Evolutionary Game Model of Stock Price Synchronicity from Investor Behavior

<div>Simulation results for institutional and individual investors using parameters <span class="nowrap"><svg height="11.8174pt" id="M205" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 38.9892 11.8174" width="38.9892pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M610 18C585 26 567 34 540 68C517 97 499 128 476 171C452 215 425 276 413 304C496 332 570 394 570 494C570 555 545 595 509 619S419 650 364 650H139L133 622C216 615 219 612 203 527L129 132C112 40 105 36 23 28L17 0H279L285 28C199 34 194 40 211 132L239 284H284C320 284 334 275 351 236C374 182 394 140 420 93C459 23 495 -1 592 -8H600L610 18ZM480 485C480 424 449 372 403 342C374 323 338 316 293 316H245L291 562C296 589 301 601 311 608S337 618 358 618C432 618 480 575 480 485Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,8.086,3.132)"><path d="M1006 650H829L492 147L357 650H174L166 618C270 609 275 601 247 502L194 315C158 189 136 127 122 96C104 56 80 37 18 32L12 0H256L263 32C181 40 176 51 183 98C188 132 197 179 226 281L299 541H301L433 6H458L809 551H811L753 141C739 41 734 39 650 32L642 0H917L923 32C836 39 827 41 839 142L887 535C896 610 901 612 997 618L1006 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,21.304,0)"><path d="M535 323V373H52V323H535ZM535 138V188H52V138H535Z"></path></g><g transform="matrix(.013,0,0,-0.013,32.567,0)"><path d="M285 378C315 398 338 416 353 432C373 451 384 474 384 503C384 579 325 635 236 635H235C182 635 136 610 108 579L65 516L85 496C110 533 150 575 205 575C258 575 300 543 300 481C300 407 232 369 141 339L147 310C163 315 188 321 211 321C268 321 338 284 338 192C338 94 288 40 217 40C160 40 119 68 93 91C85 98 77 97 69 91C60 84 47 71 46 58C44 46 48 35 62 22C75 10 116 -12 162 -12C234 -12 424 62 424 224C424 297 373 359 285 376V378Z"></path></g></svg>,</span> <span class="nowrap"><svg height="11.8174pt" id="M206" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 39.5242 11.8174" width="39.5242pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M645 631C614 643 545 666 457 666C215 666 23 519 23 283C23 90 158 -16 337 -16C412 -16 489 2 522 10C543 39 590 127 606 167L580 181C519 89 459 18 348 18C201 18 122 136 122 287C122 464 244 632 435 632C544 632 602 595 608 472L639 475C643 526 645 581 645 631Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,8.619,3.132)"><path d="M1006 650H829L492 147L357 650H174L166 618C270 609 275 601 247 502L194 315C158 189 136 127 122 96C104 56 80 37 18 32L12 0H256L263 32C181 40 176 51 183 98C188 132 197 179 226 281L299 541H301L433 6H458L809 551H811L753 141C739 41 734 39 650 32L642 0H917L923 32C836 39 827 41 839 142L887 535C896 610 901 612 997 618L1006 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,21.837,0)"><path d="M535 323V373H52V323H535ZM535 138V188H52V138H535Z"></path></g><g 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545 595 509 619S419 650 364 650H139L133 622C216 615 219 612 203 527L129 132C112 40 105 36 23 28L17 0H279L285 28C199 34 194 40 211 132L239 284H284C320 284 334 275 351 236C374 182 394 140 420 93C459 23 495 -1 592 -8H600L610 18ZM480 485C480 424 449 372 403 342C374 323 338 316 293 316H245L291 562C296 589 301 601 311 608S337 618 358 618C432 618 480 575 480 485Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,8.086,3.132)"><path d="M389 0V32C297 38 291 46 291 118V635C234 613 175 595 109 583V556L161 554C203 552 207 547 207 497V118C207 46 201 38 110 32V0H389Z"></path></g><g transform="matrix(.013,0,0,-0.013,16.664,0)"><path d="M535 323V373H52V323H535ZM535 138V188H52V138H535Z"></path></g><g transform="matrix(.013,0,0,-0.013,27.927,0)"><path d="M412 140C382 77 369 73 315 73H129L270 222C362 320 402 379 402 466C402 571 322 635 234 635C177 635 130 609 99 576L42 495L64 475C90 514 133 568 201 568C274 568 318 519 318 435C318 349 255 267 193 193C144 135 87 78 32 23V0H405C417 45 427 89 440 131L412 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Discrete Dynamics in Nature and Society

fig4

Figure 4

Figure 4: Evolutionary Game Model of Stock Price Synchronicity from Investor Behavior 