Volatility and Agent Adaptability in a Self-Organizing Market
  We present results for the so-called `bar-attendance' model of market behavior: $p$ adaptive agents, each possessing $n$ prediction rules chosen randomly from a pool, attempt to attend a bar whose cut-off is $s$. The global attendance time-series has a mean near, but not equal to, $s$. The variance, or `volatility', can show a minimum with increasing adaptability of the individual agents. 
N.F. Johnson, S. Jarvis, R. Jonson (Oxford University, UK) P. Cheung,   Y.R. Kwong, and P.M. Hui (Chinese University of Hong...