In this paper we present an interacting-agent model of speculative activity explaining bubbles and crashes in stock markets. We describe stock markets through an infinite-range using model to formulate the tendency of traders getting influenced by the investment attitude of other traders....

In this paper, we present an interacting-agent model of speculative activity explaining bubbles and crashes in stock markets. We describe stock markets through an infinite-range Ising model to formulate the tendency of traders getting influenced by the investment attitude of other traders....

A class of models of opinion formation based on the concept of cellular automata and the theory of social impact is studied, in particular the case when a strong leader and external impact are present. The rapid changes of the opinion distribution with a continuous change of a system parameter,...

We study phase transitions in models of opinion formation which are based on the social impact theory. Two different models are discussed: (i) a cellular-automata-based model of a finite group with a strong leader where persons can change their opinions but not their spatial positions, and (ii)...

We study a model of opinion formation based on the theory of social impact and the concept of cellular automata. The case is considered when two strong agents influence the group: a strong leader and an external social impact acting uniformly on every individual. There are two basic stationary...