Market
Readouts
Price
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Fundamental value
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Mispricing
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Max mispricing
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Chartist share
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Return kurtosis
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log-price: p+ = p + 0.5*(w_f*0.3*(v-p) + w_c*(chartist demand)) + noise. Chartists extrapolate returns (losses weighted lambda, Kahneman-Tversky), pulled to an anchor (EMA of price); herding raises the chartist weight with momentum (Brock-Hommes switching).