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Learning, Competition And Cooperation In Simple Games

Author

Listed:
  • M. ÁNGELES R. DE CARA

    (Instituto de Ciencia de Materiales, Consejo Superior de Investigaciones Científicas, E-28049, Madrid, Spain)

  • ÓSCAR PLA

    (Instituto de Ciencia de Materiales, Consejo Superior de Investigaciones Científicas, E-28049, Madrid, Spain)

  • FRANCISCO GUINEA

    (Instituto de Ciencia de Materiales, Consejo Superior de Investigaciones Científicas, E-28049, Madrid, Spain)

Abstract

The Minority Game was introduced to study the competition between agents with bounded rationality. As the amount of information available decreases, agents manage to arbitrage away all the information, and collective gain is then reduced. This crowd effect arises from the fact that only a minority can profit at each moment, while all agents make their choices using the same input. The properties of the model change drastically if agents make choices based on their individual histories, keeping all remaining rules unaltered. This variation reduces the intrinsic frustration of the model, and improves the tendency towards cooperation and self organization. Finally, we study the stable mixing of individual and cooperative behavior.

Suggested Citation

  • M. Ángeles R. De Cara & Óscar Pla & Francisco Guinea, 2000. "Learning, Competition And Cooperation In Simple Games," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 463-464.
    • Handle: RePEc:wsi:ijtafx:v:03:y:2000:i:03:n:s0219024900000395
    DOI: 10.1142/S0219024900000395
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    Cited by:

    1. Campos, Daniel & Llebot, Josep E. & Méndez, Vicenç, 2008. "Limited resources and evolutionary learning may help to understand the mistimed reproduction in birds caused by climate change," Theoretical Population Biology, Elsevier, vol. 74(1), pages 16-21.

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