We study individual coherent preferences underlying asset prices and propose a set of explicit models for nonlinear V-shaped price pressure utility in a new framework. Coherent preferences are consistent interactive choices between momentum trading and reversal trading in stock market where...

This paper applies a price-volume probability wave differential equation to examine an interacting traders’ preference hypothesis using tick-by-tick high frequency data in Chinese stock market, and provides a new behavioral interpretation on the market dynamic equilibrium. We select intraday...

This is the revised presentation slides for the paper entitled “what is the underlying coherent behavior in market dynamic equilibrium?” after we have got feedbacks from anonymous referees, discussants, session chairs, and participants at 2022 Economics of Financial Technology Conference...

In this paper, we study individual trading behaviors by cumulative trading volume distribution over a price range. We select intraday volume distribution as individual revealed preferences over a price range and determine beliefs by the maximum volume price in stock market. We propose a coherent...

A complex system consists of a lot of interactive individuals, agents, or units. It occurs widely but is hard to model in both natural and social sciences. Its behavior is neither regular nor random. However, it has some kinds of structures which capture our interesting to study. We can apply...

Purpose: Due to interactive fluctuations during service encounters, fuzzy requests frequently occur from either frontline employees or customers. While such requests from customers have been drawn wide attention, there exists a lack of research on frontline employees’ fuzzy requests and...

To introduce a notion of trading conditioning for the first time in terms of operant conditioning in psychology;To use transaction volume probability in a transaction volume-price probability wave equation in econophysics to measure the intensity of market crowd trading conditioning; To test...

In this paper, we study market crowd psychological behaviors in learning by correlation analysis, using every trading high frequency data in China stock market. We introduce a notion of trading conditioning in terms of operant conditioning in psychology and measure its intensity by accumulative...