摘要翻译：
一个有代表性的投资者通过遵循以下交易策略来生成现实而复杂的证券价格路径：如果在几个滴答之前，市场资产连续两次上涨或连续两次下跌，那么卖出，否则买入。这种简单、独特和稳健的模型是金融复杂性的最小确定性模型，它的泛化导致复杂的变化。与随机游走相比，最小模型生成的时间序列尾巴更厚，碰撞更频繁，从而更接近真实世界。它在没有任何参数拟合的情况下完成了所有这些。
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英文标题：
《The Minimal Model of Financial Complexity》
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作者：
Philip Maymin
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最新提交年份：
2010
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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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英文摘要：
  A representative investor generates realistic and complex security price paths by following this trading strategy: if, a few ticks ago, the market asset had two consecutive upticks or two consecutive downticks, then sell, and otherwise buy. This simple, unique, and robust model is the smallest possible deterministic model of financial complexity, and its generalization leads to complex variety. Compared to a random walk, the minimal model generates time series with fatter tails and more frequent crashes, thus more closely matching the real world. It does all this without any parameter fitting.
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PDF链接：
https://arxiv.org/pdf/0901.3812