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pyramid scheme in stock market:A kind of financial market simulation

Chinese Physics B 2021年第9期30卷 624-632页

作者： Yong Shi Bo Li Guang-Le Du School of Economics and Management University of Chinese Academy of SciencesBeijing 100190China Research Center on Fictitious Economy and Data Science Chinese Academy of SciencesBeijing 100190China Key Laboratory of Big Data Mining and Knowledge Management Chinese Academy of SciencesBeijing 100190China Wenzhou Institute University of Chinese Academy of SciencesWenzhou 325001China School of Physical Sciences University of Chinese Academy of SciencesBeijing 100049China

Artificial stock market simulation based on agent is an important means to study financial *** on the assumption that the investors are composed of a main fund,small trend and contrarian investors characterized by four parameters,we simulate and research a kind of financial phenomenon with the characteristics of pyramid *** simulation results and theoretical analysis reveal the relationships between the rate of return of the main fund and the proportion of the trend investors in all small investors,the small investors'parameters of taking profit and stopping loss,the order size of the main fund and the strategies adopted by the main *** work is helpful to explain the financial phenomenon with the characteristics of pyramid schemes in financial markets,design trading rules for regulators and develop trading strategies for investors.

关键词： pyramid scheme agent-based model artificial stock market herd behavior

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pyramid schemes and Multilevel Marketing （MLM）： Two Sides of the Same Coin

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Journal of Modern Accounting and Auditing 2013年第5期9卷 690-696页

作者： Olubusola H. Akinladejo Marjorie Clarke Felix O. Akinladejo University of Technology Kingston Jamaica

Since the recent crack down on pyramid and ponzi schemes, there have been attempts by unscrupulous persons to devise alternative means of attracting unsuspecting persons willing to do legitimate businesses for financial gains. The Caribbean Policy Research Institute [CAPRIl] （2008） in its report titled ＂Investigating Informal Investment schemes in Jamaica＂ stated in its analysis of the characteristics of multilevel, pyramid, and ponzi schemes that despite the heterogeneity in the structure of these organizations, they all involve large numbers of small investors who are often lured into participating in a wide range of investment activities or financial hedging through the administration of a central unit. These schemes rely predominantly on new customers/clients to fund payments to existing customers. The need for a consistent supply of new recruits for sustainability and perceived growth is paramount. Based on the CAPRI report, pyramid schemes are unsustainable investment ploys that always fail to meet the expectations of over 90% of its investors with very little emphasis on profit-making ventures or products. This paper will examine the similarity between the recently foiled financial pyramid schemes and the current multilevel marketing （MLM） strategies of consumables that are cunningly being proposed as legitimate business and entrepreneurial options. This paper will present handy information for persons interested in participating in MLM businesses and regulators in order to make informed decisions to avoid a repeat of unwise investment.

关键词： pyramid scheme multilevel marketing (MLM) market practices act fraud

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