Responses of indices over
μ. Other parameters are as in Table 1 (φ = 0.6, λ = 2, τ = 1 year and N = 1000). The different founding sets are represented by 401 and 140, meaning one cluster of size forty and forty clusters of size one respectively. The error bars indicate the central 90% of simulated values. The upper value of the bar for at μ = 0.05 (out of the range of the graph) is 40.3.