market impact of speculative behaviour. We show that, when the chartists use lagged price trends to form their expectations … Words: Heterogeneous agents, speculative behaviour, random dynamical systems, stochastic bifurcations, invariant measures … speculative behaviour as it captures in a very simple way the essential aspects of the heterogeneous boundedly rational agent …

We estimate three different models of speculative behaviour using oil price data. Our findings provide support for the …

market equilibrium distribution is examined numerically. It is shown that speculative behaviour of chartists can cause the …

have only been driven by fundamental demand and supply factors or if they result also from speculative behaviour in the …