Related papers: Modeling Market Mechanism with Evolutionary Games
In the article I study the evolutionary adaptivity of two simple population models, based on either altruistic or egoistic law of energy exchange. The computational experiments show the convincing advantage of the altruists, which brings us…
We consider a class of games that are generalizations of the minority game, in that the demand and supply of the resource are specified independently. This allows us to study systems in which agents compete for a resource under different…
The paper argues that attracting more economists and adopting a more-precise definition of dynamic complexity might help econophysics acquire more attention in the economics community and bring new lymph to economic research. It may be…
In face of the pressing need of decarbonization in the power sector, the re-design of electricity market is necessary as a Marco-level approach to accommodate the high penetration of renewable generations, and to achieve power system…
Spatial evolutionary games model individuals who are distributed in a spatial domain and update their strategies upon playing a normal form game with their neighbors. We derive integro-differential equations as deterministic approximations…
Evolutionary game theory is an abstract and simple, but very powerful way to model evolutionary dynamics. Even complex biological phenomena can sometimes be abstracted to simple two-player games. But often, the interaction between several…
Econophysics provides a strategy for understanding the potential mechanisms underlying the anomalous distribution of wealth found in real societies. We present a computational nonlinear stochastic model for the distribution of wealth that…
The use of multiple Decision Models (DMs) enables to enhance the accuracy in decisions and at the same time allows users to evaluate the confidence in decision making. In this paper we explore the ability of multiple DMs to learn from a…
This paper is concerned with developing mean-field game models for the evolution of epidemics. Specifically, an agent's decision -- to be socially active in the midst of an epidemic -- is modeled as a mean-field game with health-related…
Here we will use results of Cox, Durrett, and Perkins for voter model perturbations to study spatial evolutionary games on $Z^d$, $d\ge 3$ when the interaction kernel is finite range, symmetric, and has covariance matrix $\sigma^2I$. The…
Exact analytic solutions and various numerical results for the rewiring of bipartite networks are discussed. An interpretation in terms of copying and innovation processes make this relevant in a wide variety of physical contexts. These…
We present a simple introduction to the basic Minority Game (MG) introduced by Challet and Zhang in 1997 and discuss some of its physical properties and subsequent developments. We also introduce some of its variants include the Evolutionay…
In growing populations, the fate of mutations depends on their competitive ability against the ancestor and their ability to colonize new territory. Here we present a theory that integrates both aspects of mutant fitness by coupling the…
We partially modify the rules of the Minority Game (MG) by introducing some degree of local information in the game, which is only available for some agents, called the interacting agents. Our work shows that, for small values of the new…
Equilibrium in Economics has been seldom addressed in a situation where some variables are discrete. This work introduces a problem related to lot-sizing with several players, and analyses some strategies which are likely to be found in…
Involution, a phenomenon of excessive competition with diminishing returns, has become a pressing socio-economic concern in contemporary China, prompting both academic inquiry and policy interventions. This paper proposes an evolutionary…
We solve the dynamics of large spherical Minority Games (MG) in the presence of non-negligible time dependent external contributions to the overall market bid. The latter represent the actions of market regulators, or other major natural or…
Evolutionary game theory is a mathematical toolkit to analyse the interactions that an individual agent has in a population and how the composition of strategies in this population evolves over time. While it can provide neat solutions to…
Computational models pervade all branches of the exact sciences and have in recent times also started to prove to be of immense utility in some of the traditionally 'soft' sciences like ecology, sociology and politics. This volume is a…
Starting from the Minority Game and building more and more sophisticated models of adaptive agents, we show that minority mechanisms underly any model where agents learn collectively a resource level that can be either obvious and constant…