Congestion, equilibrium and learning: The minority game∗
نویسندگان
چکیده
The minority game is a simple congestion game with two actions and an odd number of players. Players want to choose the action that is chosen by the minority of players. We characterize the set of equilibria of the game. As the set of equilibria is large, a natural question is which equilibrium will be selected by the players. Since the pure Nash equilibria of the game are not strict and lead to payoff asymmetry among players, intuitively one would predict that players play according to the unique symmetric mixed strategy equilibrium. However, we show that many standard learning processes do not predict convergence to that equilibrium, and that in fact these processes converge to distinct equilibria. JEL classification: C72, D83
منابع مشابه
. so c - ph ] 2 7 A ug 2 00 7 Congestion , equilibrium and learning : The minority game ∗
The minority game is a simple congestion game in which the players’ main goal is to choose among two options the one that is adopted by the smallest number of players. We characterize the set of Nash equilibria and the limiting behavior of several well-known learning processes in the minority game with an arbitrary odd number of players. Interestingly, different learning processes provide consi...
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