The Interactive Minority Game: A Web-based investigation of human market interactions

Physica A: Statistical Mechanics and its Applications

Volumn 331, Issue 3-4, 2004, Pages 651-659

  Laureti, Paolo ^a   Ruch, Peter ^a   Wakeling, Joseph ^a   Zhang, Yi Cheng ^a  

^a UNIVERSITY OF FRIBOURG   (Switzerland)

Author keywords

Decision theory and game theory; Economics and financial markets; Information theory; Internet experiments

Indexed keywords

BEHAVIORAL RESEARCH; COMMERCE; COMPUTER APPLICATIONS; DECISION THEORY; GAME THEORY; INFORMATION THEORY; WORLD WIDE WEB;

FINANCIAL MARKETS; TRADING BEHAVIOR;

INDUSTRIAL ECONOMICS;

EID: 0345359287     PISSN: 03784371     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.physa.2003.07.002     Document Type: Article

References (31)

1. Rapoport A., Chammah A.M., Orwant C.J. Prisoner's Dilemma: A Study in Conflict and Cooperation. 1965;University of Michigan Press, Ann Arbor.
2. Deutsch M. Socially relevant science. reflections on some studies of interpersonal conflict Am. Psychologist. 24:1969;1076-1092.
3. Kahneman D., Slovic P., Tversky A. Judgment Under Uncertainty: Heuristics and Biases. 1982;Cambridge University Press, Cambridge.
4. Wedekind C., Milinski M. Cooperation Through Image Scoring in Humans. Science. 288:2000;850-852.
5. Fehr E., Gächter S. Altruistic punishment in humans. Nature. 415:2002;137-140.
6. O. Huber, Risky decision making: Focus on risk defusing behavior, In: F. Columbus (Ed.), Advances in Psychology Research, Nova Sciences Publishers, New York, 2004.
7. Chamberlin E.H. An Experimental Imperfect Market. J. Polit. Econ. 56:1948;95-108.
8. Schelling T.C. Micromotives and Macrobehavior. 1978;W. W. Norton & Co. New York.
9. Ochs J. The coordination problem in decentralized markets. an experiment Q. J. Econ. 105:1990;545-559 Meyer D.J., Van Huyck J.B., Battalio R.C., Saving T.R. History's role in coordinating decentralized allocation decisions. J. Polit. Econ. 100:1992;292-316.
10. Ochs J. The coordination problem in decentralized markets. an experiment Q. J. Econ. 105:1990;545-559 Meyer D.J., Van Huyck J.B., Battalio R.C., Saving T.R. History's role in coordinating decentralized allocation decisions. J. Polit. Econ. 100:1992;292-316.
11. Day R.H., Smith V.L. Experiments in Decision, Organization and Exchange. 1993;North-Holland, Amsterdam.
12. J.H. Kagel, A.E. Roth (Eds.), The Handbook of Experimental Economics, Princeton University Press, New Jersey, 1995.
13. Axelrod R. The Evolution of Cooperation. 1984;Basic Books, New York.
14. Nowak M.A., Page K.M., Sigmund K. Fairness Versus Reason in the Ultimatum Game. Science. 289:2000;1773-1775.
15. Watts D.J. Small Worlds. 1999;Princeton University Press, New Jersey.
16. Schelling T.C. The Strategy of Conflict. 1960;Harvard University Press, Cambridge, MA.
17. Lucas R.E. Jr. Adaptive behavior and economic theory. Hogarth R.M., Reder M.W. Rational Choice: The Contrast between Economics and Psychology. 1986;University of Chicago Press, Chicago.
18. Challet D., Zhang Y.-C. Emergence of cooperation and organization in an evolutionary game. Physica A. 246:1997;407-418.
19. Arthur W.B. Inductive reasoning and bounded rationality. Am. Econ. Rev. 84:1994;406-411.
20. Savit R., Manuca R., Riolo R. Adaptive Competition, Market Efficiency, and Phase Transitions. Phys. Rev. Lett. 82:1999;2203-2206 Manuca R., Li Y., Riolo R., Savit R. The structure of adaptive competition in minority games. Physica A. 282:2000;559-608.
21. Savit R., Manuca R., Riolo R. Adaptive Competition, Market Efficiency, and Phase Transitions. Phys. Rev. Lett. 82:1999;2203-2206 Manuca R., Li Y., Riolo R., Savit R. The structure of adaptive competition in minority games. Physica A. 282:2000;559-608.
22. Challet D., Marsili M., Zhang Y.-C. Modeling market mechanism with minority game. Physica A. 276:2000;284-315.
23. Marsili M., Challet D., Zecchina R. Exact solution of a modified El Farol's bar problem. Efficiency and the role of market impact Physica A. 280:2000;522-553.
24. G. Bottazzi, G. Devetag, Coordination and Self-Organization in Minority Games: Experimental Evidence, LEM Working Paper 2002/09, http://sssup1.sssup.it/̃LEM/WPLem/2002-09.html , 2002.
25. Pl*atkowski T., Ramsza M. Playing minority game. Physica A. 323:2003;726-734.
26. Reichhardt T. A million volunteers join the online search for extraterrestrial life. Nature. 400:1999;804.
27. P. Ruch, J. Wakeling, Y.-C. Zhang, The Interactive Minority Game: Instructions for Experts, arXiv.org, preprint cond-mat/0208310, 2002.
28. J.D. Farmer, Market force, ecology, and evolution, Santa Fe Institute Working Paper 98-12-117, 1998; Farmer J.D. Ind. Corp. Change. 11:2002;895-953.
29. J.D. Farmer, Market force, ecology, and evolution, Santa Fe Institute Working Paper 98-12-117, 1998; Farmer J.D. Ind. Corp. Change. 11:2002;895-953.
30. Johnson N.F., Hart M., Hui P.M., Zheng D. Trader dynamics in a model market. Int. J. Theor. Appl. Finance. 3:2000;443-450.
31. MacKay D. Information Theory, Inference and Learning Algorithms. 2003;Cambridge University Press, Cambridge.