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Congestion, Equilibrium and Learning : The Minority Game

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  • Kets, W.

    (Tilburg University, Center For Economic Research)

  • Voorneveld, M.

    (Tilburg University, Center For Economic Research)

Abstract

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  • Kets, W. & Voorneveld, M., 2007. "Congestion, Equilibrium and Learning : The Minority Game," Discussion Paper 2007-61, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:49539a1f-2921-4dd9-83a0-43ce5ff31c40
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    References listed on IDEAS

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    1. John C. Harsanyi & Reinhard Selten, 1988. "A General Theory of Equilibrium Selection in Games," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582384, December.
    2. Franke, Reiner, 2003. "Reinforcement learning in the El Farol model," Journal of Economic Behavior & Organization, Elsevier, vol. 51(3), pages 367-388, July.
    3. McKelvey Richard D. & Palfrey Thomas R., 1995. "Quantal Response Equilibria for Normal Form Games," Games and Economic Behavior, Elsevier, vol. 10(1), pages 6-38, July.
    4. Basu, Kaushik & Weibull, Jorgen W., 1991. "Strategy subsets closed under rational behavior," Economics Letters, Elsevier, vol. 36(2), pages 141-146, June.
    5. Arthur, W Brian, 1994. "Inductive Reasoning and Bounded Rationality," American Economic Review, American Economic Association, vol. 84(2), pages 406-411, May.
    6. Ed Hopkins, 2002. "Two Competing Models of How People Learn in Games," Econometrica, Econometric Society, vol. 70(6), pages 2141-2166, November.
    7. Renault, Jerome & Scarlatti, Sergio & Scarsini, Marco, 2005. "A folk theorem for minority games," Games and Economic Behavior, Elsevier, vol. 53(2), pages 208-230, November.
    8. Turocy, Theodore L., 2005. "A dynamic homotopy interpretation of the logistic quantal response equilibrium correspondence," Games and Economic Behavior, Elsevier, vol. 51(2), pages 243-263, May.
    9. Hofbauer, Josef & Hopkins, Ed, 2005. "Learning in perturbed asymmetric games," Games and Economic Behavior, Elsevier, vol. 52(1), pages 133-152, July.
    10. Duffy, John & Hopkins, Ed, 2005. "Learning, information, and sorting in market entry games: theory and evidence," Games and Economic Behavior, Elsevier, vol. 51(1), pages 31-62, April.
    11. Challet, Damien & Marsili, Matteo & Zhang, Yi-Cheng, 2013. "Minority Games: Interacting agents in financial markets," OUP Catalogue, Oxford University Press, number 9780199686698.
    12. Olivier Tercieux & Mark Voorneveld, 2010. "The cutting power of preparation," Mathematical Methods of Operations Research, Springer;Gesellschaft für Operations Research (GOR);Nederlands Genootschap voor Besliskunde (NGB), vol. 71(1), pages 85-101, February.
    13. Hurkens Sjaak, 1995. "Learning by Forgetful Players," Games and Economic Behavior, Elsevier, vol. 11(2), pages 304-329, November.
    14. Blonski, Matthias, 1999. "Anonymous Games with Binary Actions," Games and Economic Behavior, Elsevier, vol. 28(2), pages 171-180, August.
    15. Monderer, Dov & Shapley, Lloyd S., 1996. "Potential Games," Games and Economic Behavior, Elsevier, vol. 14(1), pages 124-143, May.
    16. Chmura, T. & Pitz, T., 2006. "Successful strategies in repeated minority games," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 363(2), pages 477-480.
    17. W. Brian Arthur, 1994. "Inductive Reasoning, Bounded Rationality and the Bar Problem," Working Papers 94-03-014, Santa Fe Institute.
    18. Josef Hofbauer & William H. Sandholm, 2002. "On the Global Convergence of Stochastic Fictitious Play," Econometrica, Econometric Society, vol. 70(6), pages 2265-2294, November.
    19. Meyer, Donald J & Van Huyck, John B & Battalio, Raymond C & Saving, Thomas R, 1992. "History's Role in Coordinating Decentralized Allocation Decisions," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 292-316, April.
    20. Ellison, Glenn & Fudenberg, Drew, 1993. "Rules of Thumb for Social Learning," Journal of Political Economy, University of Chicago Press, vol. 101(4), pages 612-643, August.
    21. Sandholm, William H., 2001. "Potential Games with Continuous Player Sets," Journal of Economic Theory, Elsevier, vol. 97(1), pages 81-108, March.
    22. repec:dau:papers:123456789/6223 is not listed on IDEAS
    23. Tercieux, O.R.C. & Voorneveld, M., 2005. "The Cutting Power of Preparation," Other publications TiSEM 75173341-627f-4eb2-91f1-0, Tilburg University, School of Economics and Management.
    24. Giulio Bottazzi & Giovanna Devetag, 2007. "Competition and coordination in experimental minority games," Journal of Evolutionary Economics, Springer, vol. 17(3), pages 241-275, June.
    25. Renault, Jerome & Scarlatti, Sergio & Scarsini, Marco, 2005. "A folk theorem for minority games," Games and Economic Behavior, Elsevier, vol. 53(2), pages 208-230, November.
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    Cited by:

    1. Giovanna Devetag & Francesca Pancotto & Thomas Brenner, 2011. "The Minority Game Unpacked: Coordination and Competition in a Team-based Experiment," LEM Papers Series 2011/18, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    2. Kets, W., 2008. "Networks and learning in game theory," Other publications TiSEM 7713fce1-3131-498c-8c6f-3, Tilburg University, School of Economics and Management.
    3. Thorsten Chmura, 2011. "Response Modes And Coordination In A Traffic Context, An Experimental Comparison Of Chinese And German Participants," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 56(04), pages 489-501.

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