Based on the self-organized dynamical evolutionary of the investors structure, a refined dissipation market model is constructed.
Unlike multifractal cascade-like ideas, this model provides a realistic (agent based) description of financial markets and
reproduces the same multifractal scaling properties of price changes as the real, which indicate that the self-organized dynamical
evolutionary of the investors structure may be the origin of the volatility statistical structure.
Keywords self-organization - multifractal - cascade - financial market model - volatility