A thermal model for adaptive competition in a market

Details A thermal model for adaptive competition in a market A thermal model for adaptive competition in a market

1999-03-29

arxiv.org/abs/cond-mat/9903415v3

Phys. Rev. Lett 83, 4429 (1999)

Physics

Condensed Matter

Statistical Mechanics

4 RevTeX pages, 3 EPS figures. Revised version

Scientific paper

10.1103/PhysRevLett.83.4429

New continuous and stochastic extensions of the minority game, devised as a fundamental model for a market of competitive agents, are introduced and studied in the context of statistical physics. The new formulation reproduces the key features of the original model, without the need for some of its special assumptions and, most importantly, it demonstrates the crucial role of stochastic decision-making. Furthermore, this formulation provides the exact but novel non-linear equations for the dynamics of the system.

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