摘要翻译：
众所周知，各种金融工具的收益分布是细线分布，这意味着这些分布比正态分布有“更胖的尾巴”，并向零倾斜。本文利用私人估值具有正态分布误差的代理，给出了这种胖尾结果的一个优美的微观解释，但它的效用函数包含了一个也购买的其他人的百分比的项。
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英文标题：
《A Peer-based Model of Fat-tailed Outcomes》
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作者：
Ben Klemens
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最新提交年份：
2013
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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：Statistics        统计学
二级分类：Other Statistics        其他统计数字
分类描述：Work in statistics that does not fit into the other stat classifications
从事不适合其他统计分类的统计工作
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英文摘要：
  It is well known that the distribution of returns from various financial instruments are leptokurtic, meaning that the distributions have "fatter tails" than a Normal distribution, and have skew toward zero. This paper presents a graceful micro-level explanation for such fat-tailed outcomes, using agents whose private valuations have Normally-distributed errors, but whose utility function includes a term for the percentage of others who also buy.
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PDF链接：
https://arxiv.org/pdf/1304.0718