Savona, Roberto; Soumare, Maxence; Andersen, Jørgen Vitting - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2014
This paper introduces a theoretical framework for collective decision making to describe fluctuations and transitions in financial markets. Investors are assumed to be boundedly rational, using a limited set of information including past price history and expectation on future dividends....