Related papers: Comment on: Thermal model for Adaptive Competition…

We consider the thermodynamic approach to the description of economic systems and processes. The first and second laws of thermodynamics as applied to economic systems are derived and analyzed. It is shown that there is a deep analogy…

We study the compression between the phenomenological and kinetic models for a mixture of gases from the viewpoint of collective dynamics. In the case in which constituents are Eulerian gases, balance equations for mass, momentum, and…

A competitive learning model was introduced in Ref. 1 (A. Mehta and J. M. Luck, Phys. Rev. E 60, 5, 1999), in which the learning is outcome-related. Every individual chooses between a pair of existing strategies or types, guided by a…

A collisional model of a confined quasi-two-dimensional granular mixture is considered to analyze homogeneous steady states. The model includes an effective mechanism to transfer the kinetic energy injected by vibration in the vertical…

Existing theoretical models of evolution focus on the relative fitness advantages of different mutants in a population while the dynamic behavior of the population size is mostly left unconsidered. We here present a generic stochastic model…

In this paper it was developed a modification of the known multiagent model Minority Game, designed to simulate the behavior of traders in financial markets and the resulting price dynamics on the abstract resource. The model was…

Evolutionary game theory has been an important tool for describing economic and social behaviour for decades. Approximate mean value equations describing the time evolution of strategy concentrations can be derived from the players'…

We introduce a simple extension of the minority game in which the market rewards contrarian (resp. trend-following) strategies when it is far from (resp. close to) efficiency. The model displays a smooth crossover from a regime where…

Following the analytic approach to thermodynamics developed by Stueckelberg, we study the evolution equations of a closed thermodynamic system consisting of point particles in a fluid. We obtain a system of coupled differential equations…

We derive the mass-temperature relation using an improved top-hat model and a continuous formation model which takes into account the effects of the ordered angular momentum acquired through tidal-torque interaction between clusters, random…

We discuss a relativistic model for heat conduction, building on a convective variational approach to multi-fluid systems where the entropy is treated as a distinct dynamical entity. We demonstrate how this approach leads to a relativistic…

We study the comparative importance of thermal to non-thermal fluctuations for membrane-based models in the linear regime. Our results, both in 1+1 and 2+1 dimensions, suggest that non-thermal fluctuations dominate thermal ones only when…

Virtually every biological rate depends on temperature, yet the resulting rate-temperature relationships often deviate strongly from simple Arrhenius behavior. In this first part of a two-part review, we survey phenomenological models used…

We derive the thermodynamic Bethe ansatz equation for the situation inwhich the statistical interaction of a multi-particle system is governed by Haldane statistics. We formulate a macroscopical equivalence principle for such systems.…

We show how statistical thermodynamics can be formulated in situations in which thermodynamics applies, while equilibrium statistical mechanics does not. A typical case is, in the words of Landau and Lifshitz, that of partial (or…

We explore various extensions of Challet and Zhang's Minority Game in an attempt to gain insight into the dynamics underlying financial markets. First we consider a heterogeneous population where individual traders employ differing `time…

Strategic-form min-max game theory examines the existence, multiplicity, selection of equilibria, and the worst-case computational complexity under perfect rationality. However, in many applications, games are drawn from an ensemble, and…

We discuss a class of explicitly solvable mean field type control problems/mean field games with a clear economic interpretation. More precisely, we consider long term average impulse control problems with underlying general one-dimensional…

We address the question of market efficiency using the Minority Game (MG) model. First we show that removing unrealistic features of the MG leads to models which reproduce a scaling behavior close to what is observed in real markets. In…

We propose a payoff function extending Minority Games (MG) that captures the competition between agents to make money. In constrast with previous MG, the best strategies are not always targeting the minority but are shifting…