First, this paper extends dynamic and heterogeneous beliefs of the asset pricing model with the evolution ?tness in the case of the two types of investors.By introducing the parameter between evolutionary ?tness of fundamental analysis and technical analysis,and the score di?erence between the two types of investors,we establish heterogeneous beliefs and dynamic system model with a new evolutionary ?tness.Then, by using the theory of di?erence equation,we discuss about the deterministic system of the model for local stability bifurcation analysis, and obtain the e?ect of main parameters on the stability of the model.Finally, through the study of the numerical simulation of model, and by using the knowledge of time series statistical, we test its statistical characteristics.By comparing with the original model and the real market, we ?nd that the model could ?t some characteristics of the real market. |