The paper take notes for “Equilibrium Points in N-person Games” and draw the conclusion that the Asset-pricing-model should reflect the investors’ strategies and payoff functions, and then we give the rudiment of the model.

Abstract The paper take notes for “Equilibrium Points in N-person Games” and draw the conclusion that the Asset-pricing-model should reflect the investors’ strategies and payoff functions, and then we give the rudiment of the model.