Influence of external information in the minority game

M A R de Cara1, F Guinea

  • 1Instituto de Ciencia de Materiales de Madrid, Consejo Superior de Investigaciones Científicas, Cantoblanco, E-28049 Madrid, Spain.

Related Concept Videos

Conformity01:20

Conformity

Conformity is the change in a person’s behavior to go along with the group, even if that person does not agree with the group.
Impact of Individuals on a Group01:25

Impact of Individuals on a Group

In social psychology, the interplay between individuals and groups is a central concern, particularly regarding how individual actions and characteristics influence group processes and outcomes. While much research emphasizes the group's power in shaping individual behavior, it is equally significant to understand how individuals contribute to the functioning, development, and success of groups.Individual Roles in Group Productivity and Decision-MakingIndividuals are not passive participants in...
Internal and External Forces01:12

Internal and External Forces

Newton's first law states that a net external force causes a change in motion. External forces act on an object or system, originating outside of the object or system. In contrast, internal forces originate inside the system of interest and do not lead to any acceleration. In simpler words, internal forces are forces that act on one part of an object and are exerted by another part of the same object. External forces are forces that act on an object due to some other object. Therefore, when...
Social Foundations of Self II: The Generalized Other01:20

Social Foundations of Self II: The Generalized Other

According to George Herbert Mead, as children progress beyond the game stage, they develop a more comprehensive understanding of societal rules and norms. This cognitive and social development enables them to internalize the expectations of the broader community, refining their ability to regulate behavior.Consistent participation in organized activities is crucial in helping children recognize that their actions are not isolated but contribute to a more significant, interconnected group effort.
Groupthink01:34

Groupthink

When in group settings, we are often influenced by the thoughts, feelings, and behaviors around us. Groupthink is another phenomenon of conformity where modification of the opinions of members in a group aligns with what they believe is the group consensus (Janis, 1972). In such situations, the group often takes action that individuals would not perform outside the group setting because groups make more extreme decisions than individuals do. Moreover, groupthink can hinder opposing trains of...
Bias01:22

Bias

Bias refers to any tendency that prevents a question from being considered unprejudiced. In research, bias occurs when one outcome or answer is selected or encouraged over others in sampling or testing. Bias can occur during any research phase, including study design, data collection, analysis, and publication.
In statistics, a sampling bias is created when a sample is collected from a population, and some members of the population are not as likely to be chosen as others (remember, each member...