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Evolution in minority games. (I). Games with a fixed strategy space

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  • Li, Yi
  • Riolo, Rick
  • Savit, Robert

Abstract

In this paper we study the minority game in the presence of evolution. In particular, we examine the behavior in games in which the dimension of the strategy space, m, is the same for all agents and fixed for all time. We find that for all values of m, not too large, evolution results in a substantial improvement in overall system performance. We also show that after evolution, results obey a scaling relation among games played with different values of m and different numbers of agents, analogous to that found in the non-evolutionary, adaptive games. Best system performance still occurs, for a given number of agents, at mc, the same value of the dimension of the strategy space as in the non-evolutionary case, but system performance is now nearly an order of magnitude better than the non-evolutionary result. For m

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  • Li, Yi & Riolo, Rick & Savit, Robert, 2000. "Evolution in minority games. (I). Games with a fixed strategy space," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 276(1), pages 234-264.
    • Handle: RePEc:eee:phsmap:v:276:y:2000:i:1:p:234-264
    DOI: 10.1016/S0378-4371(99)00436-7
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    1. Li, Yi & Riolo, Rick & Savit, Robert, 2000. "Evolution in minority games. (II). Games with variable strategy spaces," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 276(1), pages 265-283.
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    Cited by:

    1. Yang, Cheng & Sun, Shixin, 2007. "The minority game with incomplete strategies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 379(2), pages 645-653.
    2. Lustosa, Bernardo C. & Cajueiro, Daniel O., 2010. "Constrained information minority game: How was the night at El Farol?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(6), pages 1230-1238.
    3. Linde, Jona & Gietl, Daniel & Sonnemans, Joep & Tuinstra, Jan, 2023. "The effect of quantity and quality of information in strategy tournaments," Journal of Economic Behavior & Organization, Elsevier, vol. 211(C), pages 305-323.
    4. Linde, Jona & Sonnemans, Joep & Tuinstra, Jan, 2014. "Strategies and evolution in the minority game: A multi-round strategy experiment," Games and Economic Behavior, Elsevier, vol. 86(C), pages 77-95.
    5. Ren, F. & Zhang, Y.C., 2008. "Trading model with pair pattern strategies," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 387(22), pages 5523-5534.
    6. Li, Yi & Riolo, Rick & Savit, Robert, 2000. "Evolution in minority games. (II). Games with variable strategy spaces," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 276(1), pages 265-283.
    7. Li, Yi & VanDeemen, Adrian & Savit, Robert, 2000. "The minority game with variable payoffs," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 284(1), pages 461-477.

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    6. Lustosa, Bernardo C. & Cajueiro, Daniel O., 2010. "Constrained information minority game: How was the night at El Farol?," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 389(6), pages 1230-1238.
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