Název:
Bifurcation routes in financial markets
Autoři:
Vošvrda, Miloslav Typ dokumentu: Příspěvky z konference Konference/Akce: International Conference Mathematical Methods in Economics 2001 /19./, Hradec Králové (CZ), 2001-09-05 / 2001-09-07
Rok:
2001
Jazyk:
eng
Abstrakt: 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-the-fundamental-price fluctuations, phases of optimism where most agents follow an upward price trend, and phases of pessimism with small or large market crashes.
Klíčová slova:
adaptive belief systems; forecasting rules; heterogeneity of expectations Číslo projektu: AV0Z1075907 (CEP), GA402/00/0136 (CEP), GA402/01/0034 (CEP), GA402/01/0539 (CEP) Poskytovatel projektu: GA ČR, GA ČR, GA ČR Zdrojový dokument: Proceedings of the 19th International Conference on Mathematical Methods in Economics 2001
Instituce: Ústav teorie informace a automatizace AV ČR
(web)
Informace o dostupnosti dokumentu:
Dokument je dostupný v příslušném ústavu Akademie věd ČR. Původní záznam: http://hdl.handle.net/11104/0130711