Evolutionary game of tripartite subjects in Chinese stock market driven by the input of regulatory resources

In order to explore the influence of the difference of regulatory resources on the environment of the stock market. This paper constructs an evolutionary game model of the three players in the stock market, namely, the regulators, the manipulators and the followers, and the evolutionary paths of the tripartite agent behavior in different complex scenarios are also analyzed. The results show that there are three kinds of asymptotically stable states. Further simulation shows that there is a chaotic effect in the investment of regulatory resources; the improper investment of resource makes the stock market fall into the dilemma of “good times and bad”; and the pursuit of regulatory resources should be persisted for a long time. The simulation results provide a reference for regulatory authorities to make effective policy decisions.