Annals of Operations Research

, Volume 37, Issue 1, pp 101–123 | Cite as

The dynamics of speculative behaviour

  • Carl Chiarella


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.


Empirical Study Empirical Evidence Random Walk Asset Price Speculative Behaviour 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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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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