0410622 20240103182227.120060210235959.9 80-245-0196-1 Praha VŠE 2001 7 s. 199-205DlouhýM. heterogeneity of expectations adaptive belief systems forecasting rules cav_un_auth*0101230 Vošvrda Miloslav UTIA-B Department of Econometrics Ústav teorie informace a automatizace AV ČR, v. v. i. 12B 05D GA402/00/0136 GA ČR cav_un_auth*0212804 GA402/01/0034 GA ČR cav_un_auth*0008950 GA402/01/0539 GA ČR cav_un_auth*0008959 AV0Z1075907 The heterogeneity of expectations among traders introduces an important non-linearity into the financial markets. In a series of papers, Brock and Hommes, propose to model economic and financial markets as adaptive belief systems. Asset price fluctuations in adaptive belief systems are characterized by phases of close-to-the-fundamental-price fluctuations, phases of optimism where most agents follow an upward price trend, and phases of pessimism with small or large market crashes. cav_un_auth*0212803 International Conference Mathematical Methods in Economics 2001 /19./ Hradec Králové CZ 05.09.2001-07.09.2001 BB E http://hdl.handle.net/11104/0130711 UTIA-B 20010091 2001 2001 Praha VŠE 80-245-0196-1 Proceedings of the 19th International Conference on Mathematical Methods in Economics 2001 199 205 Dlouhý M. 340