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Playing minority game

Author

Listed:
  • Płatkowski, Tadeusz
  • Ramsza, Michał

Abstract

We designed and conducted an experiment to see how people play the standard minority game. The experiment was conducted at the computer lab, using a special software, with a group of 15 students. Collected informations comprise individual choices and individual wealth after each time step. The results, in particular the coordination of the agents, measured by the volatility of the system, are compared for different amount of informations available to the agents.

Suggested Citation

  • Płatkowski, Tadeusz & Ramsza, Michał, 2003. "Playing minority game," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 323(C), pages 726-734.
  • Handle: RePEc:eee:phsmap:v:323:y:2003:i:c:p:726-734
    DOI: 10.1016/S0378-4371(03)00048-7
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    References listed on IDEAS

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    1. Amnon Rapoport & Darryl A. Seale & Ido Erev & James A. Sundali, 1998. "Equilibrium Play in Large Group Market Entry Games," Management Science, INFORMS, vol. 44(1), pages 119-141, January.
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    8. Matteo Marsili & Damien Challet, 2001. "Trading Behavior And Excess Volatility In Toy Markets," Advances in Complex Systems (ACS), World Scientific Publishing Co. Pte. Ltd., vol. 4(01), pages 3-17.
    9. Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-411, May.
    10. Challet, Damien & Marsili, Matteo & Zhang, Yi-Cheng, 2000. "Modeling market mechanism with minority game," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 276(1), pages 284-315.
    11. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Kets, W., 2007. "The Minority Game : An Economics Perspective," Discussion Paper 2007-53, Tilburg University, Center for Economic Research.
    2. Takashi Yamada & Nobuyuki Hanaki, 2016. "An Experiment on Lowest Unique Integer Games," Post-Print halshs-01204814, HAL.
    3. Paolo Laureti & Peter Ruch & Joseph Wakeling & Yi-Cheng Zhang, 2004. "The Interactive Minority Game: a Web based investigation of human market interactions," Experimental 0402004, EconWPA.
    4. Laureti, Paolo & Ruch, Peter & Wakeling, Joseph & Zhang, Yi-Cheng, 2004. "The Interactive Minority Game: a Web-based investigation of human market interactions," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 331(3), pages 651-659.
    5. Yamada, Takashi & Hanaki, Nobuyuki, 2016. "An experiment on Lowest Unique Integer Games," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 463(C), pages 88-102.
    6. Linde, Jona & Sonnemans, Joep & Tuinstra, Jan, 2014. "Strategies and evolution in the minority game: A multi-round strategy experiment," Games and Economic Behavior, Elsevier, vol. 86(C), pages 77-95.
    7. Nadir Altinok & Abdurrahman Aydemir, 2015. "The Unfolding of Gender Gap in Education," Working Papers 934, Economic Research Forum, revised Aug 2015.

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