機構典藏 > 社會科學學院 > 經濟學系 > 期刊論文 > Item 140.119/50621

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/50621

Title:	Emergence of Scale-Free Networks in Markets
Authors:	Chen,Shu-Heng;Tseng,Jie-Jun;Wang,Sun-Chong;Li,Sai-Ping
Contributors:	政治大學經濟系
Date:	2009
Issue Date:	2011-07-28 10:36:24 (UTC+8)
Abstract:	Financial markets are complex systems, all the information scattered around the market is fairly and dynamically reﬂected in the current prices. However, it is diﬃcult to understand the dynamics of markets merely by traditional analyzing methods. We here propose a new concept inspired by complex networks to study the trading behavior and the dynamics of markets. A web-based platform for prediction market which trades the political futures contracts is built to monitor the trading behavior among the human players. Two experiments were conducted on this platform in parallel for 30 days. From the accumulated transaction data, we reconstruct the so-called cash-ﬂow networks. By examining the degree distributions of these networks, we observe that the network structure is scale-free with a power-law exponent of 1.15±0.07, which means that there must be a non-trivial mechanism governing the network growth in our markets. Through carrying out a post-simulation modelling by a continuous double auction market with ”zero-intelligence” traders, we demonstrate that such a simple model is capable of generating scale-free networks. We thus suggest that the scale-free nature of the cash-ﬂow networks should rely on the institutional design and the structure of markets rather than on the traders’strategies.
Relation:	Advances in Complex Systems, 12, 87-97
Data Type:	article
DOI 連結:	http://dx.doi.org/10.1142/S021952590900209X
DOI:	10.1142/S021952590900209X
Appears in Collections:	[經濟學系] 期刊論文

Files in This Item:

File	Description	Size	Format
TsengPaper.pdf		215Kb	Adobe PDF2	865	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...