Crowd effects and volatility in markets with competing agents |
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| Affiliation: | 1. Center for Systems and Control, College of Engineering, Peking University, Beijing 100871, China;2. Department of Ecology and Evolutionary Biology, Princeton University, NJ 08544, USA;3. School of Science, Beijing University of Posts and Communications, Beijing 100876, China;1. Division of Orthopaedic Surgery, Scripps Clinic, La Jolla, CA, USA;2. Shiley Center for Orthopaedic Research & Education at Scripps Clinic, La Jolla, CA, USA |
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| Abstract: | 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 effects of crowding are crucial to the understanding of the macroscopic fluctuations, or ‘volatility’, in the resulting dynamics of these systems. |
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