This chapter surveys the state-of-art of heterogeneous agent models (HAMs) in finance
using a jointly theoretical and empirical analysis, combined with numerical analysis from the …

We develop a model in which investors can participate in stock, bond and housing markets.
Investors' market entry decisions are subject to herding effects and depend on the markets' …

We propose a novel agent-based financial market framework in which speculators usually
follow their own individual technical and fundamental trading rules to determine their orders …

After showing that the distribution of the S&P 500's distortion, ie the log difference between
its real stock market index and its real fundamental value, is bimodal, we demonstrate that …

We continue the investigation of a one-dimensional piecewise linear map with two
discontinuity points. Such a map may arise from a simple asset-pricing model with …

We propose an asset pricing model with heterogeneous agents allocating capital to the
stock and bond markets to optimize their portfolios, utilizing the dynamic interaction between …

By developing a continuous-time heterogeneous agent financial market model of multi-
assets traded by fundamental and momentum investors, we provide a potential mechanism …

During last decades, studies on asset pricing models witnessed a paradigm shift from
rational expectation and representative agent to an alternative, behavioral view, where …

This paper offers an overview of the literature on the economic and financial applications of
theory of nonlinear dynamics, especially bifurcation theory. After a short introductory …

The goal of this paper is to review some work on agent-based financial market models in
which the dynamics is driven by piecewise-linear maps. As we will see, such models allow …