Abstract
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 dynamics of the
system.
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