Before revision:  the next level combines shared risk factors with information variables and bottom-up agent generated structurebased on the framework of arbitrage pricing theory, the lowest level is that of agents generating the prices of individual traded assets and a mechanism for emergence or innovation is considered . Concepts in the hierarchy of complexity are interrogated via five causation classes and the concept of actors, who serve as exemplars for types of causation, is reviewed .
After revision:  the next level combines shared risk factors with information variables and bottom-up , agent-generated structure, consistent with conditions for no-arbitrage pricing theory; the fourth level describes market factors which originate in the greater economy and the highest levels are described by regulated market structure and the customs and ethics which define the nature of acceptable transactions. A mechanism for emergence or innovation is considered . Concepts in the hierarchy of complexity are interrogated via five causation classes and the concept of actors, who serve as exemplars for types of causation, is reviewed .