Abstract
The minority game (MG) is an agent-based model of a competing population with limited resources. We propose and study a modified model based on the MG in which the pool of strategies is biased, i.e., some strategies are more often picked by agents than others. It is found that the fluctuation in the number of agents making a particular choice over time is suppressed in the crowded phase of the MG when a bias is imposed. The suppressed fluctuation is related to the more effective formation of crowd and anticrowd. Accompanying the suppressed fluctuation is an enhanced success rate among the agents and thus a more efficient distribution of resources in a population of intrinsically selfish agents. The effect of biasing the strategies is also studied within the context of strategy-play among the agents.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 318-324 |
| Number of pages | 7 |
| Journal | Physica A: Statistical Mechanics and its Applications |
| Volume | 321 |
| Issue number | 1-2 |
| DOIs | |
| State | Published - Apr 1 2003 |
| Externally published | Yes |
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Keywords
- Agent-based models
- Econophysics
ASJC Scopus subject areas
- Mathematical Physics
- Statistical and Nonlinear Physics
Cite this
Efficient resource distribution in a minority game with a biased pool of strategies. / Yip, K. F.; Hui, P. M.; Lo, T. S.; Johnson, Neil F.
In: Physica A: Statistical Mechanics and its Applications, Vol. 321, No. 1-2, 01.04.2003, p. 318-324.Research output: Contribution to journal › Article
}
TY - JOUR
T1 - Efficient resource distribution in a minority game with a biased pool of strategies
AU - Yip, K. F.
AU - Hui, P. M.
AU - Lo, T. S.
AU - Johnson, Neil F
PY - 2003/4/1
Y1 - 2003/4/1
N2 - The minority game (MG) is an agent-based model of a competing population with limited resources. We propose and study a modified model based on the MG in which the pool of strategies is biased, i.e., some strategies are more often picked by agents than others. It is found that the fluctuation in the number of agents making a particular choice over time is suppressed in the crowded phase of the MG when a bias is imposed. The suppressed fluctuation is related to the more effective formation of crowd and anticrowd. Accompanying the suppressed fluctuation is an enhanced success rate among the agents and thus a more efficient distribution of resources in a population of intrinsically selfish agents. The effect of biasing the strategies is also studied within the context of strategy-play among the agents.
AB - The minority game (MG) is an agent-based model of a competing population with limited resources. We propose and study a modified model based on the MG in which the pool of strategies is biased, i.e., some strategies are more often picked by agents than others. It is found that the fluctuation in the number of agents making a particular choice over time is suppressed in the crowded phase of the MG when a bias is imposed. The suppressed fluctuation is related to the more effective formation of crowd and anticrowd. Accompanying the suppressed fluctuation is an enhanced success rate among the agents and thus a more efficient distribution of resources in a population of intrinsically selfish agents. The effect of biasing the strategies is also studied within the context of strategy-play among the agents.
KW - Agent-based models
KW - Econophysics
UR - http://www.scopus.com/inward/record.url?scp=0037379721&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=0037379721&partnerID=8YFLogxK
U2 - 10.1016/S0378-4371(02)01795-8
DO - 10.1016/S0378-4371(02)01795-8
M3 - Article
AN - SCOPUS:0037379721
VL - 321
SP - 318
EP - 324
JO - Physica A: Statistical Mechanics and its Applications
JF - Physica A: Statistical Mechanics and its Applications
SN - 0378-4371
IS - 1-2
ER -