The Influence of Confidence and Social Networks on an Agent-Based Model of Stock Exchange

Table 5

GARCH (1, 1) estimation results.

Variable	No network effect		Variable	Barabási
Parameter	Estimate	Sig.	Parameter	Estimate	Sig.
Omega	1.267e − 05		Omega	4.451e − 06
Alpha	0.082		Alpha	0.111
Beta	0.829		Beta	0.884
Variable	Random		Variable	Small-world
Parameter	Estimate	Sig.	Parameter	Estimate	Sig.
Omega	1.540e − 05		Omega	5.922e − 06
Alpha	0.169		Alpha	0.164
Beta	0.808		Beta	0.831
Variable	Dow Jones		Variable	Small caps
Parameter	Estimate	Sig	Parameter	Estimate	Sig.
Omega	2.414e − 06		Omega	3.054e − 06
Alpha	0.129		Alpha	0.095
Beta	0.846		Beta	0.885
Variable	Large caps
Parameter	Estimate	Sig.
Omega	2.557e − 06
Alpha	0.122
Beta	0.853

The symbols , , and indicate significance at 1%, 5%, and 10%, respectively.