Annals of Operations Research

, Volume 37, Issue 1, pp 101–123

The dynamics of speculative behaviour

  • Carl Chiarella
Article

DOI: 10.1007/BF02071051

Cite this article as:
Chiarella, C. Ann Oper Res (1992) 37: 101. doi:10.1007/BF02071051

Abstract

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.

Copyright information

© J.C. Baltzer AG, Scientific Publishing Company 1992

Authors and Affiliations

  • Carl Chiarella
    • 1
  1. 1.School of Finance and EconomicsUniversity of Technology SydneySydneyAustralia

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