The simulation results of the agent-based model.

(a) The probability difference ΔP(t) computed with the simulated returns at the time windows T1 = 3 and T2 = 150. The parameter c is 1/80. The black line represents ΔP(t) averaged over 100 samples with error bars and the other lines stand for ΔP(t) averaged over 75, 50 and 25 randomly chosen samples. ΔP(t) for different values of c are displayed in the inset, with T1 = 3 and T2 = 150. (b) The amplitude AP0 of ΔP(t) at different time windows T1 and T2. Each ΔP(t) is averaged over 100 samples. The larger AP0 is, the more significantly ΔP(t) differs from zero. For ΔP(t) fluctuating around zero, AP0 = 0.