Dynamics of adaptive agents with asymmetric information

We apply path-integral techniques to study the dynamics of agent-based models with asymmetric information structures. In particular, we devise a batch version of a model proposed originally by Berg et al. [1], and convert the coupled multi-agent processes into an effective-agent problem from which the dynamical order parameters in ergodic regimes can be derived self-consistently together with the corresponding phase structure. Our dynamical study complements and extends the available static theory. Results are confirmed by numerical simulations. PACS numbers: 02.50.Le, 87.23.Ge, 05.70.Ln, 64.60.Ht E-mail: [email protected], [email protected]