We analyze a financial market model with heterogeneous interacting agents where fundamentalists and chartists are considered. We assume that fundamentalists are homogeneous in their trading strategy but heterogeneous in their belief about the asset’s fundamental value. On the other hand, we consider that chartists, when they are optimistic become overconfident and they trade more than when they are pessimistic. Consequently, our model dynamics are driven by a one-dimensional piecewise-linear continuous map with three linear branches. We investigate the bifurcation structures in the map’s parameter space and describe the endogenous fear and greed market dynamics arising from our asset-pricing model.

我们分析了一个具有异构交互代理的金融市场模型，其中考虑了原教旨主义者和图表主义者。我们假设原教旨主义者的交易策略是同质的，但他们对资产基本价值的信念却是异质的。另一方面，我们认为图表分析师在乐观时会变得过于自信，并且比悲观时交易更多。因此，我们的模型动力学由具有三个线性分支的一维分段线性连续映射驱动。我们研究了地图参数空间中的分叉结构，并描述了由我们的资产定价模型引起的内生恐惧和贪婪市场动态。