A Rational Route to Randomness
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Publication:4359765
DOI10.2307/2171879zbMATH Open0898.90042OpenAlexW2145930759MaRDI QIDQ4359765FDOQ4359765
Authors: William A. Brock, Cars Hommes 
Publication date: 20 October 1997
Published in: Econometrica (Search for Journal in Brave)
Full work available at URL: https://doi.org/10.2307/2171879
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business cyclesstrange attractorhomoclinic orbitheterogeneous beliefsadaptive learninghomoclinic bifurcationscobweb modeladaptively rational equilibrium
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- Coordinated bubbles and crashes
- Complex dynamics and multistability with increasing rationality in market games
- Nonlinear duopoly games with positive cost externalities due to spillover effects.
- Bifurcation structures of a cobweb model with memory and competing technologies
- Chaos in the cobweb model with a new learning dynamic
- The behavioral economics of currency unions: economic integration and monetary policy
- Learning games
- When one stock share is a biological individual: a stylized simulation of the population dynamics in an order-driven market
- Emissions trading with rolling horizons
- The strategic environment effect in beauty contest games
- Heterogeneous expectations, sunspot equilibria and their fragility
- The international synchronisation of business cycles: the role of animal spirits
- Implicit government guarantees and the externality of portfolio diversification: a complex network approach
- Adverse effects of leverage and short-selling constraints in a financial market model with heterogeneous agents
- Profitable technical trading rules as a source of price instability
- Aggregate demand, Harrod's instability and fluctuations
- Productive public expenditures, expectation formations and nonlinear dynamics
- Experimental evidence on inflation expectation formation
- Boom-bust dynamics in a stock market participation model with heterogeneous traders
- Learning, hypothesis testing, and rational-expectations equilibrium
- Inflation forecasting using a neural network
- Emerging patterns in inflation expectations with multiple agents
- A small-scale agent-based model of institutional and technological change
- Asset price-GDP cross feedback. The role of dividend policies in a dynamic setting
- Consistent expectations equilibria and learning in a stock market
- Expectations and the housing market: A model of house price dynamics
- A heterogeneous agent model of asset price dynamics with two time delays
- An evolutionary model with best response and imitative rules
- Some reflections on past and future of nonlinear dynamics in economics and finance
- Best response dynamics with level-\(n\) expectations in two-stage games
- Adjustment costs, learning, and indeterminacy
- Eductive expectations coordination on deterministic cycles in an economy with heterogeneous agents
- Heterogeneous expectations and speculative behavior in insurance-linked securities
- Operational research and artificial intelligence methods in banking
- Linear learning in changing environments
- Monetary policy rules in a non-rational world: a macroeconomic experiment
- Herding, trend chasing and market volatility
- Exchange rate expectations of chartists and fundamentalists
- Heterogeneous expectations in the gold market: specification and estimation
- A financial market model with endogenous fundamental values through imitative behavior
- A consistent route to randomness
- Short-run momentum, long-run mean reversion and excess volatility: an elementary housing model
- Contagion between asset markets: a two market heterogeneous agents model with destabilising spillover effects
- Managing unanchored, heterogeneous expectations and liquidity traps
- When panic makes you blind: a chaotic route to systemic risk
- Production delays, supply distortions and endogenous price dynamics
- Are transaction taxes a cause of financial instability?
- A cobweb model with gradient adjustment mechanism: nonlinear dynamics and multistability
- Dynamics of a durable commodity market involving trade at disequilibrium
- Microscopic models for long ranged volatility correlations
- Bayesian estimation of agent-based models
- Evolutionary competition between adjustment processes in Cournot oligopoly: instability and complex dynamics
- Estimation of agent-based models using sequential Monte Carlo methods
- Convergence of locally and globally interacting Markov chains.
- Technology choice in an evolutionary oligopoly game
- Effects of size, composition, and evolutionary pressure in heterogeneous Cournot oligopolies with best response decisional mechanisms
- Identifying booms and busts in house prices under heterogeneous expectations
- Income inequality, consumption, credit and credit risk in a data-driven agent-based model
- Refinement of dynamic equilibrium using small random perturbations
- Q-learning agents in a Cournot oligopoly model
- A cobweb model with local externalities
- Inter-pattern speculation: beyond minority, majority and \$-games
- Misperception-driven chaos: theory and policy implications
- The long-run benefits of chaos to oligopolistic firms
- The influence of seller learning and time constraints on sequential bargaining in an artificial perishable goods market
- Evolution of heterogeneous beliefs and asset overvaluation
- Subsidies and Interacting Crop Market Dynamics
- Dynamic effects of memory in a cobweb model with competing technologies
- Agents' beliefs and economic regimes polarization in interacting markets
- Time-varying economic dominance in financial markets: A bistable dynamics approach
- Decentralized allocation of human capital and nonlinear growth
- Testing for bubbles and change-points
- Restricted perception equilibria and rational expectation equilibrium
- Itchy feet vs cool heads: flow of funds in an agent-based financial market
- A calibration procedure for analyzing stock price dynamics in an agent-based framework
- A discrete and symmetric price adjustment process on the simplex
- Can competition between forecasters stabilize asset prices in learning to forecast experiments?
- Adaptive learning and distributional dynamics in an incomplete markets model
- Speculative asset price dynamics and wealth taxes
- Macroeconomic and stock market interactions with endogenous aggregate sentiment dynamics
- Bounded rationality, asymmetric information and mispricing in financial markets
- LOCK-IN OF EXTRAPOLATIVE EXPECTATIONS IN AN ASSET PRICING MODEL
- Innovate or imitate? Behavioural technological change
- Time-varying arbitrage and dynamic price discovery
- Computation as economics
- When speculators meet suppliers: positive versus negative feedback in experimental housing markets
- Necessary and sufficient conditions for the roots of a cubic polynomial and bifurcations of codimension-1, -2, -3 for 3D maps
- Fuzzy options with application to default risk analysis for municipal bonds in China
- Real and financial market interactions in a multiplier-accelerator model: Nonlinear dynamics, multistability and stylized facts
- Hopf bifurcation and stability crossing curves in a cobweb model with heterogeneous producers and time delays
- HETEROGENEITY IN RISK PREFERENCES LEADS TO STOCHASTIC VOLATILITY
- Dynamics of the Shapovalov mid-size firm model
- A model of financial market dynamics with heterogeneous beliefs and state-dependent confidence
- Short-horizon market efficiency, order imbalance, and speculative trading: evidence from the Chinese stock market
- Loss aversion in an agent-based asset pricing model
- Bifurcation and chaos analysis in a discrete-delay dynamic model for a stock market
- HERD BEHAVIOR AND NONFUNDAMENTAL ASSET PRICE FLUCTUATIONS IN FINANCIAL MARKETS
- Behavioural breaks in the heterogeneous agent model: the impact of herding, overconfidence, and market sentiment
- Equilibrium and Disequilibrium Dynamics in Cobweb Models with Time Delays
- Economically rational expectations equilibrium
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