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. 
M. Hart, P. Jefferies, P.M. Hui and N.F. Johnson (Oxford U. and CUHK)