This is an extended version of my Nobel Lecture, delivered on December 8, 2021. I will
recall the genesis of the concept of multiple equilibria in natural sciences. I will then describe …

This article is the second part of a review of recent empirical and theoretical developments
usually grouped under the heading Econophysics. In the first part, we reviewed the statistical …

In many social and biological systems agents simultaneously and adaptively compete for
limited resources, thereby altering their environment. We analyze a simple model that …

We study analytically a simple game theoretical model of heterogeneous interacting agents.
We show that the stationary state of the system is described by the ground state of a …

Minority games are simple mathematical models initially designed to understand the co-
operative phenomena observed in markets. Their core ingredients are large numbers of …

We define and study a rather complex market model, inspired from the Santa Fe artificial
market and the Minority Game. Agents have different strategies among which they can …

Federated learning (FL) emerges as a promising paradigm to enable a federation of clients
to train a machine learning model in a privacy-preserving manner. Most existing works …

Physicists have recently begun doing research in finance, and even though this movement
is less than five years old, interesting and useful contributions have already emerged. This …

We address the question of market efficiency using the Minority Game (MG) model. First we
show that removing unrealistic features of the MG leads to models which reproduce a …

Demand outstrips available resources in most situations, which gives rise to competition,
interaction and learning. In this article, we review a broad spectrum of multi-agent models of …