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In this paper,we consider an S-shaped piecewise linear supply function and the totaldemand which consists of two components,the real demand and the speculative demand,andthen develop a piecewise linear cobweb model with speculative demand.Taking the parameter ofthe speculative demand as the bifurcation parameter,the dynamics,fixed points andbifurcations,of the model are investigated.Complex interactions between real and speculativeforces play a key role in such dynamic developments.