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
- 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
- Time-varying economic dominance in financial markets: a bistable dynamics approach
- 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
- Equilibrium and disequilibrium dynamics in cobweb models with time delays
- 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
- Real and financial market interactions in a multiplier-accelerator model: nonlinear dynamics, multistability and stylized facts
- 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
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