{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,10,12]],"date-time":"2025-10-12T04:22:59Z","timestamp":1760242979688,"version":"build-2065373602"},"reference-count":24,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2015,3,27]],"date-time":"2015-03-27T00:00:00Z","timestamp":1427414400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>We propose a new herd mechanism and embed it into an open financial market system, which allows traders to get in and out of the system based on some transition rates. Moreover, the novel mechanism can avoid the volatility disappearance when the population scale increases. There are three kinds of heterogeneous agents in the system: optimistic, pessimistic and fundamental. Interactions especially occur among three different groups of agents instead of two, which makes the artificial financial market more close to the real one. By the simulation results of this complex system, we can explain stylized facts like volatility clustering and find the key parameters of market bubbles and market collapses.<\/jats:p>","DOI":"10.3390\/e17041734","type":"journal-article","created":{"date-parts":[[2015,3,27]],"date-time":"2015-03-27T17:12:08Z","timestamp":1427476328000},"page":"1734-1754","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":10,"title":["Research on the Stability of Open Financial System"],"prefix":"10.3390","volume":"17","author":[{"given":"Haijun","family":"Yang","sequence":"first","affiliation":[{"name":"School of Economics and Management, Beijing University of Aeronautics & Astronautics,  37 Xueyuan Road, Haidian District, Beijing 100191,China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Lin","family":"Li","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing University of Aeronautics & Astronautics,  37 Xueyuan Road, Haidian District, Beijing 100191,China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Deshen","family":"Wang","sequence":"additional","affiliation":[{"name":"School of Economics and Management, Beijing University of Aeronautics & Astronautics,  37 Xueyuan Road, Haidian District, Beijing 100191,China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2015,3,27]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"581","DOI":"10.1086\/260700","article-title":"Market \u201cefficiency\u201d in a market with heterogeneous information","volume":"86","author":"Figlewski","year":"1978","journal-title":"J Polit. 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