$napis="Abstract"; include "zacatek.inc"; ?> Preprint MA 44/2004
The considered model describes dynamics of intrinsic value and actual
price of stocks on the stock markets.
The model construction is based on characterization market
participants behavior and on relationships between stock market
and economical environment. Our model respects different behavior
of market participants at undervalued and overvalued market.
Our aim is to contribute to study of processes, which influence
the price dynamics at the stock markets.
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