Opinion dynamics in finance and business: a literature review and research opportunities

Financial Innovation

Table 1 The application of the Ising model in financial market

Opinion expression format	Networks	Characteristics	References
Binary	Lattice	Bubbles/crashes	Kaizoji (2000), Johansen et al. (2000), Bornholdt (2001), Kaizoji et al. (2002), Zhou and Sornette (2007), Sornette and Zhou (2006) and Crescimanna and Di Persio (2016)
		Fluctuation	Silva and Stauffer (2001), Fang and Wang (2013) and Zhang et al. (2019)
		Correlations	Wang (2009) and Takaishi (2016)
		Boundary conditions	Fang and Wang (2012a)
		Bifurcations	Fang and Wang (2012b) and Smug et al. (2018)
		Time series	Takaishi (2015)
		Multi-Asset	Eckrot et al (2016) and Takaishi (2017)
	One dimensional lattice	Fluctuation	Inagaki (2004)
	No specific topology	Bubbles/Crashes	Chowdhury and Stauffer (1999), Vangheli and Ardelean (2000), Krawiecki et al. (2002), Krawiecki and Hołyst (2003) and Krawiecki (2005)
		Time series	Zhao et al. (2018a)
		Fluctuation	Kaizoji (2006) and Lima (2017)
		Financial return series	Ko et al. (2016)
		Modularity	Kim et al. (2012)
	Small-world network	Fluctuation	Zhang et al. (2015) and Zhang and Li (2015)
	Scale-free network	Bubbles	Krawiecki (2009)
	Cayley tree	Stability of money	Bornholdt and Wagner (2002)
	3D	Fluctuation	Fang et al. (2016)
Continuous	No specific topology	Bubbles and crashes	Horvath et al. (2016)