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**The dynamics of speculative behaviour.**
*(English)*
Zbl 0777.90008

Summary: A number of recent empirical studies cast some doubt on the random walk theory of asset prices and suggest these display significant transitory components and complex chaotic motion. This paper analyses a model of fundamentalists and chartists which can generate a number of dynamic regimes which are compatible with the recent empirical evidence.

### MSC:

91B62 | Economic growth models |

91B24 | Microeconomic theory (price theory and economic markets) |

37D45 | Strange attractors, chaotic dynamics of systems with hyperbolic behavior |

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\textit{C. Chiarella}, Ann. Oper. Res. 37, No. 1--4, 101--123 (1992; Zbl 0777.90008)

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