  We present an agent behavior based microscopic model that induces jumps,
spikes and high volatility phases in the price process of a traded asset. We
transfer dynamics of thermally activated jumps of an unexcited/ excited two
state system discussed in the context of quantum mechanics to agent
socio-economic behavior and provide microfoundations. After we link the
endogenous agent behavior to price dynamics we establish the circumstances
under which the dynamics converge to an It\^o-diffusion price processes in the
large market limit.
