Efficient resource distribution in a minority game with a biased pool of strategies

K. F. Yip; P. M. Hui; T. S. Lo; N. F. Johnson

doi:10.1016/S0378-4371(02)01795-8

Efficient resource distribution in a minority game with a biased pool of strategies

K. F. Yip, P. M. Hui, T. S. Lo, N. F. Johnson

Physics

Research output: Contribution to journal › Conference article

19 Scopus citations

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	https://doi.org/10.1016/S0378-4371(02)01795-8
State	Published - Apr 1 2003
Event	Statphys - Taiwan - 2002: Lattice Models and Complex Systems - Taipei and Taichung, Taiwan, Province of China Duration: May 26 2002 → Jun 1 2002

Keywords

Agent-based models
Econophysics

ASJC Scopus subject areas

Statistics and Probability
Condensed Matter Physics

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10.1016/S0378-4371(02)01795-8

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Yip, K. F., Hui, P. M., Lo, T. S., & Johnson, N. F. (2003). Efficient resource distribution in a minority game with a biased pool of strategies. Physica A: Statistical Mechanics and its Applications, 321(1-2), 318-324. https://doi.org/10.1016/S0378-4371(02)01795-8

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AU - Lo, T. S.

AU - Johnson, N. F.

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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.

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