  We present a spherical version of the grand-canonical minority game (GCMG),
and solve its dynamics in the stationary state. The model displays several
types of transitions between multiple ergodic phases and one non-ergodic phase.
We derive analytical solutions, including exact expressions for the volatility,
throughout all ergodic phases, and compute the phase behaviour of the system.
In contrast to conventional GCMGs, where the introduction of memory-loss
precludes analytical approaches, the spherical model can be solved also when
exponential discounting is taken into account. For the case of homogeneous
incentives to trade epsilon and memory loss rates rho, an efficient phase is
found only if rho=epsilon=0. Allowing for heterogeneous memory-loss rates we
find that efficiency can be achieved as long as there is any finite fraction of
agents which is not subject to memory loss.
