  Models to mimic the transmission of information in financial markets are
introduced. As an attempt to generate the demand process, we distinguish
between dictatorship associations, where groups of agents rely on one of them
to make decision, and democratic associations, where each agent takes part in
the group decision. In the dictatorship model, agents segregate into two
distinct populations, while the democratic model is driven towards a critical
state where groups of agents of all sizes exist. Hence, both models display a
level of organization, but only the democratic model is self-organized. We show
that the dictatorship model generates less volatile markets than the democratic
model.
