Learning with fixed rules: the minority game
This paper gives a critical account of the literature on adaptive behaviour in the minority game, a simple congestion game. The literature has proposed a model which differs markedly from many standard learning models in that players are endowed with a fixed subset of behavioural rules or response m...
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| Format: | Journal article |
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Wiley
2011
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| _version_ | 1797058499984752640 |
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| author | Kets, W |
| author_facet | Kets, W |
| author_sort | Kets, W |
| collection | OXFORD |
| description | This paper gives a critical account of the literature on adaptive behaviour in the minority game, a simple congestion game. The literature has proposed a model which differs markedly from many standard learning models in that players are endowed with a fixed subset of behavioural rules or response modes which map the observed history to actions. These rules need not have a behavioural interpretation or be derived from some form of optimizing behaviour. Nonetheless, this model gives rise to behaviour that is close to equilibrium behaviour at the aggregate level. The individual‐level behaviour predicted by the model seems to capture some aspects of observed experimental behaviour that are difficult to explain using standard models. |
| first_indexed | 2024-03-06T19:51:09Z |
| format | Journal article |
| id | oxford-uuid:2404e1d6-d31e-4af3-93d4-b3afc3460114 |
| institution | University of Oxford |
| last_indexed | 2024-03-06T19:51:09Z |
| publishDate | 2011 |
| publisher | Wiley |
| record_format | dspace |
| spelling | oxford-uuid:2404e1d6-d31e-4af3-93d4-b3afc34601142022-03-26T11:47:34ZLearning with fixed rules: the minority gameJournal articlehttp://purl.org/coar/resource_type/c_dcae04bcuuid:2404e1d6-d31e-4af3-93d4-b3afc3460114Symplectic Elements at OxfordWiley2011Kets, WThis paper gives a critical account of the literature on adaptive behaviour in the minority game, a simple congestion game. The literature has proposed a model which differs markedly from many standard learning models in that players are endowed with a fixed subset of behavioural rules or response modes which map the observed history to actions. These rules need not have a behavioural interpretation or be derived from some form of optimizing behaviour. Nonetheless, this model gives rise to behaviour that is close to equilibrium behaviour at the aggregate level. The individual‐level behaviour predicted by the model seems to capture some aspects of observed experimental behaviour that are difficult to explain using standard models. |
| spellingShingle | Kets, W Learning with fixed rules: the minority game |
| title | Learning with fixed rules: the minority game |
| title_full | Learning with fixed rules: the minority game |
| title_fullStr | Learning with fixed rules: the minority game |
| title_full_unstemmed | Learning with fixed rules: the minority game |
| title_short | Learning with fixed rules: the minority game |
| title_sort | learning with fixed rules the minority game |
| work_keys_str_mv | AT ketsw learningwithfixedrulestheminoritygame |