A little note on my article (2009) will be published on CSF in March: A note on biased fundamentalists (with A. Naimzada).


We report a result not recognized in the model analyzed in Naimzada and Ricchiuti (2009): heterogeneity may have an ambiguous role in the complex dynamics. Indeed, given high reactivity of either market maker or agents, an increasing heterogeneity initially stabilizes the price (through a subcritical period two cycle) and then it destabilizes the price (initially through a pitchfork bifurcation). Moreover, we define better the structure of beliefs, highlighting their position in comparison with a unique (not observed) fundamental value and assuming that agents are pure biased traders.

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