Before revision: Fat tails arise endogenously from modeling of price change based on  a quotient of arbitrarily correlated demand and supply (i.e., excess demand) whether or not jump discontinuities are present.
After revision: Fat tails arise endogenously from modeling of price change based on an excess demand analysis resulting in a quotient of arbitrarily correlated demand and supply (i.e., excess demand) whether or not jump discontinuities are present.