Shedding light on El Farol

Damien Challet (), Matteo Marsili and Gabriele Ottino
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Matteo Marsili: Internation Center for Theoretical Physics, Trieste, Italy
Gabriele Ottino: Département de Physique, Université de Fribourg, Switzerland

Game Theory and Information from EconWPA

Abstract: We mathematize El Farol bar problem and transform it into a workable model. We find general conditions under which the convergence of the average attendance to the resource level is trivial and does not even require any intelligence on the side of agents. Secondly, specializing to a particular ensemble of continuous strategies leads this problem to a model similar to the Minority Game. Statistical physics of disordered systems allows us to derive a complete understanding of the complex behavior of this model, on the basis of its phase diagram.

Keywords: El Farol; Minority Game; resource level; biased strategies (search for similar items in EconPapers)
JEL-codes: C7 D8 (search for similar items in EconPapers)
Date: 2004-06-10
Note: Type of Document - pdf; pages: 8
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpga:0406002

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