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On the minority game: Analytical and numerical studies

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  • Challet, Damien
  • Zhang, Yi-Cheng

Abstract

We investigate further several properties of the minority game we have recently introduced. We explain the origin of the phase transition and give an analytical expression of σ2/N in the N⪡2M region. The ability of the players to learn a given payoff is also analyzed, and we show that the Darwinian evolution process tends to a self-organized state, in particular, the lifetime distribution is a power-law with exponent −2. Furthermore, we study the influence of identical players on their gain and on the systems performance. Finally, we show that large brains always take advantage of small brains.

Suggested Citation

  • Challet, Damien & Zhang, Yi-Cheng, 1998. "On the minority game: Analytical and numerical studies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 256(3), pages 514-532.
  • Handle: RePEc:eee:phsmap:v:256:y:1998:i:3:p:514-532 DOI: 10.1016/S0378-4371(98)00260-X
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    References listed on IDEAS

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    1. W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers 94-03-014, Santa Fe Institute.
    2. Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-411, May.
    3. Challet, D. & Zhang, Y.-C., 1997. "Emergence of cooperation and organization in an evolutionary game," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 246(3), pages 407-418.
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    Keywords

    Minority game; Organization; Evolution;

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