Modeling Market Mechanism with Evolutionary Games
classification
❄️ cond-mat.soft
adap-orgcond-mat.dis-nnnlin.AO
keywords
essayminoritymodelsolutionsomeanalyticalaprilcompetition
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This is an essay solicited by Europhysics News, published in its March/April 1998 issue with slight modifications. We outline some highlights of the econophysics models, especially the so-called Minority model of competition and evolution. Even without the usual math, this essay offers an analytical solution to the Minority model, revealing some key features of the solution.
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