Analysis of a Heterogeneous Trader Model for Asset Price Dynamics

<table>Orbit diagram: Log of asset price <svg height="10.325" id="M73" style="vertical-align:-0.0pt" version="1.1" viewbox="0 0 11.75 10.325" width="11.75" xmlns="http://www.w3.org/2000/svg">
<g transform="matrix(1.25,0,0,-1.25,0,10.325)">
<g transform="translate(72,-63.74)">
<text transform="matrix(1,0,0,-1,-71.95,63.79)">
<tspan style="font-size: 12.50px; " x="0" y="0">𝑃</tspan>
</text>
</g>
</g>
</svg> for varying trading aggressiveness <svg height="10.325" id="M74" style="vertical-align:-0.0pt" version="1.1" viewbox="0 0 14.8375 10.325" width="14.8375" xmlns="http://www.w3.org/2000/svg">
<g transform="matrix(1.25,0,0,-1.25,0,10.325)">
<g transform="translate(72,-63.74)">
<text transform="matrix(1,0,0,-1,-71.95,63.79)">
<tspan style="font-size: 12.50px; " x="0" y="0">𝑁</tspan>
</text>
</g>
</g>
</svg>.</table>

Discrete Dynamics in Nature and Society

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Figure 1

Figure 1: Analysis of a Heterogeneous Trader Model for Asset Price Dynamics 