Crowd-anticrowd theory of the minority game

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

Research output: Contribution to journalArticlepeer-review

66 Scopus citations


The Minority Game is a simple yet highly non-trivial agent-based model for a complex adaptive system. Here, we provide an explanation of the game's fluctuations which is both intuitive and quantitative, and which applies over the entire parameter range of interest. The physical idea behind our theory is to describe the interplay between crowds of like-minded agents and their anticorrelated partners (anticrowds).

Original languageEnglish (US)
Pages (from-to)537-544
Number of pages8
JournalPhysica A: Statistical Mechanics and its Applications
Issue number3-4
StatePublished - Sep 15 2001


  • Agent-based models
  • Complex adaptive systems
  • Econophysics

ASJC Scopus subject areas

  • Statistics and Probability
  • Condensed Matter Physics


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