出版社：ASEPUMA. Asociación Española de Profesores Universitarios de Matematicas aplicadas a la Economia y la Empresa
摘要：An asset price model of speculative financial market with fundamentalists and chartists is analyzed. Our model explains bursts of volatility in financial markets, which are not well explained by the traditional finance paradigms, as we will show. Depending on the time lag in the formation of chartists' expectations, the system evolves through several dynamic regimes finishing in a strange attractor. Chaos provides a self-sustained motion around the rationally expected equilibrium that corresponds to a speculative bubble. In order to explain the role of Chartism, chaotic motion is a very interesting theoretical feature for a speculative financial market model. It provides a complex non-linear dynamic behaviour around the Walrasian equilibrium price produced by deterministic interactions between fundamentalists and chartists
