Conventional models studying market fluctuations often suffer from over simplifying assumptions of highly complex economic systems. A brief but critical review is given of “conventional” economic theory and modeling approaches. A detailed discussion contrasts various approaches to modeling market fluctuations which introduce more realistic frameworks than conventional models; namely, Log Periodic Power Law Models (LPPL), Heterogenous Agent Models (i.e. Simple Heterogenous Models and Agent Based Models), and Quantal Response Statistical Equilibrium Models (QRSE). From this review, a clear picture is formed for the capacity for each of these approaches to overcome existing problems in economic theory and modeling of large complex systems. QRSE framework as an “Information Theoretic Maximum Entropy Approach” is presented here and discussed with special emphasis on the explanatory power and physical meaning of the model parameters regarding their economic interpretation and significance, and its simple modeling framework.

中文翻译：

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最大熵方法来应对市场波动是有希望的替代方法

研究市场波动的传统模型通常会过于简化高度复杂的经济体系的假设。对“常规”经济理论和建模方法进行了简短但批判性的回顾。详细的讨论对比了各种建模市场波动的方法，这些方法比传统模型引入了更现实的框架。即对数周期幂律模型（LPPL），异构代理模型（即简单异构模型和基于代理的模型）以及量子响应统计平衡模型（QRSE）。通过这次回顾，可以清晰地了解这些方法克服经济理论和大型复杂系统建模中存在的问题的能力。