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Shedding light on El Farol

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Author Info

  • Damien Challet

    (Nomura Centre for Quantative Finance, Mathematical Institute, Oxford University, UK)

  • Matteo Marsili

    (Internation Center for Theoretical Physics, Trieste, Italy)

  • Gabriele Ottino

    (Département de Physique, Université de Fribourg, Switzerland)

Abstract

We mathematize El Farol bar problem and transform it into a workable model. We find general conditions under which the convergence of the average attendance to the resource level is trivial and does not even require any intelligence on the side of agents. Secondly, specializing to a particular ensemble of continuous strategies leads this problem to 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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File URL: http://128.118.178.162/eps/game/papers/0406/0406002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Game Theory and Information with number 0406002.

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Length: 8 pages
Date of creation: 10 Jun 2004
Date of revision:
Handle: RePEc:wpa:wuwpga:0406002

Note: Type of Document - pdf; pages: 8
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Web page: http://128.118.178.162

Related research

Keywords: El Farol; Minority Game; resource level; biased strategies;

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Cited by:
  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.

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