علی جعفری

Although theoretical and empirical literature regarding the stylized facts shows evidence of their correlations to herding behavior in financial markets, the causes of such phenomena are still unknown. Using an agent-based model strengthened by the competition co-evolution algorithm (STGP) technique, this study provides laboratory evidence on capital market dynamics and analyses the behavioral foundations of stylized facts such as fat tails, leverage effects, and volatility clustering. The simulated stock markets consist of two groups; the “Best agents”, which are a small portion of artificial agents, and the “Residual agents”, which are the main group of artificial agents. The best performance in terms of breeding fitness returns is the main feature of the “Best agents”. More, the size of the “Best Agents” group is specified as 2.5%, 5%, 10% &20% of the total population size. An agent-based model consists of two portions, a two thousand population of trader agents that each has its decision-making strategy, and a virtual market that creates the trading strategies. Then the model evolved step by step using a feed with real quotes of the financial instruments by Adaptive Modeler. A training period is considered 2500 bars (started in November 2003), and the test period started in December 2013. The observation shows that the herding behavior in the price series created by the “Residual agents” is less than the “Best agents” series. Therefore, the greater diversity of trade strategies as the genetic differences of artificial agents leads to less herding. The observations exhibit that the volatility clustering, leverage effects, and nonlinear dependence are more likely to experience in the price series generated by “Best gents”. Furthermore, observations indicate that if the population is well diversified in terms of trading strategies, the efficiency of the market increases.

Commitment to the covenant is one of the most important values in religious moral system. Faithfulness to the covenant and its profound role in human meaningful life and human societies can be considered and examined from different aspects; but the main question in this research is that: What are the importance and effects of fulfilling the covenant and its meaning in life From Religious Perspective? The method of this research is a descriptive method, by using library studies, review of documents and review of verses and hadiths and narrative-revelatory arguments related to the subject of discussion in the field of religious studies. We have concluded that based on the verses of the Quran and hadiths, commitment to the covenant has a high status in Islam like other Abrahamic religions; but in particular, the value of fulfilling the covenant in Islam has come to be synonymous with faith; this means that if a person does not fulfill his covenant, he has no faith. This meaning has been considered so important in the lives of human beings and human societies that if a covenant is made with the enemy and even the polytheists and unbelievers it must be committed. Therefore, one of the behaviors that play an important role in moral societies and it is important in making life meaningful and also in tolerance of human society, is the commitment to the covenant.