Tramontana, Fabio; Westerhoff, Frank; Gardini, Laura - Facoltà di Economia, Università degli Studi di Urbino - 2010
We develop a financial market model with heterogeneous interacting agents: market makers adjust prices with respect to excess demand, chartists believe in the persistence of bull and bear markets and fundamentalists bet on mean reversion. Moreover, speculators trade asymmetrically in over and...