Abstract
We conducted a study on a recently proposed model in which an odd number of agents are competing to be in the minority. In the model, the agents have one strategy in hand which is to follow the most recent history. Each agent is also assigned a value
p, which is the probability that an agent will follow the trend. Evolution is introduced through the modification of the value of
p when the performance of an agent becomes unsatisfactory. We present numerical results for the distribution of
p values in the population as well as the average duration between modifications at a given
p for different values of the parameters in the model. Agents who either always follow the trend or always act opposite to the trend, tend to out-perform the cautious agents. In this study we also point out the difference between the present model and a slightly modified model in which a strategy is randomly assigned to every agent initially.
