Shedding light on El Farol

Damien Challet, M Marsili and Gabriele Ottino

Physica A: Statistical Mechanics and its Applications, 2004, vol. 332, issue C, 469-482

Abstract: We mathematize El Farol bar problem and transform it into a workable model. We find general conditions on the predictor space under which the convergence of the average attendance to the resource level does not require any intelligence on the side of the agents. Secondly, specializing to a particular ensemble of continuous strategies yields 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)
Date: 2004
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Citations: View citations in EconPapers (12)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:332:y:2004:i:c:p:469-482

DOI: 10.1016/j.physa.2003.06.003

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