Evolutionary stability of portfolio rules with long-lived assets
长期资产投资组合策略的演化稳定性

Using random dynamical systems theory,a dynamic model of wealth shares of portfolio rules in financial markets with long-lived assets is studied,where the prices are determined endogenously.Assets pay dividends at the end of each period and dividends is only used to consume.The performance of a portfolio rule in the process of repeated reinvestment of wealth is determined by the wealth share.The necessary and sufficient conditions for the evolutionary stability of portfolio rules is discussed,through consid...