Abstract
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 language | English (US) |
|---|---|
| Pages (from-to) | 547-550 |
| Number of pages | 4 |
| Journal | European Physical Journal B |
| Volume | 20 |
| Issue number | 4 |
| DOIs | |
| State | Published - Apr 2 2001 |
Keywords
- 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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Cite this
Hart, M., Jefferies, P., Hui, P. M., & Johnson, N. F. (2001). Crowd-anticrowd theory of multi-agent market games. European Physical Journal B, 20(4), 547-550. https://doi.org/10.1007/s100510170237