By applying the deterministic heterogenous agent model developed by Huang et al. [Financial crises and interacting heterogeneous agents. <italic>Journal of Economic Dynamics and Control</italic> 34, no. 6: 1105--22], this paper examines the phenomena of asymmetric returns, gradual bubbles and sudden crashes. It...

Conventional economic beliefs that 'equilibrium' is better than 'disequilibrium' and 'stability' is better than 'fluctuation' are challenged with a heterogeneous oligopolistic model that consists of a naive firm and a group of sophisticated firms. The naive firm is assumed to adopt a simple...