Nonsingular bounce in modified gravity

We investigate bouncing solutions in the framework of the nonsingular gravity model of Brandenberger, Mukhanov and Sornborger. We show that a spatially flat universe filled with ordinary matter undergoing a phase of contraction reaches a stage of minimal expansion factor before bouncing in a regular way to reach the expanding phase. The expansion can be connected to the usual radiation-and matter-dominated epochs before reaching a final expanding de Sitter phase. In general relativity (GR), a bounce can only take place provided that the spatial sections are positively curved, a fact that has been shown to translate into a constraint on the characteristic duration of the bounce. In our model, on the other hand, a bounce can occur also in the absence of spatial curvature, which means that the time scale for the bounce can be made arbitrarily short or long. The implication is that constraints on the bounce characteristic time obtained in GR rely heavily on the assumed theory of gravity. Although the model we investigate is fourth order in the derivatives of the metric (and therefore unstable vis-a-vis the perturbations), this generic bounce dynamics should extend to string-motivated nonsingular models which can accommodate a spatially flat bounce.

Short-time behaviour of demand and price viewed through an exactly solvable model for heterogeneous interacting market agents

We introduce a stochastic heterogeneous interacting-agent model for the short-time non-equilibrium evolution of excess demand and price in a stylized asset market. We consider a combination of social interaction within peer groups and individually heterogeneous fundamentalist trading decisions which take into account the market price and the perceived fundamental value of the asset. The resulting excess demand is coupled to the market price. Rigorous analysis reveals that this feedback may lead to price oscillations, a single bounce, or monotonic price behaviour. The model is a rare example of an analytically tractable interacting-agent model which allows LIS to deduce in detail the origin of these different collective patterns. For a natural choice of initial distribution, the results are independent of the graph structure that models the peer network of agents whose decisions influence each other. (C) 2009 Elsevier B.V. All rights reserved.