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A number of recent empirical studies cast some doubt on the random walk theory of asset prices and suggest these display significant transitory components and complex chaotic motion. This paper analyses a model of fundamentalists and chartists which can generate a number of dynamic regimes which are compatible with the recent empirical evidence. Forthcoming in ANNALS OF OPERATIONS RESEARCH, 1992doi:10.2139/ssrn.883558 fatcat:abruykftv5filevb2ahqtr5ymq