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Learning with fixed rules: the minority game

Abstract:

This paper gives a critical account of the literature on adaptive behaviour in the minority game, a simple congestion game. The literature has proposed a model which differs markedly from many standard learning models in that players are endowed with a fixed subset of behavioural rules or response modes which map the observed history to actions. These rules need not have a behavioural interpretation or be derived from some form of optimizing behaviour. Nonetheless, this model gives rise to be...

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Publication status:
Published
Peer review status:
Peer reviewed

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Publisher copy:
10.1111/j.1467-6419.2011.00686.x

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Oxford college:
Queen's College
Role:
Author
Publisher:
Wiley
Journal:
Journal of Economic Surveys More from this journal
Volume:
26
Issue:
5
Pages:
865-878
Publication date:
2011-03-14
DOI:
EISSN:
1467-6419
ISSN:
0950-0804
Keywords:
Pubs id:
pubs:728169
UUID:
uuid:2404e1d6-d31e-4af3-93d4-b3afc3460114
Local pid:
pubs:728169
Source identifiers:
728169
Deposit date:
2018-11-19

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