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The beneficial role of random strategies in social and financial systems

Author Info

Listed author(s):
  • Alessio Emanuele Biondo
  • Alessandro Pluchino
  • Andrea Rapisarda
Registered author(s):

    Abstract

    In this paper we focus on the beneficial role of random strategies in social sciences by means of simple mathematical and computational models. We briefly review recent results obtained by two of us in previous contributions for the case of the Peter principle and the efficiency of a Parliament. Then, we develop a new application of random strategies to the case of financial trading and discuss in detail our findings about forecasts of markets dynamics.

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    File URL: http://arxiv.org/pdf/1209.5881
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    Paper provided by arXiv.org in its series Papers with number 1209.5881.

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    Date of creation: Sep 2012
    Date of revision: Jan 2013
    Publication status: Published in Journal of Statistical Physics (2013) 151:607-622
    Handle: RePEc:arx:papers:1209.5881
    Contact details of provider: Web page: http://arxiv.org/

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    1. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    2. Benoit Mandelbrot, 2015. "The Variation of Certain Speculative Prices," World Scientific Book Chapters,in: THE WORLD SCIENTIFIC HANDBOOK OF FUTURES MARKETS, chapter 3, pages 39-78 World Scientific Publishing Co. Pte. Ltd..
    3. Sargent, Thomas J & Wallace, Neil, 1975. ""Rational" Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Journal of Political Economy, University of Chicago Press, vol. 83(2), pages 241-254, April.
    4. J. B. Satinover & D. Sornette, 2007. "”Illusion of control” in Time-Horizon Minority and Parrondo Games," The European Physical Journal B: Condensed Matter and Complex Systems, Springer;EDP Sciences, vol. 60(3), pages 369-384, December.
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    Cited by:

    1. Tanimoto, Jun & Sagara, Hirokji, 2015. "How the indirect reciprocity with co-evolving norm and strategy for 2 × 2 prisoner’s dilemma game works for emerging cooperation," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 438(C), pages 595-602.

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