Johnson, Neil F; Hart, Michael; Hui, P.M - In: Physica A: Statistical Mechanics and its Applications 269 (1999) 1, pp. 1-8
We present analytic and numerical results for two models, namely the minority model and the bar-attendance model, which offer simple paradigms for a competitive marketplace. Both models feature heterogeneous agents with bounded rationality who act using inductive reasoning. We find that the...