주식거래 가격결정을 위한 순차적 의사결정모형

The problem of buying and selling stocks involves uncertainty, and the basic decision involves the determination of time and price to satisfy an aspiration level of investor. In this paper, a mathematical model for the single stock trading strategy is developed under some underlying assumptions. The proposed decision model in this paper is a single trading strategy in a single market with known deadline. The core of the problem is to determine the critical price level for each day, and the proposed decision model shows that one can determine the critical price in stock trading under the assumption that the future stock price is given as a probability density function. If the future stock price is given as a probability density function, one can set up the buying strategy and selling strategy simultaneously. Although the proposed decision model has a deadline, which may be regarded as a weakness in practice, the deadline problem is no concern if one makes the number of days available before the deadline relatively longer. Also the concept and the logic used in this paper can be applied to similar situations, such as, purchasing problem, spot trading, and foreign exchange dealing, etc.