Analysis of a Heterogeneous Trader Model for Asset Price Dynamics

<table>Phase diagram showing chaotic attractor (<svg height="10.9125" id="M96" style="vertical-align:-0.17555pt" version="1.1" viewbox="0 0 52.349998 10.9125" width="52.349998" xmlns="http://www.w3.org/2000/svg">
<g transform="matrix(1.25,0,0,-1.25,0,10.9125)">
<g transform="translate(72,-63.27)">
<text transform="matrix(1,0,0,-1,-71.95,63.5)">
<tspan style="font-size: 12.50px; " x="0" y="0">𝑁</tspan>
<tspan style="font-size: 12.50px; " x="14.103384" y="0">=</tspan>
<tspan style="font-size: 12.50px; " x="26.143772" y="0">3</tspan>
<tspan style="font-size: 12.50px; " x="32.395271" y="0">.</tspan>
<tspan style="font-size: 12.50px; " x="35.521023" y="0">2</tspan>
</text>
</g>
</g>
</svg>).</table>

Discrete Dynamics in Nature and Society

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Figure 4

Figure 4: Analysis of a Heterogeneous Trader Model for Asset Price Dynamics 