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Congestion, Equilibrium and Learning: The Minority Game

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Author Info

  • Kets, W.
  • Voorneveld, M.

    (Tilburg University, Center for Economic Research)

Abstract

The minority game is a simple congestion game in which the players’ main goal is to choose among two options the one that is adopted by the smallest number of players. We characterize the set of Nash equilibria and the limiting behavior of several well-known learning processes in the minority game with an arbitrary odd number of players. Interestingly, different learning processes provide considerably different predictions.

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Bibliographic Info

Paper provided by Tilburg University, Center for Economic Research in its series Discussion Paper with number 2007-61.

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Date of creation: 2007
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Handle: RePEc:dgr:kubcen:200761

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Web page: http://center.uvt.nl

Related research

Keywords: Learning; congestion games; replicator dynamic; perturbed best response dynamics; quantal response equilibria; best-reply learning ;

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References

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Cited by:
  1. Giovanna Devetag & Francesca Pancotto & Thomas Brenner, 2011. "The Minority Game Unpacked: Coordination and Competition in a Team-based Experiment," CEEL Working Papers 1102, Cognitive and Experimental Economics Laboratory, Department of Economics, University of Trento, Italia.

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