  Using the Minority Game model we study a broad spectrum of problems of market
mechanism. We study the role of different types of agents: producers,
speculators as well as noise traders. The central issue here is the information
flow : producers feed in the information whereas speculators make it away. How
well each agent fares in the common game depends on the market conditions, as
well as their sophistication. Sometimes there is much to gain with little
effort, sometimes great effort virtually brings no more incremental gain.
Market impact is shown to play also an important role, a strategy should be
judged when it is actually used in play for its quality. Though the Minority
Game is an extremely simplified market model, it allows to ask, analyze and
answer many questions which arise in real markets.
