The K−p→Σ0π0K^-p\to \Sigma^0\pi^0 reaction at low energies in a chiral quark model

A chiral quark-model approach is extended to the study of the $\bar{K}N$ scattering at low energies. The process of $K^-p\to \Sigma^0\pi^0$ at $P_K\lesssim 800$ MeV/c (i.e. the center mass energy $W\lesssim 1.7$ GeV) is investigated. This approach is successful in describing the differential cross sections and total cross section with the roles of the low-lying $\Lambda$ resonances in $n=1$ shells clarified. The $\Lambda(1405)S_{01}$ dominates the reactions over the energy region considered here. Around $P_K\simeq 400$ MeV/c, the $\Lambda(1520)D_{03}$ is responsible for a strong resonant peak in the cross section. The $\Lambda(1670)S_{01}$ has obvious contributions around $P_K=750$ MeV/c, while the contribution of $\Lambda(1690)D_{03}$ is less important in this energy region. The non-resonant background contributions, i.e. $u$-channel and $t$-channel, also play important roles in the explanation of the angular distributions due to amplitude interferences.Comment: 18 pages and 7 figure

Theory of the evolutionary minority game

We present a theory which describes a recently introduced model of an evolving, adaptive system in which agents compete to be in the minority. The agents themselves are able to evolve their strategies over time in an attempt to improve their performance. The present theory explicitly demonstrates the self-interaction, or so-called market impact, that agents in such systems experience

Crowd-Anticrowd Theory of Multi-Agent Market Games

We present a dynamical theory of a multi-agent market game, the so-called Minority Game (MG), based on crowds and anticrowds. The time-averaged version of the dynamical equations provides a quantitatively accurate, yet intuitively simple, explanation for the variation of the standard deviation (`volatility') in MG-like games. We demonstrate this for the basic MG, and the MG with stochastic strategies. The time-dependent equations themselves reproduce the essential dynamics of the MG.Comment: Presented at APFA2 (Liege) July 2000. Proceedings: Eur.Phys.J. B [email protected]

Approaching the ground states of the random maximum two-satisfiability problem by a greedy single-spin flipping process

In this brief report we explore the energy landscapes of two spin glass models using a greedy single-spin flipping process, {\tt Gmax}. The ground-state energy density of the random maximum two-satisfiability problem is efficiently approached by {\tt Gmax}. The achieved energy density $e(t)$ decreases with the evolution time $t$ as $e(t)-e(\infty)=h (\log_{10} t)^{-z}$ with a small prefactor $h$ and a scaling coefficient $z > 1$, indicating an energy landscape with deep and rugged funnel-shape regions. For the $\pm J$ Viana-Bray spin glass model, however, the greedy single-spin dynamics quickly gets trapped to a local minimal region of the energy landscape.Comment: 5 pages with 4 figures included. Accepted for publication in Physical Review E as a brief repor

From market games to real-world markets

This paper uses the development of multi-agent market models to present a unified approach to the joint questions of how financial market movements may be simulated, predicted, and hedged against. We examine the effect of different market clearing mechanisms and show that an out-of-equilibrium clearing process leads to dynamics that closely resemble real financial movements. We then show that replacing the `synthetic' price history used by these simulations with data taken from real financial time-series leads to the remarkable result that the agents can collectively learn to identify moments in the market where profit is attainable. We then employ the formalism of Bouchaud and Sornette in conjunction with agent based models to show that in general risk cannot be eliminated from trading with these models. We also show that, in the presence of transaction costs, the risk of option writing is greatly increased. This risk, and the costs, can however be reduced through the use of a delta-hedging strategy with modified, time-dependent volatility structure.Comment: Presented at APFA2 (Liege) July 2000. Proceedings: Eur. Phys. J. B Latex file + 10 .ps figs. [email protected]