https://doi.org/10.1140/epjb/e2003-00265-5
Dynamics of multi-frequency minority games
INFM–SMC and Dipartimento di Fisica, Università di Roma
“La Sapienza”, p.le A. Moro 2, 00185 Roma, Italy
Corresponding author: a andrea.demartino@roma1.infn.it
Received:
20
June
2003
Revised:
4
August
2003
Published online:
22
September
2003
The dynamics of minority games with agents trading on different time scales is studied via dynamical mean-field theory. We analyze the case where the agents' decision-making process is deterministic and its stochastic generalization with finite heterogeneous learning rates. In each case, we characterize the macroscopic properties of the steady states resulting from different frequency and learning rate distributions and calculate the corresponding phase diagrams. Finally, the different roles played by regular and occasional traders, as well as their impact on the system's global efficiency, are discussed.
PACS: 87.23.Ge – Dynamics of social systems / 05.65.+b – Self-organized systems / 02.50.Le – Decision theory and game theory / 05.10.Gg – Stochastic analysis methods
© EDP Sciences, Società Italiana di Fisica, Springer-Verlag, 2003
