A Speculative Financial Market Model

  • Adam Ponzi
Conference paper


Recent research has shown that stocks in financial markets, and indeed the markets themselves, can interact in complex ways. I describe an idealized phenomenological model which is based on real observed market characteristics and treats a financial market as a complex adaptive system. It is an integral part of this model that a stock cannot be considered singly but is part of a dynamically evolving environment. In this article I concentrate on describing and motivating the model’s basic physical assumptions in some detail. I compare behaviour with real empirical market characteristics and show some new empirical results which indicate that the FTSE100 shares are compatible with on-off intermittency.


Financial Market Market Return Complex Adaptive System Individual Investor Price Return 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Japan 2002

Authors and Affiliations

  • Adam Ponzi
    • 1
    • 2
  1. 1.Hibernian Investment ManagementDublinIreland
  2. 2.Department of PhysicsTrinity CollegeDublinIreland

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