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Bibliography

Conference Paper (international conference)

Bifurcation routes in financial markets

Vošvrda Miloslav

: Proceedings of the 19th International Conference on Mathematical Methods in Economics 2001, p. 199-205 , Eds: Dlouhý M.

: VŠE, (Praha 2001)

: International Conference Mathematical Methods in Economics 2001 /19./, (Hradec Králové, CZ, 05.09.2001-07.09.2001)

: AV0Z1075907

: GA402/00/0136, GA ČR, GA402/01/0034, GA ČR, GA402/01/0539, GA ČR

: heterogeneity of expectations, adaptive belief systems, forecasting rules

(eng): 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.

: 12B, 05D

: BB