Related papers: Market Model with Heterogeneous Buyers
It is common in recommendation systems that users both consume and produce information as they make strategic choices under uncertainty. While a social planner would balance "exploration" and "exploitation" using a multi-armed bandit…
A marketplace is defined where the private data of suppliers (e.g., prosumers) are protected, so that neither their identity nor their level of stock is made known to end customers, while they can sell their products at a reduced price. A…
This paper examines a heterogeneous beliefs model in which there is a process that is only partially observed by the agents. The economy contains a risky asset producing dividends continuously in time. The dividends are observed by the…
In social network markets, the act of consumer choice in these industries is governed not just by the set of incentives described by conventional consumer demand theory, but by the choices of others in which an individual's payoff is an…
Although machine learning tasks are highly sensitive to the quality of input data, relevant datasets can often be challenging for firms to acquire, especially when held privately by a variety of owners. For instance, if these owners are…
In online internet advertising, machine learning models are widely used to compute the likelihood of a user engaging with product related advertisements. However, the performance of traditional machine learning models is often impacted due…
Mixed-effect models are flexible tools for researchers in a myriad of fields, but that flexibility comes at the cost of complexity and if users are not careful in how their model is specified, they could be making faulty inferences from…
Prediction markets are often used as mechanisms to aggregate information about a future event, for example, whether a candidate will win an election. The event is typically assumed to be exogenous. In reality, participants may influence the…
Fairness is desirable yet challenging to achieve within multi-agent systems, especially when agents differ in latent traits that affect their abilities. This hidden heterogeneity often leads to unequal distributions of wealth, even when…
One of the fundamental principles driving diversity or homogeneity in domains such as cultural differentiation, political affiliation, and product adoption is the tension between two forces: influence (the tendency of people to become…
A central push in operations models over the last decade has been the incorporation of models of customer choice. Real world implementations of many of these models face the formidable stumbling block of simply identifying the `right' model…
Modelling other agents' behaviors plays an important role in decision models for interactions among multiple agents. To optimise its own decisions, a subject agent needs to model what other agents act simultaneously in an uncertain…
Decision-making individuals are typically either an imitator, who mimics the action of the most successful individual(s), a conformist (or coordinating individual), who chooses an action if enough others have done so, or a nonconformist (or…
Market makers provide liquidity to other market participants: they propose prices at which they stand ready to buy and sell a wide variety of assets. They face a complex optimization problem with both static and dynamic components. They…
Under the sociological theory of homophily, people who are similar to one another are more likely to interact with one another. Marketers often have access to data on interactions among customers from which, with homophily as a guiding…
The way that people make choices or exhibit preferences can be strongly affected by the set of available alternatives, often called the choice set. Furthermore, there are usually heterogeneous preferences, either at an individual level…
Heterogeneous data from multiple populations, sub-groups, or sources is often represented as a ``mixture model'' with a single latent class influencing all of the observed covariates. Heterogeneity can be resolved at multiple levels by…
People learn about opportunities and actions by observing the experiences of their friends. We model how homophily -- the tendency to associate with similar others -- affects both the endogenous quality and diversity of the information…
We offer a parsimonious model to investigate how strategic wind producers sell energy under stochastic production constraints, where the extent of heterogeneity of wind energy availability varies according to wind farm locations. The main…
An informed seller designs a dynamic mechanism to sell an experience good. The seller has partial information about the product match, which affects the buyer's private consumption experience. We characterize equilibrium mechanisms of this…