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- W2775985369 abstract "We present an asset pricing model with heterogeneous agents trading in a Walrasian scenario. Fractions of agents are updated at any time and their wealth is updated not only as a consequence of portfolio growth of agents adopting the same strategy, but also due to the flow of new agents. After introducing the belief types, rational and chartists, the model is built to investigate the role of the switching mechanism in the long-run wealth evolution. In particular, it shows complexity in the wealth distribution and positive strong correlation between the evolution of the fraction of agents using the same predictor and its relative wealth. The former result is explained by the switching mechanism introduced into the wealth dynamics, the latter is proved by computing the statistical distributions of the observed correlation coefficients." @default.
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- W2775985369 date "2010-01-01" @default.
- W2775985369 modified "2023-09-27" @default.
- W2775985369 title "Whealth Distribution in an Asset Pricing Model: the Role of the Switching Mechanism" @default.
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