Related papers: Analogy Between Gambling and Measurement-Based Wor…
Sports analytics -- broadly defined as the pursuit of improvement in athletic performance through the analysis of data -- has expanded its footprint both in the professional sports industry and in academia over the past 30 years. In this…
Game theory has been increasingly applied in settings where the game is not known outright, but has to be estimated by sampling. For example, meta-games that arise in multi-agent evaluation can only be accessed by running a succession of…
In imperfect information games (e.g. Bridge, Skat, Poker), one of the fundamental considerations is to infer the missing information while at the same time avoiding the disclosure of private information. Disregarding the issue of protecting…
Prompted by a recent experiment by Victor Haghani and Richard Dewey, this note generalises the Kelly strategy (optimal for simple investment games with log utility) to a large class of practical utility functions and including the effect of…
In this paper, we consider a simple discrete-time optimal betting problem using the celebrated Kelly criterion, which calls for maximization of the expected logarithmic growth of wealth. While the classical Kelly betting problem can be…
Information sharing between individuals is crucial to improve performance in collective tasks. However, in a competitive world, individuals may be reluctant to share information with the others, and it is still unclear how the presence of…
Every interaction of a living organism with its environment involves the placement of a bet. Armed with partial knowledge about a stochastic world, the organism must decide its next step or near-term strategy, an act that implicitly or…
The work content of non-equilibrium systems in relation to a heat bath is often analyzed in terms of expectation values of an underlying random work variable. However, we show that when optimizing the expectation value of the extracted…
To demonstrate the usefulness of physical approaches for the study of realistic economic systems, we investigate the inequality of players' wealth in one of the most extensively studied econophysical models, namely, the minority game (MG).…
There is a deep connection between thermodynamics, information and work extraction. Ever since the birth of thermodynamics, various types of Maxwell demons have been introduced in order to deepen our understanding of the second law. Thanks…
It is known that repeated gambling over the outcomes of independent and identically distributed (i.i.d.) random variables gives rise to alternate operational meaning of entropies in the classical case in terms of the doubling rates. We give…
We consider a game-theoretic setting to model the interplay between attacker and defender in the context of information flow, and to reason about their optimal strategies. In contrast with standard game theory, in our games the utility of a…
In economy, markets are denoted as efficient when it is impossible to systematically generate profits which outperform the average. In the past years, the concept has been tested in other domains such as the growing sports betting market.…
Quantum guessing games offer a structured approach to analyzing quantum information processing, where information is encoded in quantum states and extracted through measurement. An additional aspect of this framework is the influence of…
Financial markets, with their vast range of different investment opportunities, can be seen as a system of many different simultaneous games with diverse and often unknown levels of risk and reward. We introduce generalizations to the…
We investigate the problem of gambling with uncertainty in outcome probabilities. Stochastic optimization models are proposed for optimal investing on events with mutually exclusive outcomes when probabilities are estimated using…
We analyze a periodic optimal finite-time two-state information-driven machine that extracts work from a single heat bath exploring imperfect measurements. Two models are considered, a memory-less one that ignores past measurements and an…
In a combinatorial exchange setting, players place sell (resp. buy) bids on combinations of traded goods. Besides the question of finding an optimal selection of winning bids, the question of how to share the obtained profit is of high…
Recently proposed methods in data subset selection, that is active learning and active sampling, use Fisher information, Hessians, similarity matrices based on gradients, and gradient lengths to estimate how informative data is for a…
Kelly betting is a prescription for optimal resource allocation among a set of gambles which are typically repeated in an independent and identically distributed manner. In this setting, there is a large body of literature which includes…