A microscopic model of the stock market. Cycles, booms, and crashes

Moshe Levy; Haim Levy; Sorin Solomon

doi:10.1016/0165-1765(94)90065-5

A microscopic model of the stock market. Cycles, booms, and crashes

Moshe Levy
, Haim Levy^*
, Sorin Solomon

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

169 Scopus citations

Abstract

We present a model of the stock market based on the behavior of individual investors. Simulations exhibit rich phenomena which include cycles, booms, and crashes. Low dividend yield and more homogeneous market participants are shown to induce crashes.

Original language	English
Pages (from-to)	103-111
Number of pages	9
Journal	Economics Letters
Volume	45
Issue number	1
DOIs	https://doi.org/10.1016/0165-1765(94)90065-5
State	Published - May 1994

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abstract = "We present a model of the stock market based on the behavior of individual investors. Simulations exhibit rich phenomena which include cycles, booms, and crashes. Low dividend yield and more homogeneous market participants are shown to induce crashes.",

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A microscopic model of the stock market. Cycles, booms, and crashes

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