Complex Dynamics, Market Mediation and Stock Price Behavior

Richard Day

North American Actuarial Journal, 1997, vol. 1, issue 3, 1-16

Abstract: Most exchanges in a decentralized economy are mediated by agents who make markets. This paper applies the elementary theory of such mechanisms to equity markets. Based on stylized institutional and behavioral facts and exploiting the methods of nonlinear dynamics, it explains salient properties of stock market dynamics.

Date: 1997
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DOI: 10.1080/10920277.1997.10595622

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