Abstract

In Consideration of the characteristics of the Chinese stock market, we modeled the formation of Agent's price expectations, with the policy introduced as a factor into the model. We categorized traders as rational traders and noise traders, and constructed a model of noise traders. We also consider the characteristics of the Chinese stock market when we built dividend model. With these models, we simulated the Chinese stock market. Then we compared the characteristics of the real stock market and of an artificial stock market and found the real stock market and the artificial stock market are of the same primary nonlinear characteristics-fractal and chaos. This research is of great significance in capturing the critical factors which characteristics the evolving rules and the chaos dynamics of the Chinese stock market.

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