We develop a financial market model with interacting chartists and fundamentalists that embeds the famous bull and bear market model of Huang and Day as a special case. Their model is given by a one-dimensional continuous piecewise-linear map. Our model, on the other hand, is more flexible and...

We present a simple financial market model with interacting chartists and fundamentalists. Since some of these speculators only become active when a certain misalignment level has been crossed, the dynamics are driven by a discontinuous piecewise linear map. The model endogenously generates...

In this work, we reconsider the dynamics of a few versions of the classical Samuelson's multiplier-accelerator model for national economy. First we recall that the classical one with constant governmental expenditure, represented by a linear second-order difference equation, is able to generate...

In dynamic economic models derived from optimization principles, the forward equilibrium dynamics may not be uniquely de…fined, while the backward dynamics is well de…fined. We derive properties of the global forward equilibrium paths based on properties of the backward dynamics. We propose...

We develop a three-dimensional nonlinear dynamic model in which the stock markets of two countries are linked through the foreign exchange market. Connections are due to the trading activity of heterogeneous speculators. Using analytical and numerical tools, we seek to explore how the coupling...

In the fi…rst part of our paper we proposed a three-dimensional nonlinear dynamic model of interacting stock and foreign exchange markets, jointly driven by the speculative activity of heterogeneous investors. We focused, in particular, on the typical 'bull and bear' scenario that emerges from...

We develop a financial market model with interacting chartists and fundamentalists that embeds the famous bull and bear market model of Huang and Day as a special case. Their model is given by a one-dimensional continuous piecewise-linear map. Our model, on the other hand, is more flexible and...

This article considers a Cournot duopoly under an isoelastic demand function and cost functions with built-in capacity limits. The special feature is that each firm is assumed to operate multiple plants, which can be run alone or in combination. Each firm has two plants with different capacity...

Several discrete-time dynamic models are ultimately expressed in the form of iterated piecewise linear functions, in one or two-dimensional spaces. In this paper we study a one-dimensional map made up of three linear pieces which are separated by two discontinuity points, motivated by a dynamic...

This article considers a Cournot duopoly under an isoelastic demand function and cost functions with built-in capacity limits. The special feature is that each fi…rm is assumed to operate multiple plants, which can be run alone or in combination. Each …firm has two plants with different...