  We extend Kirman's model by introducing variable event time scale. The
proposed flexible time scale is equivalent to the variable trading activity
observed in financial markets. Stochastic version of the extended Kirman's
agent based model is compared to the non-linear stochastic models of long-range
memory in financial markets. Agent based model providing matching macroscopic
description serves as a microscopic reasoning of the earlier proposed
stochastic model exhibiting power law statistics.
