Based on a classical financial market model different model variants known from the literature are discussed and analyzed, each focussing on modeling financial markets as a nonlinear dynamic system by introducing the formation of (heterogeneous) beliefs about future asset prices into the model...

Wide swings in prices of raw materials, of crude oil in particular, have characterized the development of the world economy in the seventies and eighties. This applies not only to shifts in the terms of trade and thus to the distribution of income from international trade, but also to inflation...