Phân tích tư tưởng của nhân dân qua đoạn thơ: Những người vợ nhớ chồng… Những cuộc đời đã hóa sông núi ta trong Đất nước của Nguyễn Khoa Điềm
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The picture of the market that results from our experiments, surprisingly, confirms both the efficient-
market academic view and the traders’ view. But each is valid under different circumstances—in different
regimes. In both circumstances, we initiate our traders with heterogeneous beliefs clustered randomly in an
interval near homogeneous rational expectations. We find that if our agents adapt their forecasts very
slowly to new observations of the market’s behavior, the market converges to a rational-expectations
regimes. Here “mutant” expectations cannot get a profitable footing; and technical trading, bubbles,
crashes, and autocorrelative behavior do not emerge. Trading volume remains low. The efficient-market
theory prevails....
Nội dung trích xuất từ tài liệu:
Modelling Stock Returns with AR-GARCH Processes⋆
