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.