Journal of Applied Mathematics and Stochastic Analysis
Volume 2006 (2006), Article ID 86412, 11 pages
doi:10.1155/JAMSA/2006/86412
Abstract
We study a stock market model, consisting in a large
number of agents, going eventually to infinity, and evaluate the
stock price under the influence of opinions of different agents.
Next we study the behavior of prices when the market is very
nervous; there appear discontinuities (phase transitions) which
can be interpreted as stock market crashes.