Irrelevance of memory in the minority game

TL;DR

This study demonstrates through extensive simulations that the key features of the minority game are unaffected by agents' memory, emphasizing the importance of shared information over memory in the game's dynamics.

Contribution

The paper reveals that the distinctive features of the minority game do not depend on agent memory, highlighting the role of shared information instead.

Findings

Features are independent of memory

Shared information is crucial

Memory does not influence game dynamics

Abstract

By means of extensive numerical simulations we show that all the distinctive features of the minority game introduced by Challet and Zhang (1997), are completely independent from the memory of the agents. The only crucial requirement is that all the individuals must posses the same information, irrespective of the fact that this information is true or false.