Schizophrenic representative investors

Philip Z. Maymin

Research output: Contribution to journalArticle


Representative investors whose behavior is modeled by a deterministic finite automaton generate complexity both in the time series of each asset and in the cross-sectional correlation when the rule governing their behavior is schizophrenic, meaning the investor holds multiple seemingly contradictory beliefs simultaneously, either by switching between two different rules at each time step, or computing different responses to different assets.

Original languageEnglish (US)
Pages (from-to)61-73
Number of pages13
JournalComplex Systems
Issue number1
Publication statusPublished - 2013


ASJC Scopus subject areas

  • Computer Science(all)
  • Control and Systems Engineering

Cite this

Maymin, P. Z. (2013). Schizophrenic representative investors. Complex Systems, 22(1), 61-73.