# THERMAL MODEL FOR ADAPTIVE COMPETITION IN A MARKET

@article{Cavagna1999THERMALMF, title={THERMAL MODEL FOR ADAPTIVE COMPETITION IN A MARKET}, author={Andrea Cavagna and Juan P. Garrahan and Irene Giardina and David Sherrington}, journal={Physical Review Letters}, year={1999}, volume={83}, pages={4429-4432} }

New continuous and stochastic extensions of the minority game, devised as a fundamental model for a market of competitive agents, are introduced and studied in the context of statistical physics. The new formulation reproduces the key features of the original model, without the need for some of its special assumptions and, most importantly, it demonstrates the crucial role of stochastic decision making. Furthermore, this formulation provides the exact but novel nonlinear equations for the…

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