Symmetry breaking in a bull and bear financial market model

Speculative behavior and chaotic asset price dynamics: On the emergence of a bandcount accretion bifurcation structure

“…To gain deeper analytical insights, Huang and Day [19] transformed this model into a one-dimensional piecewise linear model. Further variations of this fascinating theme are introduced and discussed in [21,20,34,22,23] and, with an even closer link to our work, in [33,26].…”

“…A simple asset-pricing model. The basic structure of the asset-pricing model by Panchuk, Sushko and Westerhoff, developed in [26] and resting on [8,19,33,34], may be summarized as follows. They consider a financial market that is populated by a market maker and four different types of speculators.…”

“…To be able to study the underlying mechanism of bandcount accretion bifurcation structures in detail, however, we consider case (i). Following the same arguments as in [33], and to tie in more closely with the results established in [26], we put z − = 1, z + = 1 + ε and ε > 0.…”

Non-compliant behaviour in public procurement: an evolutionary model with endogenous monitoring

“…We want to underline that in the present work, we have considered the question related to BCB with the main aim of giving insight in terms of economic intuition and policy suggestions, while we will leave a more indepth mathematical oriented analysis (i.e. the bifurcation structure of the parameters space of the economically meaningful region) to future development (see, for instance, the studies on linear piecewise smooth maps by Panchuk et al (2015Panchuk et al ( , 2013).…”

“…In particular, as the system can result to be continuous but not differentiable, besides the standard bifurcations occurring in smooth systems, also border-collision bifurcations (BCB) can emerge. 2 Starting from the initial works by Nusse and Yorke (1992) and Nusse and Yorke (1995), several contributions investigated BCB structures both in one-dim and two-dim systems [see, for instance, Panchuk et al (2013Panchuk et al ( , 2015, Banerjee et al (2000) and Gardini et al (2010)] and several applications in economics have been proposed [see Gardini et al (2011Gardini et al ( , 2015]. 3 Moving from standard smooth bifurcation structures to BCB sequences, the modification in qualitative dynamics as some key parameters are changed can be no more predictable, providing that economic policies aiming at fighting dishonest behaviour are difficult to be fixed.…”