Related papers: Robust Market Equilibria with Uncertain Preference…
Allocating resources to individuals in a fair manner has been a topic of interest since ancient times, with most of the early mathematical work on the problem focusing on resources that are infinitely divisible. Over the last decade, there…
This paper shows that in suitable markets, even with out-of-equilibrium trade allowed, a simple price update rule leads to rapid convergence toward the equilibrium. In particular, this paper considers a Fisher market repeated over an…
The emerging edge computing paradigm promises to deliver superior user experience and enable a wide range of Internet of Things (IoT) applications. In this work, we propose a new market-based framework for efficiently allocating resources…
Robust Optimization has traditionally taken a pessimistic, or worst-case viewpoint of uncertainty which is motivated by a desire to find sets of optimal policies that maintain feasibility under a variety of operating conditions. In this…
We perform a stability analysis for the utility maximization problem in a general semimartingale model where both liquid and illiquid assets (random endowments) are present. Small misspecifications of preferences (as modeled via expected…
We study the fair allocation of indivisible items under relevance constraints, where each agent has a set of relevant items and can only receive items that are relevant to them. While the relevance constraint has been studied in recent…
Economists often estimate economic models on data and use the point estimates as a stand-in for the truth when studying the model's implications for optimal decision-making. This practice ignores model ambiguity, exposes the decision…
We consider a task of scheduling with a common deadline on a single machine. Every player reports to a scheduler the length of his job and the scheduler needs to finish as many jobs as possible by the deadline. For this simple problem,…
We study the problem of fairly allocating indivisible goods among agents which are equipped with {\em leveled} valuation functions. Such preferences, that have been studied before in economics and fair division literature, capture a simple…
We initiate the study of statistical inference and A/B testing for two market equilibrium models: linear Fisher market (LFM) equilibrium and first-price pacing equilibrium (FPPE). LFM arises from fair resource allocation systems such as…
This paper studies a robust utility maximization problem for intractable claims under distributional ambiguity, where the distribution of the claim cannot be inferred from market information and its dependence with tradable assets is…
We consider a multi-agent resource allocation setting that models the assignment of papers to reviewers. A recurring issue in allocation problems is the compatibility of welfare/efficiency and fairness. Given an oracle to find a…
In an incomplete semimartingale model of a financial market, we consider several risk-averse financial agents who negotiate the price of a bundle of contingent claims. Assuming that the agents' risk preferences are modelled by convex…
I characterize optimal government policy in a sticky-price economy with different types of consumers and endogenous financial constraints in the banking and entrepreneurial sectors. The competitive equilibrium allocation is constrained…
Efficiently accommodating uncertain renewable resources in wholesale electricity markets is among the foremost priorities of market regulators in the US, UK and EU nations. However, existing deterministic market designs fail to internalize…
Fair machine learning (ML) methods help identify and mitigate the risk that algorithms encode or automate social injustices. Algorithmic approaches alone cannot resolve structural inequalities, but they can support socio-technical decision…
This paper investigates the equilibrium portfolio selection for smooth ambiguity preferences in a continuous-time market. The investor is uncertain about the risky asset's drift term and updates the subjective belief according to the…
Two-sided matching markets describe a large class of problems wherein participants from one side of the market must be matched to those from the other side according to their preferences. In many real-world applications (e.g. content…
We study the problem of fairly allocating a multiset $M$ of $m$ indivisible items among $n$ agents with additive valuations. Specifically, we introduce a parameter $t$ for the number of distinct types of items and study fair allocations of…
In Electricity markets, illiquidity, transaction costs and market price characteristics prevent managers to replicate exactly contracts. A residual risk is always present and the hedging strategy depends on a risk criterion chosen. We…