【摘要】 对同一问题,实验室数据反映的二阶信息和现实世界的二阶信息在本质上是相同的。由此设计了连续竞价机制下的股票实验市场,重点分析了3种不同限价安排对股市流动性的影响。结果显示,限价安排不同程度地降低了股价的波动性,降低了流动性指标的绝对值,但基于波动性的流动性测量方法却显示,去除波动性的影响后,限价安排表现出对流动性的促进作用。比较而言,20%的动态涨跌幅安排,较好地抑制了日内波动和日间波动,同时股市流动性最好。更多还原

【Abstract】 The second order information in laboratory and in stock market is homogeneous.This particle designs a laboratory stock market with continuous bids to analyze the effect of different price limits in stock market.Result shows that the three categories of price limits debases volatility of stock price and the absolute value of fluidity in some degree;result of volatility-based fluidity shows that price limits represent advance to fluidity when the effect of volatility is filtrating.By comparison,the best fluidity is obtained with the price limits of 20% extent while the volatility within and between the periods are debased obviously.更多还原