Criticality and Punctuated Equilibrium in a Spin System Model of a Financial Market
Abstract
We describe a financial market model which shows a non-equilibrium phase transition. Near the transition punctuated equilibrium behaviour is seen, with avalanches occuring on all scales. This scaling is described by an exponent very near 1. This system shows intermittent time development with bursts of global synchronization reminiscent of a market rollercoaster.
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