{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,5]],"date-time":"2025-12-05T12:31:27Z","timestamp":1764937887717,"version":"build-2065373602"},"reference-count":23,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2025,6,20]],"date-time":"2025-06-20T00:00:00Z","timestamp":1750377600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"name":"Autonomous Region Universities Basic Research Business Funds Research Projects","award":["XJEDU2025P094","2022YSBS001","YSPY2022013"],"award-info":[{"award-number":["XJEDU2025P094","2022YSBS001","YSPY2022013"]}]},{"name":"Doctoral Research Foundation of Yili Normal University","award":["XJEDU2025P094","2022YSBS001","YSPY2022013"],"award-info":[{"award-number":["XJEDU2025P094","2022YSBS001","YSPY2022013"]}]},{"name":"Yili Normal University University-Level Research Project","award":["XJEDU2025P094","2022YSBS001","YSPY2022013"],"award-info":[{"award-number":["XJEDU2025P094","2022YSBS001","YSPY2022013"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Games"],"abstract":"<jats:p>According to the research, the proportions of various types of investors may or may not change in response to different trading strategies or complex trading environments. This paper investigates a single-period trading model for multiple risk-averse and risk-neutral insider traders. The distinction is that we consider the impact of the number of risk-averse traders and different types of insider traders on market liquidity. The model contains four types of trading entities: risk-neutral and risk-adverse insider traders, risk-neutral market makers, and noise traders. Firstly, we prove the existence and uniqueness of the model\u2019s linear Nash equilibrium; secondly, we compare the model with multiple risk-neutral and risk-adverse insider traders in the market to the model with only risk-neutral insider traders and risk-adverse insider traders. It is shown that the market liquidity parameter \u03bb decreases with the increase in the number of risk-averse persons N2 in a particular range and increases with the increase in the number of risk-averse persons N2 in another range. Markets with risk-neutral and risk-averse insider traders have consistently lower liquidity than markets with only risk-neutral insider traders. Comparing this to markets with only risk-adverse insider traders reveals that the number of risk-adverse traders heavily influences market liquidity.<\/jats:p>","DOI":"10.3390\/g16040032","type":"journal-article","created":{"date-parts":[[2025,6,20]],"date-time":"2025-06-20T08:13:56Z","timestamp":1750407236000},"page":"32","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":1,"title":["The Impact of Market Mood on a Dynamic Model of Insider Trading"],"prefix":"10.3390","volume":"16","author":[{"given":"Ruohan","family":"Wang","sequence":"first","affiliation":[{"name":"College of Mathematics and Statistics, Yili Normal University, Yining 835000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jing","family":"Wang","sequence":"additional","affiliation":[{"name":"College of Mathematics and Statistics, Yili Normal University, Yining 835000, China"},{"name":"Institute of Applied Mathematics, Yili Normal University, Yining 835000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Zhi","family":"Yang","sequence":"additional","affiliation":[{"name":"College of Mathematics and Statistics, Yili Normal University, Yining 835000, China"},{"name":"Institute of Applied Mathematics, Yili Normal University, Yining 835000, China"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1968","published-online":{"date-parts":[[2025,6,20]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","unstructured":"Alkharafi, N., and Alsabah, M. 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