bet365 live casino games A study indicates，Taking the financial market as a complex ecosystem rather than perfect and effective machines to study，Market volatility that helps to prevent destructiveness。

The National Academy of Sciences (PNAS) recently published a professor at J. Doyne Farmer, a professor at Martin College, Oxford University in the United Kingdom, and Malten Surn ( Maarten Scholl) The paper "How to Explain the Market Ecology of the Market Ecology"。

bet365 live casino games In this new study，Researchers have established mathematical analogy between financial trading strategies and biological species (Mathematical Analogy)，and show how to apply the standard concept of ecology to the financial market。They found，Change in the market ecology (Market Ecology), changes in wealth investing in different strategic investment can help people predict the wrong pricing (MISPRICING)、Bubble、Crisis and other market failures。

Current，Financial Economics is still dominated by market efficiency theory -the market will always operate effectively，The price will always reflect the basic value (the expected value of the future dividend bet365 live casino games payment); only when the new information affects the basic value，The price will change。But，Facts，The theory of market efficiency in the real world is not useful，Many market fluctuations in the past few decades have not been attributed to recognized new available information。For example，October 19, 1987，American Dow Jones Industrial Average Index plunged 22.6%within a day，But it is difficult for people to find a new information that causes this stock market.。Faber Device，Ecological concepts and research methods can reveal why the market price may be significantly deviated from the basic value，Why is the price still unstable when there Bet365 app download is no new relevant information。The market is like a complex ecological network composed of different investors，These investors use different strategies，Work in an unpredictable environment。

Researchers use ecological tools to different investors (including non -professional investors、Trend follower、Value Investor) Modeling，Use them as different "species"。Analysis results show，Like the state of the biological ecosystem and health depending on the existence species and its population，The status and health of the market ecosystem depends on the market strategy and the wealth invested in it; understanding the influence of different Bet365 app download investors' "species" and the interaction between them can help predict the market failure; Not fluctuating infinitely。Fammer said，Ecological tools can help us think about interaction between different types of investors in complex context，Then understand why the market is calm、Bubble、Move back and forth in the crisis。（Wang Youran/Compilation）