系统管理学报2026，Vol.35Issue(1)：218-232,15.DOI:10.3969/j.issn2097-4558.2026.01.016
投资者关注度分配与比特币市场财富分布:基于计算实验的视角
Investor Attention Allocation and Wealth Distribution in the Bitcoin Market:A Computational Experiment Perspective
摘要
Abstract
This paper,employing a computational experimental approach,constructs an artificial Bitcoin market comprising whale traders,trend-following traders,and noise traders,and investigates the mechanism through which investor attention allocation affects wealth distribution.The findings reveal that the artificial Bitcoin market exhibits stylized features consistent with the real Bitcoin market,such as leptokurtic returns and volatility clustering.Over time,investor wealth distribution evolves from a relatively equal state to a relatively unequal one,ultimately displaying a"rich-get-richer"phenomenon.Exogenous shocks affecting investor attention allocation further exacerbate wealth inequality.Robustness analyses show that these conclusions hold even when varying the proportion of exogenous shocks,the proxies for exogenous shocks,the share of whale traders,and the proportion of noise traders.This paper not only expands the research boundaries on the market impact of investor attention allocation but also provides a new perspective for understanding the dynamics of investor wealth distribution.关键词
人工比特币市场/关注度分配/财富分布/格式化特征/巨鲸交易者Key words
artificial Bitcoin market/attention allocation/wealth distribution/stylized features/whale traders分类
管理科学引用本文复制引用
沈德华,石贵强..投资者关注度分配与比特币市场财富分布:基于计算实验的视角[J].系统管理学报,2026,35(1):218-232,15.基金项目
国家自然科学基金资助项目(72371138) （72371138）
