英文标题：
《Why have asset price properties changed so little in 200 years》
---
作者：
Jean-Philippe Bouchaud and Damien Challet
---
最新提交年份：
2016
---
英文摘要：
  We first review empirical evidence that asset prices have had episodes of large fluctuations and been inefficient for at least 200 years. We briefly review recent theoretical results as well as the neurological basis of trend following and finally argue that these asset price properties can be attributed to two fundamental mechanisms that have not changed for many centuries: an innate preference for trend following and the collective tendency to exploit as much as possible detectable price arbitrage, which leads to destabilizing feedback loops.
---
中文摘要：
我们首先回顾了经验证据，即资产价格在至少200年的时间里曾出现过大幅波动，且效率低下。我们简要回顾了最近的理论结果以及趋势跟踪的神经学基础，最后指出，这些资产价格属性可归因于两种基本机制，这两种机制在许多世纪以来都没有改变：对趋势跟踪的先天偏好和尽可能多地利用可检测价格套利的集体倾向，这会导致不稳定的反馈回路。
---
分类信息：

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
--
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
--

---
PDF下载：
-->