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This paper formulates a game theory model to discuss equilibrium among four main participants who need to choose between acting sunshine and shadow activities in financial market. Their activities will determine the market's transparency level and indirectly decide utility of each player. We observe that the perfect situation, when all players act sunshine activities, is Nash equilibrium. But when...
The history of financial market repeated the story of bubble bursting, many investors suffered a lot of loss. Some researches explore the reason behind the bubble. Most of them focus on a single factor instead of a system. In this study, based on analysis on some cases study, a framework about the shadows system behind the bubble is proposed and analyzed.
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