Evolutionary Game Model of Stock Price Synchronicity from Investor Behavior

<table class="table-group" id="tab1"><tr><td><table class="table"><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr class="thead"><td class="align_left"> </td><td class="align_center" colspan="2">Individual investor <svg height="8.68572pt" id="M22" style="vertical-align:-0.0498209pt" version="1.1" viewbox="-0.0498162 -8.6359 5.68448 8.68572" width="5.68448pt" 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="M405 650H141L135 622C222 616 230 610 215 535L133 116C118 41 113 33 29 28L23 0H289L295 28C209 33 205 40 219 116L298 535C312 609 317 616 399 622L405 650Z"></path></g></svg></td></tr><tr><td class="thead-hr" colspan="3"><hr/></td></tr><tr><td class="align_left">Institutional investor <svg height="8.8423pt" id="M23" style="vertical-align:-0.2064009pt" version="1.1" viewbox="-0.0498162 -8.6359 9.52082 8.8423" width="9.52082pt" 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="M699 369C699 549 575 666 407 666C186 666 23 488 23 278C23 101 145 -16 312 -16C535 -16 699 153 699 369ZM600 373C600 210 500 19 321 19C186 19 120 129 120 272C120 450 232 631 399 631C541 631 600 522 600 373Z"></path></g></svg></td><td class="align_center">Imitation <svg height="11.5564pt" id="M24" style="vertical-align:-2.26807pt" version="1.1" viewbox="-0.0498162 -9.28833 17.05 11.5564" width="17.05pt" 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="M300 -147C201 -63 143 98 143 270S200 602 300 686L282 710C136 610 70 450 70 271V270C70 89 136 -72 282 -170L300 -147Z"></path></g><g transform="matrix(.013,0,0,-0.013,4.498,0)"><path d="M584 650H137L131 622C214 614 217 612 200 521L125 127C109 41 101 35 23 28L17 0H288L294 28C201 35 193 42 209 128L242 309H348C440 309 442 300 443 226H471L510 422H482C452 354 449 348 357 348H251L295 575C302 609 304 615 338 615H426C502 615 517 604 526 581C534 560 536 524 537 492L565 494C574 554 583 631 584 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,12.393,0)"><path d="M275 270C275 450 212 609 64 710L45 686C145 604 203 442 203 270S147 -63 45 -147L64 -170C213 -68 275 89 275 270Z"></path></g></svg></td><td class="align_center">Nonimitation <svg height="11.5564pt" id="M25" style="vertical-align:-2.26807pt" version="1.1" viewbox="-0.0498162 -9.28833 27.3454 11.5564" width="27.3454pt" 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="M300 -147C201 -63 143 98 143 270S200 602 300 686L282 710C136 610 70 450 70 271V270C70 89 136 -72 282 -170L300 -147Z"></path></g><g transform="matrix(.013,0,0,-0.013,4.498,0)"><path d="M822 650H589L583 622C660 617 677 607 674 561C672 534 664 481 647 390L600 137H596L273 650H126L120 622C176 620 194 615 207 594C221 571 225 557 214 504L161 257C141 166 129 112 121 85C108 42 83 30 29 28L23 0H260L266 28C193 33 173 42 176 89C178 122 186 172 202 255L256 527H259L583 -8H612L690 390C708 481 720 535 728 558C744 603 756 619 816 622L822 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,14.756,0)"><path d="M584 650H137L131 622C214 614 217 612 200 521L125 127C109 41 101 35 23 28L17 0H288L294 28C201 35 193 42 209 128L242 309H348C440 309 442 300 443 226H471L510 422H482C452 354 449 348 357 348H251L295 575C302 609 304 615 338 615H426C502 615 517 604 526 581C534 560 536 524 537 492L565 494C574 554 583 631 584 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,22.651,0)"><path d="M275 270C275 450 212 609 64 710L45 686C145 604 203 442 203 270S147 -63 45 -147L64 -170C213 -68 275 89 275 270Z"></path></g></svg></td></tr><tr><td class="align_left">Capital injection <svg height="11.5564pt" id="M26" style="vertical-align:-2.26807pt" version="1.1" viewbox="-0.0498162 -9.28833 21.9824 11.5564" width="21.9824pt" 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="M300 -147C201 -63 143 98 143 270S200 602 300 686L282 710C136 610 70 450 70 271V270C70 89 136 -72 282 -170L300 -147Z"></path></g><g transform="matrix(.013,0,0,-0.013,4.498,0)"><path d="M962 650H795L470 145L347 650H176L170 622C268 613 275 606 244 503L190 322C150 188 132 126 118 91C102 50 80 33 18 28L12 0H245L251 28C175 35 170 48 174 93C177 128 191 180 220 284L292 542H294C331 392 383 150 409 4H432L774 555H776L714 137C700 40 694 34 612 28L606 0H868L874 28C793 34 784 37 797 137L849 533C859 612 863 616 956 622L962 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,17.305,0)"><path d="M275 270C275 450 212 609 64 710L45 686C145 604 203 442 203 270S147 -63 45 -147L64 -170C213 -68 275 89 275 270Z"></path></g></svg></td><td class="align_center"><span class="nowrap"><svg height="11.8174pt" id="M27" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 49.511 11.8174" width="49.511pt" 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,-0.013,20.578,0)"><path d="M535 230V280H52V230H535Z"></path></g><g transform="matrix(.013,0,0,-0.013,31.114,0)"><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,-0.0091,39.734,3.132)"><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></svg>,</span> <svg height="12.7178pt" id="M28" style="vertical-align:-3.42947pt" version="1.1" viewbox="-0.0498162 -9.28833 51.7867 12.7178" width="51.7867pt" 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transform="matrix(.013,0,0,-0.013,26.474,0)"><path d="M558 587C558 666 497 712 432 712C379 712 330 691 284 650C212 586 178 508 148 348L71 -65C49 -185 35 -229 23 -235L27 -261C49 -259 101 -251 124 -224C131 -216 138 -178 159 -24C171 66 197 200 227 356C264 550 295 668 393 668C443 668 479 632 479 575C479 516 446 458 383 418C361 404 344 398 318 397L296 350C395 338 460 281 460 192C460 110 411 40 300 40C258 40 215 55 192 69L181 51C191 18 222 -16 266 -16C308 -16 351 1 397 26C471 67 545 142 545 221C545 315 486 365 401 395C469 437 558 498 558 587Z"></path></g><g transform="matrix(.013,0,0,-0.013,33.898,0)"><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,-0.0091,41.984,3.132)"><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></svg></td><td class="align_center"><span class="nowrap"><svg height="11.8174pt" id="M29" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 44.8709 11.8174" width="44.8709pt" 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="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,-0.013,15.938,0)"><path d="M535 230V280H52V230H535Z"></path></g><g transform="matrix(.013,0,0,-0.013,26.474,0)"><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,-0.0091,35.093,3.132)"><path d="M1006 650H829L492 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594C221 571 225 557 214 504L161 257C141 166 129 112 121 85C108 42 83 30 29 28L23 0H260L266 28C193 33 173 42 176 89C178 122 186 172 202 255L256 527H259L583 -8H612L690 390C708 481 720 535 728 558C744 603 756 619 816 622L822 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,14.886,0)"><path d="M962 650H795L470 145L347 650H176L170 622C268 613 275 606 244 503L190 322C150 188 132 126 118 91C102 50 80 33 18 28L12 0H245L251 28C175 35 170 48 174 93C177 128 191 180 220 284L292 542H294C331 392 383 150 409 4H432L774 555H776L714 137C700 40 694 34 612 28L606 0H868L874 28C793 34 784 37 797 137L849 533C859 612 863 616 956 622L962 650Z"></path></g><g transform="matrix(.013,0,0,-0.013,27.693,0)"><path d="M275 270C275 450 212 609 64 710L45 686C145 604 203 442 203 270S147 -63 45 -147L64 -170C213 -68 275 89 275 270Z"></path></g></svg></td><td class="align_center"><span class="nowrap"><svg height="11.8174pt" id="M32" style="vertical-align:-3.1815pt" version="1.1" viewbox="-0.0498162 -8.6359 13.1624 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<div>Payoff matrix of the evolutionary game.</div>

Discrete Dynamics in Nature and Society

tab1

Table 1

Table 1: Evolutionary Game Model of Stock Price Synchronicity from Investor Behavior 