@article{oai:chuo-u.repo.nii.ac.jp:00006765,
 author = {MATSUMOTO, Akio and SZIDAROVSZKY, Ferenc},
 journal = {経済研究所 Discussion Paper, IERCU Discussion Paper},
 month = {Feb},
 note = {application/pdf, This study constructs a heterogeneous agents model of a …financial market in continuous time framework. There are two types of agents, fundamentalists and chartists. The former follow the traditional efficiency market theory and have a linear demand function whereas the latter experience delays in the formation of price trends and possess a S-shaped demand function. The main feature of this study is a theoretical investigation on the effects caused by two time delays in a price adjustment process. In particular, two main results are demonstrated: one is that the stability switching curves are analytically derived and the other is that the stability losses and gains can repeatedly occur when the shape of the curves are meandering. These imply that multiple delays might generate price deviations from the equilibrium value.},
 title = {Heterogeneous Agents Model of Asset Price with Time Delays},
 volume = {247},
 year = {2015}
}