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This paper surveys work on dynamic heterogeneous agent models (HAMs) in economics and finance. Emphasis is given to simple models that, at least to some extent, are tractable by analytic methods in combination with computational tools. Most of these models are behavioral models with boundedly...
Persistent link: https://www.econbiz.de/10011255802
rational versus naive agents introduced in Brock and Hommes (1997). The second is an asset pricing model with fundamentalists …
Persistent link: https://www.econbiz.de/10011256250