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
Cited In (only showing first 100 items - show all)
- Heterogeneity, convergence, and autocorrelations
- Global bifurcations, credit rationing and recurrent hyperinflations
- Experimentation, imitation, and stochastic stability
- LEARNING TO FORECAST AND CYCLICAL BEHAVIOR OF OUTPUT AND INFLATION
- Explaining fashion cycles: imitators chasing innovators in product space
- LEARNING IN COBWEB EXPERIMENTS
- LEARNING FROM THE EXPECTATIONS OF OTHERS
- Learning cycles in Bertrand competition with differentiated commodities and competing learning rules
- The bull and bear market model of Huang and Day: some extensions and new results
- Adaptive expectations and cobweb phenomena: does heterogeneity matter?
- The financial instability hypothesis: a stochastic microfoundation framework
- A \((Q,R)\) model for fuzzified deterioration under cobweb phenomenon and permissible delay in payment
- Business-cycle models and the dangers of linearizing
- On rationally confident beliefs and rational overconfidence
- A simple financial market model with chartists and fundamentalists: market entry levels and discontinuities
- Network structure andn-dependence in agent-based herding models
- Hopf bifurcation in a cobweb model with discrete time delays
- Adaptive expectations coordination in an economy with heterogeneous agents
- On the performance of efficient portfolios
- Performance of monetary policy with internal central bank forecasting
- Studying heterogeneity among fundamentalists in financial markets: a note
- Plane Maps with Denominator. Part II: Noninvertible Maps with Simple Focal Points
- Demuth's path to randomness
- Is more memory in evolutionary selection (de)stabilizing?
- PLANE MAPS WITH DENOMINATOR I: SOME GENERIC PROPERTIES
- Two destabilizing strategies may be jointly stabilizing
- Local convergence properties of a cobweb model with rationally heterogeneous expectations
- Analysis of a heterogeneous trader model for asset price dynamics
- Learning benevolent leadership in a heterogeneous agents economy
- Updating wealth in an asset pricing model with heterogeneous agents
- PLANE MAPS WITH DENOMINATOR. PART III: NONSIMPLE FOCAL POINTS AND RELATED BIFURCATIONS
- Revisiting individual evolutionary learning in the cobweb model-an illustration of the virtual spite-effect
- Tests for bounded rationality with a linear dynamic model distorted by heterogeneous expectations
- On information and market dynamics: The case of the U. S. beef market
- Statistical properties of genetic learning in a model of exchange rate
- A behavioral asset pricing model with a time-varying second moment
- Market mood, adaptive beliefs and asset price dynamics
- Ways of learning in a simple economic setting: A comparison
- Heterogeneity of agents, transactions costs and the exchange rate
- Asset price and wealth dynamics in a financial market with heterogeneous agents
- More hedging instruments may destabilize markets
- The limit distribution of evolving strategies in financial markets
- An evolutionary CAPM under heterogeneous beliefs
- Homoclinic bifurcations in heterogeneous market models.
- Stochastic equilibria of an asset pricing model with heterogeneous beliefs and random dividends
- Error learning behaviour and stability revisited
- Learning to predict rationally when beliefs are heterogeneous
- Stochastic equilibrium: Learning by exponential smoothing
- Reducing Randomness via Irrational Numbers
- Equilibrium stock return dynamics under alternative rules of learning about hidden states
- Heterogeneous speculators, endogenous fluctuations and interacting markets: a model of stock prices and exchange rates
- It takes all sorts: a heterogeneous agent explanation for prediction market mispricing
- Fundamentalists vs. chartists: learning and predictor choice dynamics
- Order book, financial markets, and self-organized criticality
- The period of financial distress in speculative markets: interacting heterogeneous agents and financial constraints
- Market-maker, inventory control and foreign exchange dynamics
- A model of speculative behaviour with a strange attractor
- Learning, convergence and economic constraints
- Real and financial interacting markets: a behavioral macro-model
- STABILITY AND CYCLES IN A COBWEB MODEL WITH HETEROGENEOUS EXPECTATIONS
- Dynamic effects of increasing heterogeneity in financial markets
- Coexistence of equilibria in a New Keynesian model with heterogeneous beliefs
- Heterogeneous fundamentalists and market maker inventories
- Modelling and measuring the irrational behaviour of agents in financial markets: discovering the psychological soliton
- Forecasting macroeconomic fundamentals in economic crises
- Genetic learning as an explanation of stylized facts of foreign exchange markets
- Heterogeneous fundamentalists and imitative processes
- Inflation expectations and macroeconomic dynamics: the case of rational versus extrapolative expectations
- A dynamic stochastic model of asset pricing with heterogeneous beliefs
- Adaptive learning, endogenous uncertainty, and asymmetric dynamics
- Econometric analysis of microscopic simulation models
- QUEUING, SOCIAL INTERACTIONS, AND THE MICROSTRUCTURE OF FINANCIAL MARKETS
- A PRICE ADJUSTMENT PROCESS IN A MODEL OF MONOPOLISTIC COMPETITION
- Model uncertainty and policy evaluation: some theory and empirics
- Heterogeneous beliefs and trading inefficiencies
- INDIVIDUAL EXPECTATIONS AND AGGREGATE BEHAVIOR IN LEARNING-TO-FORECAST EXPERIMENTS
- Heterogeneous beliefs and adaptive behaviour in a continuous-time asset price model
- On the transition from local regular to global irregular fluctuations
- Equilibria in systems of social interactions
- Complex economic dynamics: Chaotic saddle, crisis and intermittency
- Popularity of reinforcement-based and belief-based learning models: an evolutionary approach
- The Euro/Dollar exchange rate: chaotic or non-chaotic? A continuous time model with heterogeneous beliefs
- Evolution of forecast disagreement in a Bayesian learning model
- A class of evolutionary models for participation games with negative feedback
- A robust rational route to randomness in a simple asset pricing model
- The strategic exploitation of limited information and opportunity in networked markets
- Multiple equilibria and limit cycles in evolutionary games with logit dynamics
- Heterogeneity, nonlinearity and endogenous market volatility
- Adjustable and fixed interest rates mortgage markets modelling
- Imitators and optimizers in a changing environment
- An evolutionary approach to learning in a changing environment.
- Learning with bounded memory in stochastic models
- Stability properties for learning with heterogeneous expectations and multiple equilibria
- Animal spirits in the foreign exchange market
- Individual expectations, limited rationality and aggregate outcomes
- Structural stochastic volatility in asset pricing dynamics: estimation and model contest
- Are the representative agent's beliefs based on efficient econometric models?
- Heterogeneity in stock prices: a STAR model with multivariate transition function
- Heterogeneous beliefs, regret, and uncertainty: the role of speculation in energy price dynamics
- Credit market dynamics: a cobweb model
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