Related papers: On the time consistency of collective preferences
UK electricity market changes provide opportunities to alter households' electricity usage patterns for the benefit of the overall electricity network. Work on clustering similar households has concentrated on daily load profiles and the…
We present a novel system of equations to describe the evolution of self-organized structured societies (biological or human) composed of several trait groups. The suggested approach is based on the combination of ideas employed in the…
We explore heterogeneous prices as a source of heterogeneous or stochastic demand. Heterogeneous prices could arise either because there is actual price variation among consumers or because consumers (mis)perceive prices differently. Our…
The rich set of interactions between individuals in the society results in complex community structure, capturing highly connected circles of friends, families, or professional cliques in a social network. Thanks to frequent changes in the…
This paper considers a problem where multiple users make repeated decisions based on their own observed events. The events and decisions at each time step determine the values of a utility function and a collection of penalty functions. The…
The determinants of the velocity of money have been examined based on life-cycle hypothesis. The velocity of money can be expressed by reciprocal of the average value of holding time which is defined as interval between participating…
Addressing the question of how to achieve optimal decision-making under risk and uncertainty is crucial for enhancing the capabilities of artificial agents that collaborate with or support humans. In this work, we address this question in…
In linear models of consensus dynamics, the state of the various agents converges to a value which is a convex combination of the agents' initial states. We call it democratic if in the large scale limit (number of agents going to infinity)…
A wide range of natural and engineered phenomena rely on large networks of interacting units to reach a dynamical consensus state where the system collectively operates. Here we study the dynamics of self-organizing systems and show that…
The well-studied problem of statistical rank aggregation has been applied to comparing sports teams, information retrieval, and most recently to data generated by human judgment. Such human-generated rankings may be substantially different…
How do networks of relationships evolve over time? We analyse a dataset tracking the social interactions of 900 individuals over four years. Despite continuous shifts in individual relationships, the macroscopic structural properties of the…
We study the evolution of preferences in multi-population settings that allow matches across distinct populations. Each individual has subjective preferences over potential outcomes, and chooses a best response based on his preferences and…
The ranking of possible alternatives during the design or operation of an industrial process leads to the definition of a solution representing the best compromise between several contradictory objectives. The choice of solution is a…
We analyze the accuracy of collective decision-making in socially connected populations, where agents update binary choices through local interactions on a network. Each agent receives a private signal that is biased -- even marginally --…
We study the collective behaviour of an ensemble of coupled motile elements whose interactions depend on time and are alternatively attractive or repulsive. The evolution of interactions is driven by individual internal variables with…
We model the joint distribution of choice probabilities and decision times in binary choice tasks as the solution to a problem of optimal sequential sampling, where the agent is uncertain of the utility of each action and pays a constant…
In this paper, we study the global stability properties of a multi-agent model of natural resource consumption that balances ecological and social network components in determining the consumption behavior of a group of agents. The social…
We consider the problem of dispatching a fleet of heterogeneous energy storage units to provide grid support. Under the restriction that recharging is not possible during the time frame of interest, we develop an aggregate measure of fleet…
Income- and price-elasticity of demand quantify the responsiveness of markets to changes in income, and in prices, respectively. Under the assumptions of utility maximization and preference-independence (additive preferences), mathematical…
A consumer Behaviour model is considered in the context of a network of interacting individuals in an energy market. We propose and analyse a simple dynamical model of an ensemble of coupled active elements mimicking consumers' Behaviour,…