Crowd–anticrowd theory of the minority game

The Minority Game is a simple yet highly non-trivial agent-based model for a complex adaptive system. Here, we provide an explanation of the gameʹs fluctuations which is both intuitive and quantitative, and which applies over the entire parameter range of interest. The physical idea behind our theory is to describe the interplay between crowds of like-minded agents and their anticorrelated partners (anticrowds).