Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/182509 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
BERG Working Paper Series No. 136
Verlag: 
Bamberg University, Bamberg Economic Research Group (BERG), Bamberg
Zusammenfassung: 
We provide a full analytical treatment of a multi-asset market model in which speculators have the choice between two risky and one safe asset. As it turns out, the dynamics of our model is driven by a four-dimensional nonlinear map and may undergo a transcritical, flip or Neimark-Sacker bifurcation. While the first bifurcation is associated with an undervaluation of the risky assets, the latter two may trigger (complex) endogenous dynamics. To facilitate our analysis, we first study a simpler two-dimensional setup of our model in which speculators can only switch between one risky and one safe asset.
Schlagwörter: 
multi-asset markets
replicator dynamics
nonlinear maps
stability and bifurcation analysis
JEL: 
D84
G12
G41
ISBN: 
978-3-943153-57-6
Dokumentart: 
Working Paper

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