Congestion, Equilibrium and Learning: The Minority Game

W. Kets, M. Voorneveld

Research output: Working paperDiscussion paperOther research output

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Abstract

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 considerably different predictions.
Original languageEnglish
Place of PublicationTilburg
PublisherMicroeconomics
Number of pages27
Volume2007-61
Publication statusPublished - 2007

Publication series

NameCentER Discussion Paper
Volume2007-61

Fingerprint

Congestion
Learning process
Minorities
Prediction
Nash equilibrium
Congestion games

Keywords

  • Learning
  • congestion games
  • replicator dynamic
  • perturbed best response dynamics
  • quantal response equilibria
  • best-reply learning

Cite this

Kets, W., & Voorneveld, M. (2007). Congestion, Equilibrium and Learning: The Minority Game. (CentER Discussion Paper; Vol. 2007-61). Tilburg: Microeconomics.
Kets, W. ; Voorneveld, M. / Congestion, Equilibrium and Learning : The Minority Game. Tilburg : Microeconomics, 2007. (CentER Discussion Paper).
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Kets, W & Voorneveld, M 2007 'Congestion, Equilibrium and Learning: The Minority Game' CentER Discussion Paper, vol. 2007-61, Microeconomics, Tilburg.

Congestion, Equilibrium and Learning : The Minority Game. / Kets, W.; Voorneveld, M.

Tilburg : Microeconomics, 2007. (CentER Discussion Paper; Vol. 2007-61).

Research output: Working paperDiscussion paperOther research output

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AB - 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 considerably different predictions.

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KW - congestion games

KW - replicator dynamic

KW - perturbed best response dynamics

KW - quantal response equilibria

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Kets W, Voorneveld M. Congestion, Equilibrium and Learning: The Minority Game. Tilburg: Microeconomics. 2007. (CentER Discussion Paper).