Analysis of price behavior in lazy $-game |
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Authors: | Jun Kiniwa Takeshi Koide Hiroaki Sandoh |
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Institution: | a Department of Applied Economics, University of Hyogo, Gakuen-nishi, Nishi, Kobe 651-2197, Japan b Department of Information and Management Sciences, University of Marketing Distribution and Sciences, Japan c Graduate School of Economics, Osaka University, Japan |
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Abstract: | A non-cooperative iterated multiagent game, called a minority game, and its variations have been extensively studied in this decade. To increase its market similarity, a $-game was presented by observing the current and the next agent’s payoffs. However, since the $-game is defined as an offline game, it is difficult to simulate it in practice. So we propose a new online version of the $-game, called a lazy $-game, and analyze the price behavior of the game. First, we reveal the condition of a bubble phenomenon in the lazy $-game. Next, we investigate the price behavior in the lazy $-game and show that there are some upper/lower bounds of the price as long as both the buyers group and the sellers group are nonempty. Then, we consider the similarity between the lazy $-game and the $-game. Finally, we present some simulation results. |
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Keywords: | 89 65 -s 89 65 Gh |
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