Gaunersdorfer, Andrea; Hommes, Cars H.; Wagener, … - In: Journal of Economic Behavior & Organization 67 (2008) 1, pp. 27-47
A simple asset pricing model with two types of boundedly rational traders, fundamentalists and chartists, is studied. Fractions of trader types change over time according to evolutionary learning, with chartists conditioning their forecasting rule upon deviations from a benchmark fundamental....