We consider an asset pricing model with wealth dynamics and hetero-geneous agents. By assuming that all agents belonging to the same group agree to share their wealth whenever an agent gets in the group (or leaves it), we develop -an adaptive model which characterizes the evolution of the wealth distribution when agents switch between different trading strategies. Two groups with hetero-geneous beliefs are considered: fundamentalists and chartists. The model results in a nonlinear three-dimensional dynamical system,- which is studied in order to investigate complicated dynamics and to explain the effects on wealth distribution among agents in the long run.
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