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本文构建了基本价值策略和技术趋势策略的演化博弈模型,找出两个不断相互转化的局部均衡点,并通过博弈分析和数值仿真得出投资策略动态博弈是宏观价值涌现的内在机理。模型及仿真结果表明:价格高估区间中,基本价值策略是买方的演化方向,卖方则向技术趋势策略转化,价格低估区间则恰好相反;而投资策略的进化过程使得这两个区间相互转化,映射到宏观价格围绕着基本价值上下波动。
This paper constructs the evolutionary game model of basic value strategy and technology trend strategy, finds out two local equilibrium points that are transformed into each other constantly, and draws the game theory that the dynamic game of investment strategy is the internal mechanism of macro-value emerge through game analysis and numerical simulation. The model and simulation results show that in the period of overvaluation, the basic value strategy is the buyer’s evolution direction, the seller is the technology trend strategy transformation, the undervaluation interval is just the opposite; and the evolutionary process of investment strategy makes the two sections transform each other, Mapping to macro prices fluctuates around basic values.