Technical Report: CES-497 A summary for the Brock and Hommes ”Heterogeneous beliefs and routes to chaos in a simple asset pricing model” 1998 JEDC paper
نویسندگان
چکیده
The purpose of this paper is to summarise the 1998 paper by William A. Brock and Cars H. Hommes, ”Heterogeneous beliefs and routes to chaos in a simple asset pricing model”, in Journal of Economic Dynamics and Control, 22, 1235-1274 (Brock and Hommes 1998).
منابع مشابه
Heterogeneous beliefs and routes to chaos in a simple asset pricing model
This paper investigates the dynamics in a simple present discounted value asset pricing model with heterogeneous beliefs. Agents choose from a finite set of predictors of future prices of a risky asset and revise their ‘beliefs’ in each period in a boundedly rational way, according to a ‘fitness measure’ such as past realized profits. Price fluctuations are thus driven by an evolutionary dynami...
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