The stochastic bifurcation behaviour of speculative financial markets
نویسندگان
چکیده
منابع مشابه
Bifurcation Routes in Financial Markets*/
The heterogeneity of expectations among traders introduces an important non-linearity into the financial markets. In a series of papers, Brock and Hommes, propose to model economic and financial markets as adaptive belief systems. Asset price fluctuations in adaptive belief systems are characterized by phases of close-to-thefundamental-price fluctuations, phases of optimism where most agents fo...
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ژورنال
عنوان ژورنال: Physica A: Statistical Mechanics and its Applications
سال: 2008
ISSN: 0378-4371
DOI: 10.1016/j.physa.2008.01.078