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摘要翻译：
总量变量的准均衡模型在金融和经济学中得到了广泛的应用。这种模型的有效性主要取决于假设系统的参与者既独立地行为，又以马尔可夫的方式行为。我们提出了一个简化的市场模型，证明了在实际参数值下，代理之间的羊群效应可以导致向繁荣和萧条动力学的转变。该模型也可以看作是一个具有切换和再注入的新的随机粒子系统。
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英文标题：
《The Transition from Brownian Motion to Boom-and-Bust Dynamics in
Financial and Economic Systems》
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作者：
Harbir Lamba
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最新提交年份：
2012
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：Trading and Market Microstructure 交易与市场微观结构
分类描述：Market microstructure, liquidity, exchange and auction design, automated trading, agent-based modeling and market-making
市场微观结构，流动性，交易和拍卖设计，自动化交易，基于代理的建模和做市
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英文摘要：
Quasi-equilibrium models for aggregate variables are widely-used throughout finance and economics. The validity of such models depends crucially upon assuming that the systems' participants behave both independently and in a Markovian fashion. We present a simplified market model to demonstrate that herding effects between agents can cause a transition to boom-and-bust dynamics at realistic parameter values. The model can also be viewed as a novel stochastic particle system with switching and reinjection.
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PDF链接：
https://arxiv.org/pdf/1209.4629
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