In order to discuss the influence of positive and negative media on the investment behavior of institutional and individual investors in the stock market,this paper constructs a two-layer investor behavior contagion model in which the media is treated as a time-dependent state variable.The existence of a positive solution of the model is proved.The equilibrium point of the model is derived,and the contagion threshold is calculated using the next generation matrix method.By using the Routh-Hurwitz criterion,the local asymptotic stability of the non-zero equilibrium point of the model is proved.Through the numerical simulation,it is verified that the investor behavior contagion in the stock market tends to a stable state under certain conditions,and the sensitivity of the contagion threshold is analyzed.It is found that the media decay rate and the intensity of positive and negative media coverage will affect the investors'investment behavior.
维普
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