| 词汇 | example_english_chartist |
| 释义 | Examples of chartistThese examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. This may be the case when a market with a high concentration of chartists displays a strong technical trading signal. In contrast, chartists use rather flexible extrapolative methods to forecast prices. Our model is flexible enough to capture chartist behavior. If g goes to infinity, all chartists enter the market with the highest fitness. However, every chartist knows that all bubbles eventually burst. Broadly speaking, chartists tend to destabilize the markets, whereas fundamentalists exercise a stabilizing impact on the dynamics. Since chartists typically destabilize the market, a bubble is likely to occur. We want to keep a total of the gains obtained up to period t by following the fundamentalist rule and similarly for the chartist rule. The higher the attractiveness of market k, the more chartists will enter that market. For instance, if the market impact of chartists exceeds a critical threshold, prices may be driven away from fundamentals. In addition, it is sometimes conjectured that chartist-fundamentalist models have difficulties in mimicking the stylized fact of financial markets in a nonstationary setting. Furthermore, the market forecasts will evolve as the proportions of fundamentalists and chartists change over time. Specifically, chartists prefer markets that display price trends but that are not too misaligned. The delay effect reflects the presence of chartists. For g = 0, the chartists do not observe any differences in the fitness of the markets. To preserve the structure of the model, we opt for a simple stochastic regimeswitching process to characterize the orders of the chartists. Note that if the composition between chartists and fundamentalists varies, the stability of the markets may be affected. If there are more fundamentalists than chartists in a market, prices are pushed toward (perceived) fundamentals. However, this development also implies that the market share of chartists decreases at least in one other market. Speculators in both countries use chartist or fundamentalist rules for forecasting the exchange rate. It turns out that asset prices converge to a unique limiting distribution if the impact of chartists is not too strong. The interaction of the demands of the fundamentalist and chartist agents in the two countries determines the market-clearing rate at each point in time. In this paper, we relax the distinction between chartists and fundamentalists to put the focus on the role of interaction among individuals during continuous trading. The total market impact of chartists is somewhat higher than that of fundamentalists, but note that chartists split into five markets. Such a development increases the attractiveness of the market for the chartists so that more and more of them enter this market. These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
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