Martino, A. De; Giardina, I.; Marsili, M.; Tedeschi, A. - arXiv.org - 2004
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 contrarians dominate to one where trend-followers dominate. In...