Work

Statistical Mechanics of Systems with Heterogeneous Agents: Minority Games

Year: 2000

Type: article

Abstract: We study analytically a simple game theoretical model of heterogeneous interacting agents. We show that the stationary state of the system is described by the ground state of a disordered spin model which is exactly solvable within the simple replica symmetric ansatz. Such a stationary state differs from the Nash equilibrium where each agent maximizes her own utility. The latter turns out to be characterized by a replica symmetry broken structure. Numerical results fully agree with our analytical findings.

Source: Physical Review Letters

DOI: 10.1103/physrevlett.84.1824

Authors: Damien Challet, Matteo Marsili, Riccardo Zecchina

Institutions: University of Fribourg, Scuola Internazionale Superiore di Studi Avanzati, Istituto Nazionale per la Fisica della Materia, The Abdus Salam International Centre for Theoretical Physics (ICTP)

Language: English

Topic: Complex Systems and Time Series Analysis

Subfield: Economics and Econometrics

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2015663875

FWCI: 69.88

Cites: 17

Cited by: 243

Related to: 10