Developing a model with a switching mechanism, we show how complex dynamics can be generated even though heterogeneity arises among agents with the same trading rules (fundamentalists). We assume that there are two experts which are imitated by other operators. We show that (i) market instability and periodic, or even, chaotic price fluctuations can be generated; (ii) conditions exist under whi...

This paper analyses a model of learning by imitation, where besides the decision maker, there is a population of individuals facing the same decision problem. We analyse a property called Absolute Expediency, which requires that the decision maker’s expected payo¤ increases from one round to the next for every decision problem and every state of the population. We give a simple characterisation...

According to the ideomotor theory, actions are represented in terms of their perceptual effects, offering a solution for the correspondence problem of imitation (how to translate the observed action into a corresponding motor output). This effect-based coding of action is assumed to be acquired through action-effect learning. Accordingly, performing an action leads to the integration of the per...

although ghazālī has not openly talked about the philosophy of theology, its components can be found in his works. as such, he regards the ultimate goal of theology to be safeguarding the religion and the assertoric or imitative belief of the religious person, preventing misconception and doubt to enter it, and preparing for the desired outcome of theology (happiness). the status of the science...

A Cramér-type moderate deviation theorem quantifies the relative error of tail probability approximation. It provides a criterion whether limiting can be used to estimate under study. Chen, Fang and Shao (2013) obtained general result using Stein’s method when was normal distribution. In this paper, theorems are established for nonnormal approximation Stein identity, which is satisfied via exch...