{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,22]],"date-time":"2026-06-22T20:35:00Z","timestamp":1782160500242,"version":"3.54.5"},"reference-count":42,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2018,4,21]],"date-time":"2018-04-21T00:00:00Z","timestamp":1524268800000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100001809","name":"the National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71371200"],"award-info":[{"award-number":["71371200"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100001809","name":"the National Natural Science Foundation of China","doi-asserted-by":"publisher","award":["71071167"],"award-info":[{"award-number":["71071167"]}],"id":[{"id":"10.13039\/501100001809","id-type":"DOI","asserted-by":"publisher"}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>For the first time, the power law characteristics of stock price jump intervals have been empirically found generally in stock markets. The classical jump-diffusion model is described as the jump-diffusion model with power law (JDMPL). An artificial stock market (ASM) is designed in which an agent\u2019s investment strategies, risk appetite, learning ability, adaptability, and dynamic changes are considered to create a dynamically changing environment. An analysis of these data packets from the ASM simulation indicates that, with the learning mechanism, the ASM reflects the kurtosis, fat-tailed distribution characteristics commonly observed in real markets. Data packets obtained from simulating the ASM for 5010 periods are incorporated into a regression analysis. Analysis results indicate that the JDMPL effectively characterizes the stock price jumps in the market. The results also support the hypothesis that the time interval of stock price jumps is consistent with the power law and indicate that the diversity and dynamic changes of agents\u2019 investment strategies are the reasons for the discontinuity in the changes of stock prices.<\/jats:p>","DOI":"10.3390\/e20040304","type":"journal-article","created":{"date-parts":[[2018,4,24]],"date-time":"2018-04-24T04:44:48Z","timestamp":1524545088000},"page":"304","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["The Power Law Characteristics of Stock Price Jump Intervals: An Empirical and Computational Experimental Study"],"prefix":"10.3390","volume":"20","author":[{"ORCID":"https:\/\/orcid.org\/0000-0003-2178-6551","authenticated-orcid":false,"given":"Hongduo","family":"Cao","sequence":"first","affiliation":[{"name":"Sun Yat-sen Business School, Sun Yat-sen University, Guangzhou 510275, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Hui","family":"Ouyang","sequence":"additional","affiliation":[{"name":"Cheung Kong Graduate School of Business, Beijing 100738, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ying","family":"Li","sequence":"additional","affiliation":[{"name":"Sun Yat-sen Business School, Sun Yat-sen University, Guangzhou 510275, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xiaobin","family":"Li","sequence":"additional","affiliation":[{"name":"Sun Yat-sen Business School, Sun Yat-sen University, Guangzhou 510275, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ye","family":"Chen","sequence":"additional","affiliation":[{"name":"Sun Yat-sen Business School, Sun Yat-sen University, Guangzhou 510275, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2018,4,21]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"125","DOI":"10.1016\/0304-405X(76)90022-2","article-title":"Option pricing when underlying stock returns are discontinuous","volume":"3","author":"Merton","year":"1976","journal-title":"J. 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