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摘要翻译：
我们考虑了金融市场的模型，在这些模型中，所有相关方都找到了参与的动机。战略直接由他们的虚拟财富来评估。通过调整价格敏感性和市场影响，出现了一个具有若干吸引子行为的相图，该相图反映了套利者和潮流引导者所扮演的角色，并包括一个价格趋势不规则和正和的阶段。玩家财富的正总和为他们提供了参与激励。进化和买卖价差为参与者和做市商的财富收益提供了机制。如果进化速度足够慢，新的参与者就能在市场上生存下来。我们在恒生指数20年的实际数据上检验了模型的适用性。与其他模型的比较表明，我们的模型在实际金融数据中具有更好的平均性能。
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英文标题：
《Models of Financial Markets with Extensive Participation Incentives》
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作者：
C. H. Yeung, K. Y. Michael Wong, Y.-C. Zhang
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最新提交年份：
2007
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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英文摘要：
We consider models of financial markets in which all parties involved find incentives to participate. Strategies are evaluated directly by their virtual wealths. By tuning the price sensitivity and market impact, a phase diagram with several attractor behaviors resembling those of real markets emerge, reflecting the roles played by the arbitrageurs and trendsetters, and including a phase with irregular price trends and positive sums. The positive-sumness of the players' wealths provides participation incentives for them. Evolution and the bid-ask spread provide mechanisms for the gain in wealth of both the players and market-makers. New players survive in the market if the evolutionary rate is sufficiently slow. We test the applicability of the model on real Hang Seng Index data over 20 years. Comparisons with other models show that our model has a superior average performance when applied to real financial data.
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PDF链接：
https://arxiv.org/pdf/0708.0209
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