Successful strategies in repeated minority games

Chmura, T. ORCID: 0000-0001-7476-2030 and Pitz, T., 2006. Successful strategies in repeated minority games. Physica A: Statistical Mechanics and its Applications, 363 (2), pp. 477-480. ISSN 0378-4371

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The minority game is an important example of a non-cooperative n-person game, which can be applied on different situations with social and economic contexts. We analysed the minority game as an elementary traffic scenario in which human participants had to choose 100 times between a road A and a road B. In each period, the road, which was chosen by the minority of players won. At first view, there seems to be no outstandingly advisable strategy for the participants to enhance their payoffs because both roads have the same properties. However, an important observation is that the number of road changes of a participant is negatively correlated to his/her cumulative payoff. On average, subjects with high numbers of road changes received less money than participants who stoically chose the same road. Furthermore one could increase the coordination of the players by providing the players distribution on both roads in the last period.

Item Type: Journal article
Publication Title: Physica A: Statistical Mechanics and its Applications
Creators: Chmura, T. and Pitz, T.
Publisher: Elsevier
Date: 1 May 2006
Volume: 363
Number: 2
ISSN: 0378-4371
S0378437106000367Publisher Item Identifier
Divisions: Schools > Nottingham Business School
Record created by: Jonathan Gallacher
Date Added: 25 Apr 2018 15:19
Last Modified: 25 Apr 2018 15:25

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