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摘要翻译：
我们将套利定价理论(APT)作为金融工具发展的理论基础，与一个相互作用的市场的动态图像在一个简单的环境中进行了对比。金融工具的激增显然为分散风险提供了更多的手段，使市场更加有效和完整。在这里讨论的简单交易市场中，金融工具的泛滥侵蚀了系统的稳定性，并将市场推向一个临界状态，其特征是大的敏感性、强烈的波动和风险之间的相关性增强。这表明APT假设可能与稳定的市场动态不相容。从这一角度看，市场稳定具有共同利益的性质，这表明应在衍生品市场中引入适当的措施，以保持稳定。
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英文标题：
《Eroding market stability by proliferation of financial instruments》
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作者：
Fabio Caccioli, Matteo Marsili, Pierpaolo Vivo
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最新提交年份：
2009
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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：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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英文摘要：
We contrast Arbitrage Pricing Theory (APT), the theoretical basis for the development of financial instruments, with a dynamical picture of an interacting market, in a simple setting. The proliferation of financial instruments apparently provides more means for risk diversification, making the market more efficient and complete. In the simple market of interacting traders discussed here, the proliferation of financial instruments erodes systemic stability and it drives the market to a critical state characterized by large susceptibility, strong fluctuations and enhanced correlations among risks. This suggests that the hypothesis of APT may not be compatible with a stable market dynamics. In this perspective, market stability acquires the properties of a common good, which suggests that appropriate measures should be introduced in derivative markets, to preserve stability.
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PDF链接：
https://arxiv.org/pdf/0910.0064
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