A behavioral cobweb model with heterogeneous speculators

摘要: This paper aims at integrating heterogeneous boundedly rational speculators into the classical cobweb framework in which producers have naive expectations. The net supply available to consumers thus depends on positions of who switch between technical and fundamental forecast rules predict prices. Our nonlinear, yet quite simple model has potential produce price dynamics mimics well-known cyclical fluctuations commodity markets. We show that if number increases we first observe a pitchfork bifurcation then period doubling bifurcation. After infinitely many bifurcations becomes chaotic