Chaotic-periodic transition in a two-sided minority game

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• 作者：Xiao-Hui Li ; Guang Yang ; Ji-Ping Huang
• 关键词：phase transition ; minority game ; complex adaptive system ; random walk ; two ; sided market ; human experiment ; entropy ; like quantity ; market complexity
• 刊名：Frontiers of Physics
• 出版年：2016
• 出版时间：August 2016
• 年：2016
• 卷：11
• 期：4
• 全文大小：391 KB
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• 作者单位：Xiao-Hui Li (1)
  Guang Yang (1)
  Ji-Ping Huang (1)
  
  1. Department of Physics, State Key Laboratory of Surface Physics, and Collaborative Innovation Center of Advanced Microstructures, Fudan University, Shanghai, 200433, China
  
• 刊物类别：Physics and Astronomy
• 刊物主题：Physics
  Chinese Library of Science
  
• 出版者：Higher Education Press, co-published with Springer-Verlag GmbH
• ISSN：2095-0470

文摘

Phase transitions are being used increasingly to probe the collective behaviors of social human systems. In this study, we propose a different way of investigating such transitions in a human system by establishing a two-sided minority game model. A new type of agents who can actively transfer resources are added to our artificial bipartite resource-allocation market. The degree of deviation from equilibria is characterized by the entropy-like quantity of market complexity. Under different threshold values, Q _th , two phases are found by calculating the exponents of the associated power spectra. For large values of Q _th , the general motion of strategies for the agents is relatively periodic whereas for low values of Q _th , the motion becomes chaotic. The transition occurs abruptly at a critical value of Q _th . Our simulation results were also tested based on human experiments. The results of this study suggest that a chaotic-periodic transition related to the quantity of market information should exist in most bipartite markets, thereby allowing better control of such a transition and providing a better understanding of the endogenous emergence of business cycles from the perspective of quantum mechanics. Keywords phase transition minority game complex adaptive system random walk two-sided market human experiment entropy-like quantity market complexity