Hy is a lisp that runs on top of the Python environment (akin to how Clojure is a lisp that runs on the JVM and Common Lisp runs on bare-metal).

All that is needed to run Hy is a Python 3.7+ environment (but the latest stable Python is recommended, whenever possible).

The following command installs the latest Hy version, the Hy Standard Library (Hyrule), and some libraries that either used to be bundled with Hy (but now they have to be installed separately) or enable Lisp-like capabilities (like optional immutability, as is the case with Common Lisp and many other Lisps but currently isn't supported by a stock python installation without the help of extra libraries).

pip3 install --pre --user hy hyrule toolz multipledispatch funcy funcy_chain pyrsistent

Afterwards, running a Hy file is as simple as running a Python file:

hy myprogram.hy

Provide links to different compilers/interpreters that could be used to implement this language, and discuss pros/cons of each.

Hy is currently going through a fast development cycle, and breaking changes are not uncommon. Currently, there is only one implementation of the Hy interpreter, but different versions of it may have quite different behavior due to these breaking changes.

Therefore, it's recommended to run on the cutting-edge latest version (the --pre flag) to avoid older versions that have breaking changes. The --user flag is straight out of the official docs for the core language.