摘要
There are two main paradigms in financial study： one is classical theories such as CAPM, APT and EMH, the other is Behavioral Finance. However, both sides have certain disadvantages： The former emphasizes rationality and equilibrium while neglects the effect of investors＇ psychology and interaction on price evolution; the latter focuses on investors＇ irrationality and heterogeneity, whereas denies equilibrium and systematism. So we need a comprehensive and realistic model which simultaneously consists of heterogeneous agents, dynamical interaction and evolutionary equilibrium. The Minority Game was first introduced by physicists and is a powerful and rather simple tool dealing with the problem how the equilibrium could be dynamically attained under such circumstance as heterogeneous agents interacting with each other. In this paper, we attempt to apply this inter-discipline theory to model financial markets.
