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Uncertainty aversion in a heterogeneous agent model of foreign exchange rate formation

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Figure

Figure 1: Daily GBP/USD prices during 2 January 1997 – 30 June 2008 (top) and theestimated model residuals (bottom).
Figure 3: Proportion of trader types, exchange rate levels vs. fundamental price, interestrate differential and difference in utilities between fundamentalist and chartist traders overperiod from 2 January 2007 to 30 June 2008.
Figure 4:Proportions of trader types, exchange rate levels vs.fundamental price anddifference in utilities between fundamentalist and chartist agents over 1997.
Table 1: Parameters Estimates: Unrestricted Model
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