We discuss in detail the derivation of stochastic differential equations fo
r the continuum time limit of the minority game. We show that all propertie
s of the minority game can be understood by a careful theoretical analysis
of such equations. In particular, (i) we confirm that the stationary state
properties are given by the ground state configurations of a disordered (so
ft) spin system. (ii) we derive the full stationary state distribution, (ii
i) we characterize the dependence on initial conditions in the symmetric ph
ase, and (iv) we clarify the behavior of the system as a function of the le
arning rate. This leaves us with a complete and coherent picture of the col
lective behavior of the minority game. Strikingly we find that the temperat
urelike parameter, which is introduced in the choice behavior of individual
agents turns out to play the role, at the collective level, of the inverse
of a thermodynamic temperature.