期刊名称：Documents de Travail du Centre d'Economie de la Sorbonne
印刷版ISSN：1955-611X
出版年度：2017
出版社：Centre d'Economie de la Sorbonne
摘要：We introduce tools from statistical physics, to capture the dynamics of three different12 pathways, in which the synchronization of human decision making could lead to turbulent13 periods and contagion phenomena in financial markets. The first pathway is caused when stock14 market indices, seen as a set of coupled integrate--‐.and--‐.fire oscillators, synchronize in frequency.15 The integrate--‐.and--‐.fire dynamics happens due to ".change blindness"., a trait in human decision16 making where people have the tendency to ignore small changes, but take action when a large17 change happens. The second pathway happens due to feedback mechanisms between market18 performance, and the use certain (decoupled) trading strategies. The third pathway can take place19 because of communication and its impact on human decision making. A model is introduced20 where financial market performance has an impact on decision making through communication21 between people. On the other hand the sentiment created via communication has an impact on the22 financial market performance.
