Dynamics of price and wealth in asset flow models

Multi-group asset flow model is an idealized deterministic
nonlinear model of trading between multiple groups of investors, which
enables the use of analytical tools to explore the effect of distinct
motivations and trading strategies on the evolution of investor wealth and
market price. I will outline recent results on the structure and stability
of market equilibria in closed systems for various types of investor
motivations, and discuss their implications for nonequilibium phenomena such
as flash crashes and market bubbles.