Shedding light on El Farol
AbstractWe mathematize El Farol bar problem and transform it into a workable model. We find general conditions on the predictor space under which the convergence of the average attendance to the resource level does not require any intelligence on the side of the agents. Secondly, specializing to a particular ensemble of continuous strategies yields a model similar to the Minority Game. Statistical physics of disordered systems allows us to derive a complete understanding of the complex behavior of this model, on the basis of its phase diagram.
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Bibliographic InfoArticle provided by Elsevier in its journal Physica A: Statistical Mechanics and its Applications.
Volume (Year): 332 (2004)
Issue (Month): C ()
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Web page: http://www.journals.elsevier.com/physica-a-statistical-mechpplications/
El Farol; Minority Game; Resource level; Biased strategies;
Other versions of this item:
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
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- Challet, Damien, 2008.
"Inter-pattern speculation: Beyond minority, majority and $-games,"
Journal of Economic Dynamics and Control,
Elsevier, vol. 32(1), pages 85-100, January.
- Damien Challet, 2005. "Inter-pattern speculation: beyond minority, majority and $-games," Finance 0503006, EconWPA.
- Chen, Shu-Heng & Gostoli, Umberto, 2013. "Coordination in the El Farol Bar problem: The role of social preferences and social networks," Economics Discussion Papers 2013-20, Kiel Institute for the World Economy.
- Shu-Heng Chen & Umberto Gostoli, 2011. "Agent-Based Modeling of the El Farol Bar Problem," ASSRU Discussion Papers 1120, ASSRU - Algorithmic Social Science Research Unit.
- Zozor, S. & Ravier, P. & Buttelli, O., 2005. "On Lempel–Ziv complexity for multidimensional data analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 345(1), pages 285-302.
- Lustosa, Bernardo C. & Cajueiro, Daniel O., 2010. "Constrained information minority game: How was the night at El Farol?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(6), pages 1230-1238.
- Christina Matzke & Damien Challet, 2008. "Taking a shower in Youth Hostels: risks and delights of heterogeneity," Bonn Econ Discussion Papers bgse1_2008, University of Bonn, Germany.
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