Chiarella, Carl; He, Xue-Zhong; Zheng, Min - Finance Discipline Group, Business School - 2007
involving of two types of agents, fundamentalists and chartists, and the market price equilibria of which can be characterised … market impact of speculative behaviour. We show that, when the chartists use lagged price trends to form their expectations … deterministic model. However, when the time lag in the formation of the price trends used by the chartists approaches zero, such …