title: Minority games with score-dependent and agent-dependent payoffs.
abstract: Score-dependent and agent-dependent payoffs of the strategies are introduced into the standard minority game. The intrinsic periodicity is consequently removed, and the stylized facts arise, such as long-range volatility correlations and "fat tails" in the distribution of the returns. The agent dependence of the payoffs is essential in producing the long-range volatility correlations. The new payoffs lead to a better performance in the dynamic behavior nonlocal in time, and can coexist with the inactive strategy. We also observe that the standard deviation sigma2/N is significantly reduced, thus the efficiency of the system is distinctly improved. Based on this observation, we give a qualitative explanation for the long-range volatility correlations.
authors.affiliation: Zhejiang Institute of Modern Physics, Zhejiang University, Hangzhou 310027, People's Republic of China.
authors.forename: F
authors.initials: F
authors.lastname: Ren
authors.forename: B
authors.initials: B
authors.lastname: Zheng
authors.forename: T
authors.initials: T
authors.lastname: Qiu
authors.forename: S
authors.initials: S
authors.lastname: Trimper