传统的资产定价通常是考虑代表性投资者的行为确定资产价格,基于随机游走理论,大量的实证发现收益率是具有“尖峰胖尾”特征,认为随机游走模型不能够很好的解释证券价格波动行为,现在学者开始从投资者的异质性来进行解释。Campbel(l2000)将投资者的异质性分为:异质约束、异质收入、异质偏好和异质信念,分 Traditional asset pricing usually considers the behavior of representative investors to determine the price of assets. Based on random walk theory, a large number of empirical studies show that the return rate is characterized by “peaked fat tail”, and the random walk model can not be considered as good Explaining the behavior of securities price volatility, academics are now starting to explain the heterogeneity of investors. Campbel (l2000) divides the heterogeneity of investors into: heterogeneous constraints, heterogeneous incomes, heterogeneous preferences and heterogeneous beliefs, points