Based on price duration and volume duration, this paper introduces two indexes to describe the market liquidity. Results show that there is conflict between the two indexes. To find out which is more significant, liquidity ratio is introduced to demonstrate the liquidity situation. Using the new indexes, this paper studies the intraday trend of liquidity and makes model to find out the factors influencing the liquidity of futures market. Empirical results show that both volume and open interest influence the liquidity positively, while absolute yield has significant negative influences. What's more the volume's influence is more significant. The results also show that price spread is not suitable for Chinese market. We should consider the volume when measuring Chinese market's liquidity.
From the perspective of opinion dynamics, a bounded confidence rule is adopted and a collective panic buying heterogeneous bounded confidence model is built to imitate the evolution of the collective opinions of agents in the panic buying under emergencies which are modeled by random environmental factors. Some computer simulations are provided to demonstrate the effectiveness of opinion subgroups with distinct confidence levels and emergency uncertainty on the collective opinions. The results will provide theoretical evidence to build and implement effectively a guidance mechanism of public opinion within panic buying under emergencies.