从投资者的投资行为特征出发,构建了基于投资者心理预期的投资性商品蛛网模型,运用现代经济控制论中的状态空间理论建立状态方程,对非均衡市场环境下投资性商品的价格运行系统实现稳定的条件展开分析.结果表明,非均衡市场环境下,市场对供需失衡的敏感程度位于一定区间内时,某一特定投资性商品的价格运行过程可实现渐近稳定;区间大小取决于投资者对预期收益的敏感程度以及供应商对商品前期价格的敏感程度,敏感程度越高,投资性商品价格运行越难趋于稳定.
This paper creates a cobweb model for investment goods based on the psychological expectation of investors, and then with the combination of the state space theory in modern control theory, the price stability of the investment goods mar- ket was analyzed. The results shows that the price system of investment goods in disequilibrium market is asymptotically sta- ble when the sensitive degree of the market aiming at the supply and demand imbalance is in certain interval, and the price fluctuation of investment goods is relatively easy to be stable when the investor' s sensitivity to expected return and the sup- plier' s sensitivity to commodity price are low.