Related papers: Information inefficiency in a random linear econom…
The recent rise of Large Reasoning Models (LRMs) has significantly improved multi-step reasoning performance, but often at the cost of generating excessively long reasoning chains. This paper revisits the efficiency of such reasoning…
Social and biological collectives need to exchange information to persist and to function. This happens across internal networks, whose structure represents static channels through which information flows. Less studied is the quantity and…
We consider a simple model of rational agents competing in a single product market described by simple linear demand curve. Contrary to accepted economic theory, the agents' production levels synchronise in the absence of conscious…
The paper is devoted to the problem of disaster mitigation. It develops an emergent mechanism of resource redistribution aimed at recovering of a socio-technological system affected by a large scale disaster. The basic requirements to the…
To choose between two discrete goods, a consumer pays attention to only those with prices below a threshold. From these, she chooses her most preferred good. We assume consumers in a population have the same preference but may have…
When individuals in a social network learn about an unknown state from private signals and neighbors' actions, the network structure often causes information loss. We consider rational agents and Gaussian signals in the canonical sequential…
Information and uncertainty are closely related and extensively studied concepts in a number of scientific disciplines such as communication theory, probability theory, and statistics. Increasing the information arguably reduces the…
When traffic is routed through a network that is susceptible to congestion, the self-interested decisions made by individual users do not, in general, produce the optimal flow. This discrepancy is quantified by the so-called "price of…
Trial-based economic evaluations are typically performed on cross-sectional variables, derived from the responses for only the completers in the study, using methods that ignore the complexities of utility and cost data (e.g. skewness and…
Collective behavior in online social media and networks is known to be capable of generating non-intuitive dynamics associated with crowd wisdom and herd behaviour. Even though these topics have been well-studied in social science, the…
We study approximation and integration problems and compare the quality of optimal information with the quality of random information. For some problems random information is almost optimal and for some other problems random information is…
Demand response aims to stimulate electricity consumers to modify their loads at critical time periods. In this paper, we consider signals in demand response programs as a binary treatment to the customers and estimate the average treatment…
A transformation network describes how one set of resources can be transformed into another via technological processes. Transformation networks in economics are useful because they can highlight areas for future innovations, both in terms…
We present a recommender system based on the Random Utility Model. Online shoppers are modeled as rational decision makers with limited information, and the recommendation task is formulated as the problem of optimally enriching the…
Travel decisions tend to exhibit sensitivity to uncertainty and information processing constraints. These behavioural conditions can be characterized by a generative learning process. We propose a data-driven generative model version of…
Intelligent agents rely on AI/ML functionalities to predict the consequence of possible actions and optimise the policy. However, the effort of the research community in addressing prediction accuracy has been so intense (and successful)…
One 'problem' with the 21st century world, particularly the economic and business worlds, is the phenomenal and increasing number of interconnections between economic agents (consumers, firms, banks, markets, national economies). This…
A monopoly seller is privately and imperfectly informed about the buyer's value of the product. The seller uses information to price discriminate the buyer. A designer offers a mechanism that provides the seller with additional information…
The influence of additional information on the decision making of agents, who are interacting members of a society, is analyzed within the mathematical framework based on the use of quantum probabilities. The introduction of social…
Individuals often navigate several options with incomplete knowledge of their own preferences. Information provisioning tools such as public rankings and personalized recommendations have become central to helping individuals make choices,…