借助行为金融理论,基于异质性假设,在计算实验平台上,将一种模仿策略通过Agent间的自主复制得以实现,在单一股票条件下,实验结果观察到显著羊群行为并伴随股票价格波动,从而证明:异质假设下,投资者的模仿可作为羊群行为形成的一种机制,其对股票价格波动存在明显影响.
Based on heterogeneous assumption, this paper utilized the behavioral finance theory to realize their imitation strategy through their self-replications among agents. In the one single-stock circumstance, experimental results could show that we could observe herd behavior and it fluctuated with stock price,thus, proving that investors' imitation can be considered as a system constituted by herd behavior, which has a significant impact on the stock fluctuations.