Behavioral equilibrium and evolutionary dynamics in asset markets
构建了一个基于行为和演化原理的资产市场随机动态均衡模型，核心是结合随机动态博弈与演化博弈论，仅依赖客观市场数据。研究旨在找出一种投资策略，使投资者在无限时间范围内几乎必然保持正财富份额，且该策略在一般条件下存在、渐近唯一且易于计算。
This paper analyzes a dynamic stochastic equilibrium model of an asset market based on behavioral and evolutionary principles. The core of the model is a non-traditional game-theoretic framework combining elements of stochastic dynamic games and evolutionary game theory. Its key characteristic feature is that it relies only on objectively observable market data and does not use hidden individual agents’ characteristics (such as their utilities and beliefs). A central goal of the study is to identify an investment strategy that allows an investor to survive in the market selection process, i.e., to keep with probability one a strictly positive, bounded away from zero share of market wealth over an infinite time horizon, irrespective of the strategies used by the other players. The main results show that under very general assumptions, such a strategy exists, is asymptotically unique and easily computable.