Markets, Herding and Response to External Information.

If we first focus on the examples for market parameters in the bistable regime (first column, a = 5 · 10 −4 , h 0 = 10 −3 ), we find a highly significant autocorrelation of absolute returns which only falls off slowly, in accordance with previous empirical literature [ 2 , 4 , 58 , 59 ].

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