| Article ID: | iaor20083135 |
| Country: | Netherlands |
| Volume: | 37 |
| Issue: | 1 |
| Start Page Number: | 101 |
| End Page Number: | 123 |
| Publication Date: | Dec 1992 |
| Journal: | Annals of Operations Research |
| Authors: | Chiarella Carl |
| Keywords: | investment |
A number of recent empirical studies cast some doubt on the random walk theory of asset prices and suggest these display significant transitory components and complex chaotic motion. This paper analyses a model of fundamentalists and chartists which can generate a number of dynamic regimes which are compatible with the recent empirical evidence.