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National Repository of Grey Literature 2 records found  Search took 0.00 seconds. 
Bifurcation routes and heterogenous formation
 Vošvrda, Miloslav
The heterogenity of expectation among trades introduces an important nonlinearity in to the financial markets. Heteregenous formation asset prices are characterized by phases of close to the fundamental price fluctuations. In this paper is discussed a position of fundamentals and their influence to the economic stability.
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Bifurcation routes in financial markets
 Vošvrda, Miloslav
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.
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