Related papers: Naive Diversification Preferences and their Repres…
Diversification return is an incremental return earned by a rebalanced portfolio of assets. The diversification return of a rebalanced portfolio is often incorrectly ascribed to a reduction in variance. We argue that the underlying source…
We study a class of heterogeneous agent-based models which are based on a basic set of principles, and the most fundamental operations of an economic system: trade and product transformations. A basic guiding principle is scale invariance,…
In this work, we consider a population composed of a continuum of agents that seek to maximize a payoff function by moving on a network. The nodes in the network may represent physical locations or abstract choices. The population is…
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 consider a scheduling problem of strategic agents representing jobs of different weights. Each agent has to decide on one of a finite set of identical machines to get their job processed. In contrast to the common and exclusive focus on…
This paper proposes a method for estimating consumer preferences among discrete choices, where the consumer chooses at most one product in a category, but selects from multiple categories in parallel. The consumer's utility is additive in…
The introduction of convolutional layers greatly advanced the performance of neural networks on image tasks due to innately capturing a way of encoding and learning translation-invariant operations, matching one of the underlying symmetries…
We demonstrate diversification rather than optimisation for highly interacting organisms in a well mixed biological system by means of a simple model and reference to experiment, and find the cause to be the complex network of interactions…
We develop nested variational inference (NVI), a family of methods that learn proposals for nested importance samplers by minimizing an forward or reverse KL divergence at each level of nesting. NVI is applicable to many commonly-used…
In many causal inference problems, multiple action variables, such as factors, mediators, or network units, often share a common causal role yet lack a natural ordering. To avoid ambiguity, the scientific interpretation of a vector of…
We develop a model to study the role of rationality in economics and biology. The model's agents differ continuously in their ability to make rational choices. The agents' objective is to ensure their individual survival over time or,…
When an Agent visits a platform recommending a menu of content to select from, their choice of item depends not only on fixed preferences, but also on their prior engagements with the platform. The Recommender's primary objective is…
Investors usually resort to financial advisors to improve their investment process until the point of complete delegation on investment decisions. Surely, financial advice is potentially a correcting factor in investment decisions but, in…
A monopolist wishes to maximize her profits by finding an optimal price policy. After she announces a menu of products and prices, each agent $x$ will choose to buy that product $y(x)$ which maximizes his own utility, if positive. The…
We propose a novel kinetic exchange model differing from previous ones in two main aspects. First, the basic dynamics is modified in order to represent economies where immediate wealth exchanges are carried out, instead of reshufflings or…
We consider the multi-sender persuasion problem: multiple players with informational advantage signal to convince a single self-interested actor to take certain actions. This problem generalizes the seminal Bayesian Persuasion framework and…
Spurious correlations in the data, where multiple cues are predictive of the target labels, often lead to shortcut learning phenomena, where a model may rely on erroneous, easy-to-learn, cues while ignoring reliable ones. In this work, we…
We consider a model where an agent is must choose between alternatives that each provide only an imprecise description of the world (e.g. linguistic expressions). The set of alternatives is closed under logical conjunction and disjunction,…
We consider social welfare functions that satisfy Arrow's classic axioms of independence of irrelevant alternatives and Pareto optimality when the outcome space is the convex hull of some finite set of alternatives. Individual and…
We propose a deep neural network-based solution to the problem of allocating indivisible goods under additive subjective valuations without monetary transfers, trading off economic efficiency with envy-based fairness. We introduce…