Models of Compelxity in Economics and Finance

William Brock and Cars Hommes

Working papers from Wisconsin Madison - Social Systems

Abstract: We have set out a general framework for adaptive belief systems in asset pricing thery. Fluctuations in prices and returns are driven by an evolutionary dynamics between traders with different expectations about prices.

Keywords: FINANCIAL MARKET; FLUCTUATIONS (search for similar items in EconPapers)
JEL-codes: G12 G13 (search for similar items in EconPapers)
Pages: 29 pages
Date: 1997
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (34)

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