A New Paradigm of Financial Market Behaviour

该项目有助于发展一种描述金融市场行为的新兴范式。它将把金融市场建模为自适应进化的系统，这些系统是具有异质信念的有限理性经济主体相互作用的结果。新范式将寻求解释标准金融范式无法很好解释的金融市场行为方面。项目成果将为理解和管理金融市场波动提供更好的框架，从而有利于金融市场研究人员和监管机构。

The project contributes to the development of a newly emerging paradigm for describing financial market behaviour. It will model financial markets as adaptively evolving systems that are the outcome of the interaction of boundedly rational economic agents with heterogeneous beliefs. The new paradigm will seek to explain aspects of financial market behaviour not well explained by the standard finance paradigm. The project outcomes will be of benefit to financial market researchers and regulators by providing a better framework for understanding and managing financial market volatility.