中文摘要：

提出一个金融市场演化博弈模型，其参与者可采用顺势、反转或中性交易策略．市场中各策略所占比例的差异会使得各种策略的预期收益有所区别，有限理性的交易者会学习并选择最有效的策略，从而改变市场中原有的策略组合．利用复制动态方程得到描述该策略演化过程的微分动力系统，系统的两类稳定状态分别解释了金融市场的周期波动和价格泡沫现象．

英文摘要：

This paper presents an evolutionary game model for the financial market, taking into consideration of three types of traders： momentum trader, contrarian trader, and noise trader. With different combination of strategies, different revenue is expected. Rational traders will learn to choose the most efficient strategy, leading to changes in strategy combination. By a replicator equation, a dynamic system is defined to describe strategy evolvement. The evolutionary stable states are presented, producing periodic price oscillations and a price bubble.