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Phase Transition In A Toy Market

Author

Listed:
  • DAMIEN CHALLET

    (Institut de Physique Théorique, Universite de Fribourg CH-1700 Fribourg, Switzerland)

  • MATTEO MARSILI

    (Istituto Nazionale per la Fisica della Materia (INFM), Trieste-SISSA Unit, V. Beirut 2-4, Trieste I-34014, Italy)

  • RICCARDO ZECCHINA

    (The Abdus Salam International Centre for Theoretical Physics, Strada Costiera 11, P.O. Box 586, I-34100 Trieste, Italy)

Abstract

We review recent exact analytical results on Minority Game — a binary exactly solvable El Farol's bar problem. Inductive agents minimize the available information, not their losses, thus the stationary state differs from a Nash equilibrium. On the other hand, the same learning dynamics leads to a Nash equilibrium when agents take into account their impact on the market.

Suggested Citation

  • Damien Challet & Matteo Marsili & Riccardo Zecchina, 2000. "Phase Transition In A Toy Market," International Journal of Theoretical and Applied Finance (IJTAF), World Scientific Publishing Co. Pte. Ltd., vol. 3(03), pages 451-454.
    • Handle: RePEc:wsi:ijtafx:v:03:y:2000:i:03:n:s021902490000036x
    DOI: 10.1142/S021902490000036X
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