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We propose and document the evidence for an analogy between the dynamics ofgranular counter-flows in the presence of bottlenecks or restrictions andfinancial price formation processes. Using extensive simulations, we find thatthe counter-flows of simulated pedestrians through a door display many stylizedfacts observed in financial markets when the density around the door iscompared with the logarithm of the price. The stylized properties are presentalready when the agents in the pedestrian model are assumed to display azero-intelligent behavior. If agents are given decision-making capacity andadapt to partially follow the majority, periods of herding behavior mayadditionally occur. This generates the very slow decay of the autocorrelationof absolute return due to an intermittent dynamics. Our finding suggest thatthe stylized facts in the fluctuations of the financial prices result from acompetition of two groups with opposite interests in the presence of aconstraint funneling the flow of transactions to a narrow band of prices.

Universality class of balanced flows with bottlenecks: granular flows, pedestrian fluxes and financial price dynamics