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Shedding light on El Farol

Listed author(s):
  • Damien Challet

    (Nomura Centre for Quantative Finance, Mathematical Institute, Oxford University, UK)

  • Matteo Marsili

    (Internation Center for Theoretical Physics, Trieste, Italy)

  • Gabriele Ottino

    (Département de Physique, Université de Fribourg, Switzerland)

We mathematize El Farol bar problem and transform it into a workable model. We find general conditions under which the convergence of the average attendance to the resource level is trivial and does not even require any intelligence on the side of agents. Secondly, specializing to a particular ensemble of continuous strategies leads this problem to a model similar to the Minority Game. Statistical physics of disordered systems allows us to derive a complete understanding of the complex behavior of this model, on the basis of its phase diagram.

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Paper provided by EconWPA in its series Game Theory and Information with number 0406002.

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Length: 8 pages
Date of creation: 10 Jun 2004
Handle: RePEc:wpa:wuwpga:0406002
Note: Type of Document - pdf; pages: 8
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