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

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

Research output: Contribution to journalArticle

19 Citations (Scopus)

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 languageEnglish (US)
Pages (from-to)318-324
Number of pages7
JournalPhysica A: Statistical Mechanics and its Applications
Volume321
Issue number1-2
DOIs
StatePublished - Apr 1 2003
Externally publishedYes

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Minority Game
games
minorities
Biased
resources
Resources
Fluctuations
Agent-based Model
Strategy
Model-based

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 journalArticle

Yip, K. F. ; Hui, P. M. ; Lo, T. S. ; Johnson, Neil F. / Efficient resource distribution in a minority game with a biased pool of strategies. In: Physica A: Statistical Mechanics and its Applications. 2003 ; Vol. 321, No. 1-2. pp. 318-324.
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