Phys. Rev. Lett. 83, 4429–4432 (1999)Thermal Model for Adaptive Competition in a MarketReceived 29 March 1999; revised 13 July 1999; published in the issue dated 22 November 1999 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 nonlinear equations for the dynamics of the system. © 1999 The American Physical Society URL:
http://link.aps.org/doi/10.1103/PhysRevLett.83.4429
DOI:
10.1103/PhysRevLett.83.4429
PACS:
02.50.Le, 05.65.+b, 05.70.Fh, 87.23.Ge
See AlsoComment: D. Challet, M. Marsili, and R. Zecchina, Comment on “Thermal Model for Adaptive Competition in a Market”, Phys. Rev. Lett. 85, 5008 (2000). Reply: Andrea Cavagna, Juan P. Garrahan, Irene Giardina, and David Sherrington, Cavagna et al. Reply:, Phys. Rev. Lett. 85, 5009 (2000). |
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