Related papers: Decentralized Pure Exchange Processes on Networks
The analysis of markets with indivisible goods and fixed exogenous prices has played an important role in economic models, especially in relation to wage rigidity and unemployment. This research report provides a mathematical and…
Many recent models of trade dynamics use the simple idea of wealth exchanges among economic agents in order to obtain a stable or equilibrium distribution of wealth among the agents. In particular, a plain analogy compares the wealth in a…
We introduce a new framework to model interactions among agents which seek to trade to minimize their risk with respect to some future outcome. We quantify this risk using the concept of risk measures from finance, and introduce a class of…
The organization of interactions in complex systems can be described by networks connecting different units. These graphs are useful representations of the local and global complexity of the underlying systems. The origin of their…
This paper studies reduced-order modeling of dynamic networks with strongly connected topology. Given a graph clustering of an original complex network, we construct a quotient graph with less number of vertices, where the edge weights are…
Over the past years, distributed energy resources (DER) have been the object of many studies, which recognise and establish their emerging role in the future of power systems. However, the implementation of many scenarios and mechanism are…
Competition is ubiquitous in many complex biological, social, and technological systems, playing an integral role in the evolutionary dynamics of the systems. It is often useful to determine the dominance hierarchy or the rankings of the…
Trades, introduced by Hedayat, are two sets of blocks of elements which may be exchanged (traded) without altering the counts of certain subcollections of elements within their constituent blocks. They are of importance in applications…
Bargaining games on exchange networks have been studied by both economists and sociologists. A Balanced Outcome for such a game is an equilibrium concept that combines notions of stability and fairness. In a recent paper, Kleinberg and…
We construct an utility-based dynamic asset pricing model for a limit order market. The price is nonlinear in volume and subject to market impact. We solve an optimal hedging problem under the market impact and derive the dynamics of the…
Securities markets are quintessential complex adaptive systems in which heterogeneous agents compete in an attempt to maximize returns. Species of trading agents are also subject to evolutionary pressure as entire classes of strategies…
We investigate the tradeoffs between fairness and efficiency when allocating indivisible items over time. Suppose T items arrive over time and must be allocated upon arrival, immediately and irrevocably, to one of n agents. Agent i assigns…
We consider a multi-class single server queueing network as a model of a packet switching network. The rates packets are sent into this network are controlled by queues which act as congestion windows. By considering a sequence of…
Trades based on bilateral (indivisible) contracts can be represented by a network. Vertices correspond to agents while arcs represent the non-price elements of a bilateral contract. Given prices for each arc, agents choose the incident arcs…
We consider reallocation problems in settings where the initial endowment of each agent consists of a subset of the resources. The private information of the players is their value for every possible subset of the resources. The goal is to…
Matching algorithms have demonstrated great success in several practical applications, but they often require centralized coordination and plentiful information. In many modern online marketplaces, agents must independently seek out and…
Although resource-limited networked autonomous systems must be able to efficiently and effectively accomplish tasks, better conservation of resources often results in worse task performance. We specifically address the problem of finding…
A resource exchange network is considered, where exchanges among nodes are based on reciprocity. Peers receive from the network an amount of resources commensurate with their contribution. We assume the network is fully connected, and…
Exchanges acquire excess processing capacity to accommodate trading activity surges associated with zero-sum high-frequency trader (HFT) "duels." The idle capacity's opportunity cost is an externality of low-latency trading. We build a…
We analyze a network formation game in a strategic setting where payoffs of individuals depend only on their immediate neighbourhood. We call these payoffs as localized payoffs. In this game, the payoff of each individual captures (1) the…