%T Wealth-driven competition in a speculative financial market: examples with maximizing agents %A Anufriev, Mikhail %J Quantitative Finance %N 4 %P 363-380 %V 8 %D 2008 %K Asset pricing model; CRRA framework; Equilibrium market curve; Expected utility maximization; Mean-variance optimization; Linear investment functions %= 2011-02-23T15:54:00Z %~ http://www.peerproject.eu/ %> http://nbn-resolving.de/urn:nbn:de:0168-ssoar-221078 %X This paper demonstrates how both quantitative and qualitative results of a general, analytically tractable asset-pricing model in which heterogeneous agents behave consistently with a constant relative risk aversion assumption can be applied to the special case of optimizing behavior. The analysis of the asymptotic properties of the market is performed using a geometric approach which allows the visualization of all possible equilibria by means of a simple one-dimensional Equilibrium Market Curve. The case of linear (particularly, mean-variance) investment functions is thoroughly analyzed. This analysis highlights the features which are specific to linear investment functions. As a consequence, some previous contributions of the agent-based literature are generalized. %C Vereinigtes Königreich %G en %9 Zeitschriftenartikel %W GESIS - http://www.gesis.org %~ SSOAR - http://www.ssoar.info