论文标题
股票和加密货币：反脆弱还是健壮？
Stocks and Cryptocurrencies: Anti-fragile or Robust?
论文作者
论文摘要
与抵抗噪声或与噪声破裂的噪声或脆弱系统的稳健系统相反，抗if弱的系统被定义为受益于噪声或无序的复杂系统的属性。在这里，我们定义并测试了复杂动力学系统的抗差异性的简单度量。在这项工作中，我们使用我们的抗差异度量来分析股票和加密货币市场回报价格的真实数据。我们对抗脆弱性的定义是回报价格和扰动的产物。我们探索通常由系统内部产生的不同类型的扰动。我们的结果表明，对于股票市场和加密货币市场，“最佳表现者”之间的趋势是坚固而不是反碎片。重要的是要探索抗侵蚀性的其他可能的定义，以了解其在金融市场和一般的复杂动力系统中的作用。
In contrast with robust systems that resist noise or fragile systems that break with noise, antifragility is defined as a property of complex systems that benefit from noise or disorder. Here we define and test a simple measure of antifragility for complex dynamical systems. In this work we use our antifragility measure to analyze real data from return prices in the stock and cryptocurrency markets. Our definition of antifragility is the product of the return price and a perturbation. We explore different types of perturbations that typically arise from within the system. Our results suggest that for both the stock market and the cryptocurrency market, the tendency among the 'top performers' is to be robust rather than antifragile. It would be important to explore other possible definitions of antifragility to understand its role in financial markets and in complex dynamical systems in general.
