Failsafe modes in incomplete minority game

Xiaobo Yao, Shaolong Wan and Wen Chen

Physica A: Statistical Mechanics and its Applications, 2009, vol. 388, issue 18, 3892-3900

Abstract: We make a failsafe extension to the incomplete minority game model, give a brief analysis on how incompleteness will effect system efficiency. Simulations that limited incompleteness in strategies can improve the system efficiency. Among three failsafe modes, the “Back-to-Best” mode brings most significant improvement and keeps the system efficiency in a long range of incompleteness. A simple analytic formula has a trend which matches simulation results. The IMMG model is used to study the effect of distribution, and we find that there is one junction point in each series of curves, at which system efficiency is not influenced by the distribution of incompleteness. When pI¯>pI¯c the concentration of incompleteness weakens the effect. On the other side of pI¯c, concentration will be helpful. When pI is close to zero agents using incomplete strategies have on average better profits than those using standard strategies, and the “Back-to-Best” agents have a wider range of pI to win.

Keywords: Minority game; Incomplete strategy; Failsafe (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:388:y:2009:i:18:p:3892-3900

DOI: 10.1016/j.physa.2009.06.016

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