Before revision:  Hence, the cluster entropy function is integrated over the cluster  \tau to yield a synthetic indicator of price evolution: the\emph{Market Dynamic Index I(M,n) . Moreover, the\emph{Market Horizon Dependence\par   defined as H(M,n)=I(M,n)-I(1,n) is calculated and compared with the values of the horizon dependence of the pricing kernel with different representative agent models obtained by a Kullback-Leibler entropy approach  .
After revision:  Hence, the cluster entropy function is integrated over the cluster \tau to yield a synthetic indicator of price evolution: the\emph{Market Dynamic Index I(M,n) . Moreover, the\emph{Market Horizon Dependence\par defined as H(M,n)=I(M,n)-I(1,n) is calculated and compared with the values of the horizon dependence of the pricing kernel with different representative agent models obtained by a Kullback-Leibler entropy approach . The Market Horizon Dependence H(M,n) of the three assets is compared against the values obtained by implementing the cluster entropy S(\tau,n) approach on artificially generated series (Fractional Brownian Motion) .