标题： 金融和经济系统中从布朗运动到繁荣-萧条动态的转变 显示英文标题

标题： The Transition from Brownian Motion to Boom-and-Bust Dynamics in Financial and Economic Systems

摘要： 关于总量变量的准均衡模型在金融和经济学中被广泛使用。这类模型的有效性在很大程度上依赖于假设系统参与者的行为既独立又具有马尔可夫性质。我们提出一个简化的市场模型，以证明在现实参数值下，代理人之间的从众效应会导致繁荣-萧条动态的变化。该模型还可以被视为一种具有切换和再注入的新颖随机粒子系统。 显示英文摘要

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.