Minority Games: Interacting agents in financial markets

Paperback | December 21, 2013

byDamien Challet, Matteo Marsili, Yi-Cheng Zhang

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The Minority Game is a physicist's attempt to explain market behaviour by the interaction between traders. With a minimal set of ingredients and drastic assumptions, this model reproduces market ecology among different types of traders. Its emphasis is on speculative trading and informationflow. The book first describes the philosophy lying behind the conception of the Minority Game in 1997, and includes in particular a discussion about the El Farol bar problem. It then reviews the main steps in later developments, including both the theory and its applications to market phenomena.Minority Games gives a colourful and stylized, but also realistic picture of how financial markets operate.

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The Minority Game is a physicist's attempt to explain market behaviour by the interaction between traders. With a minimal set of ingredients and drastic assumptions, this model reproduces market ecology among different types of traders. Its emphasis is on speculative trading and informationflow. The book first describes the philosophy ...

Damien Challet graduated as a physicist at the Swiss Institute of Technology, Lausanne, and obtained his Ph.D at Fribourg University under the supervision of Prof Yi-Cheng Zhang. He then spent three years as a postdoctoral fellow in Theoretical Physics at Oxford and is now Nomura Junior Research Fellow in Financial Mathematics, Oxford...
Format:PaperbackDimensions:360 pages, 9.45 × 6.61 × 0.07 inPublished:December 21, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199686696

ISBN - 13:9780199686698

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Table of Contents

1. Introduction2. Early works3. Understanding the Minority Game dynamics4. Minority Games as market models5. Quest for better cooperationA. List of selected publicationsB. Source code

Editorial Reviews

"Physicist Challet, and one of his coauthors, Yi-Cheng Zhang, conceived of the Minority Game, a model problem explaining market behavior by the interaction between traders, in 1997. Here, they describe the philosophy behind the model, discuss the El Farol bar problem, and review the main stepsin later developments, including both the theory and its applications to market phenomena. In addition to a primary readership of physicists, the book is written to be accessible to economists and researchers and practitioners in financial markets." --Reference and Research Book News