  The Minority Game framework was recently generalized to account for the
possibility that agents adapt not only through strategy selection but also by
diversifying their response according to the kind of dynamical regime, or the
risk, they perceive. Here we study the effects of this mechanism in different
information structures. We show that both the stationary macroscopic properties
and the dynamical features depend strongly on whether the information supplied
to the system is exogenous (`random') or endogenous (`real'). In particular, in
the latter case one observes that a small amount of herding tendency suffices
to alter the collective behavior dramatically. In such cases, the dynamics is
characterized by the creation and destruction of trends, accompanied by
intermittent features like volatility clustering.
