Ellen, Saskia ter; Zwinkels, Remco C.J. - In: Energy Economics 32 (2010) 6, pp. 1427-1434
In this paper, we develop and test a heterogeneous agent model for the oil market. The demand for oil is divided in a speculative component and a real component. Speculators are boundedly rational in forming price expectations. Expectations are formed by one of two boundedly rational rules of...