In this paper, we introduce a simple interactive agent mechanism, where the distribution of returns generated from the mechanism match stylized facts in financial markets. We introduce one more key factor, the length of time horizon on performance evaluations between strategies, which also has a significant influence on price fluctuations. To investigate the transitions among states, we introduce a Markov transition matrix, Perron‐Frobenius transition matrix, and Inertia. Our simulation results show the stickiness of states switching from one to another, and the longer length of time horizon on performance evaluations would generate more complex dynamic price fluctuations. We link our simple heterogeneous agent mechanism with Markov trajectory entropy and provide a total score and probability density functions of representations under two states as applications for the mechanism.

在本文中，我们介绍了一种简单的交互式代理机制，该机制产生的收益分布与金融市场中的程式化事实相匹配。我们引入另一个关键因素，即策略之间绩效评估的时间跨度，它对价格波动也有显着影响。为了研究状态之间的转换，我们引入了马尔可夫转换矩阵、Perron-Frobenius 转换矩阵和惯性。我们的模拟结果显示了从一种状态切换到另一种状态的粘性，并且绩效评估的时间范围越长，将产生更复杂的动态价格波动。我们将简单的异构代理机制与马尔可夫轨迹熵联系起来，并提供两种状态下表示的总分和概率密度函数作为该机制的应用。