Crowd-anticrowd model of the Minority Game
  We provide a theoretical description of the Minority Game in terms of crowd effects. The size of the fluctuations arising in the game is controlled by the interplay between crowds of like-minded agents and their anti-correlated partners (anticrowds). The theoretical results are in good agreement with the numerical simulations over the entire parameter range of interest. 
M. Hart, P. Jefferies, N.F. Johnson (Oxford U.) and P.M. Hui (CUHK)