Mixed population Minority Game with generalized strategies
  We present a quantitative theory, based on crowd effects, for the market volatility in a Minority Game played by a mixed population. Below a critical concentration of generalized strategy players, we find that the volatility in the crowded regime remains above the random coin-toss value regardless of the "temperature" controlling strategy use. Our theory yields good agreement with numerical simulations. 
P. Jefferies, M. Hart, N.F. Johnson (Oxford U.) and P.M. Hui (CUHK)