{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2022,3,30]],"date-time":"2022-03-30T01:22:11Z","timestamp":1648603331925},"reference-count":23,"publisher":"World Scientific Pub Co Pte Lt","issue":"05n06","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Advs. Complex Syst."],"published-print":{"date-parts":[[2015,8]]},"abstract":"<jats:p> This paper studies the effect of investor\u2019s bounded rationality on market dynamics. In a call auction market, we consider a few-types model where two risky assets are traded. Agents differ by their behavior, knowledge, risk aversion and investment horizon. The investor\u2019s demand is defined by a utility maximization under constant absolute risk aversion (CARA). Relaxing the assumption of perfect knowledge of fundamentals enables to identify two components in a bubble. The first one comes from the unperceived fundamental changes due to trader\u2019s belief perseverance. The second one is generated by chartist behavior. In all simulations, speculators make the market less efficient and more volatile. They also increase the maximum amount of assets exchanged in the most liquid time step. However, our model does not show rising average volatility on long term. Concerning the fundamentalists, the belief perseverance has a stabilization impact on the spot price. The closer the anchor is to the true fundamental value, the more efficient the market is, because the prices change smoothly. <\/jats:p>","DOI":"10.1142\/s0219525915500241","type":"journal-article","created":{"date-parts":[[2015,12,18]],"date-time":"2015-12-18T06:20:33Z","timestamp":1450419633000},"page":"1550024","source":"Crossref","is-referenced-by-count":0,"title":["FAIR PRICE AND TRADING PRICE: AN ABM APPROACH WITH ORDER-PLACEMENT STRATEGY AND MISUNDERSTANDING OF FUNDAMENTAL VALUE"],"prefix":"10.1142","volume":"18","author":[{"given":"VIVIEN","family":"LESPAGNOL","sequence":"first","affiliation":[{"name":"Aix-Marseille University (Aix-Marseille School of Economics) CNRS &amp; EHESS, Centre de la vieille Charit\u00e9, 2 rue de la Charit\u00e9, 13002 Marseille, France"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"JULIETTE","family":"ROUCHIER","sequence":"additional","affiliation":[{"name":"Aix-Marseille University (Aix-Marseille School of Economics) CNRS &amp; EHESS, Centre de la vieille Charit\u00e9, 2 rue de la Charit\u00e9, 13002 Marseille, France"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"219","published-online":{"date-parts":[[2016,1,6]]},"reference":[{"key":"S0219525915500241BIB001","doi-asserted-by":"publisher","DOI":"10.1016\/S1386-4181(01)00024-6"},{"key":"S0219525915500241BIB002","doi-asserted-by":"publisher","DOI":"10.1561\/0500000003"},{"key":"S0219525915500241BIB003","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2012.03.006"},{"key":"S0219525915500241BIB004","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00226"},{"key":"S0219525915500241BIB005","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2010.10.003"},{"key":"S0219525915500241BIB006","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/4.3.483"},{"key":"S0219525915500241BIB007","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhm075"},{"key":"S0219525915500241BIB008","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(98)00026-9"},{"key":"S0219525915500241BIB009","doi-asserted-by":"publisher","DOI":"10.1037\/0096-1523.3.4.552"},{"key":"S0219525915500241BIB010","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1988.tb04594.x"},{"key":"S0219525915500241BIB011","doi-asserted-by":"publisher","DOI":"10.1016\/S1574-0021(05)02023-X"},{"key":"S0219525915500241BIB012","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2004.08.003"},{"key":"S0219525915500241BIB013","doi-asserted-by":"publisher","DOI":"10.2307\/1913210"},{"key":"S0219525915500241BIB014","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.37.11.2098"},{"key":"S0219525915500241BIB015","doi-asserted-by":"publisher","DOI":"10.1142\/S0219024900000826"},{"key":"S0219525915500241BIB016","series-title":"CGFS Publications No. 11","first-page":"1","volume-title":"Market Liquidity: Research Findings and Selected Policy Implications","author":"Muranaga J.","year":"1999"},{"key":"S0219525915500241BIB017","volume-title":"Technical Analysis of the Financial Markets","author":"Murphy J. 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