Crowd-anticrowd theory of multi-agent market games

M. Hart, P. Jefferies, P. M. Hui, N. F. Johnson

Research output: Contribution to journalArticlepeer-review

52 Scopus citations


We present a dynamical theory of a multi-agent market game, the so-called Minority Game (MG), based on crowds and anticrowds. The time-averaged version of the dynamical equations provides a quantitatively accurate, yet intuitively simple, explanation for the variation of the standard deviation ('volatility') in MG-like games. We demonstrate this for the basic MG, and the MG with stochastic strategies. The time-dependent equations themselves reproduce the essential dynamics of the MG.

Original languageEnglish (US)
Pages (from-to)547-550
Number of pages4
JournalEuropean Physical Journal B
Issue number4
StatePublished - Apr 2 2001
Externally publishedYes


  • 01.75.+m Science and societ
  • 02.50.Le Decision theory and game theory
  • 05.40.-a Fluctuation phenomena, random processes, noise, and Brownian motion
  • 87.23.Ge Dynamics of social systems

ASJC Scopus subject areas

  • Electronic, Optical and Magnetic Materials
  • Condensed Matter Physics


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