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锚定心理是金融市场中投资者的一种非理性心理,对投资者的判断及金融产品价格有重要影响.结合期货市场的特征,并依据锚定心理产生的不充分调整启发式模型,以交易者获得的初始信息为锚定点,建立了锚定心理影响投资者交易及期货均衡价格的数理模型.分析发现,锚定心理的存在会增加期货合约的交易量,造成短期期货均衡价格偏离理性条件下的理论值,从而使期货价格的价格发现功能和期货市场有效性受到影响.
Anchoring psychology is an irrational psychology of investors in financial markets, which has an important influence on investors’ judgment and financial product prices.Based on the characteristics of futures markets and inadequate adjustment of heuristic models based on anchoring psychology, The initial information obtained by traders is the anchoring point, and a mathematical model of anchoring psychology influencing investors’ trading and futures equilibrium price is established.It is found that the existence of anchoring psychology will increase the trading volume of futures contracts, resulting in deviation of rational equilibrium price of short-term futures Under the conditions of the theoretical value, so that the futures price of the price discovery function and the effectiveness of the futures market affected.