Wieland, Cristian; Westerhoff, Frank - Society for Computational Economics - SCE - 2004
This paper aims at integrating heterogeneous boundedly rational speculators into the classical cobweb framework in … speculators who switch between technical and fundamental forecast rules to predict prices. Our nonlinear, yet quite simple model …. We show that if the number of speculators increases we first observe a pitchfork bifurcation and then a period doubling …