  We apply path-integral techniques to study the dynamics of agent-based models
with asymmetric information structures. In particular, we devise a batch
version of a model proposed originally by Berg et al. [Quant. Fin. 1 (2001)
203], and convert the coupled multi-agent processes into an effective-agent
problem from which the dynamical order parameters in ergodic regimes can be
derived self-consistently together with the corresponding phase structure. Our
dynamical study complements and extends the available static theory. Results
are confirmed by numerical simulations.
