Related papers: Solving Heterogeneous General Equilibrium Economic…
This study develops and evaluates a deep reinforcement learning framework for dynamic portfolio allocation across global equity markets. The Soft Actor-Critic algorithm is used to learn continuous portfolio weights within a Markov Decision…
Agent-based models (ABMs) have shown promise for modelling various real world phenomena incompatible with traditional equilibrium analysis. However, a critical concern is the manual definition of behavioural rules in ABMs. Recent…
Optimizing economic and public policy is critical to address socioeconomic issues and trade-offs, e.g., improving equality, productivity, or wellness, and poses a complex mechanism design problem. A policy designer needs to consider…
Macroeconomic outcomes emerge from individuals' decisions, making it essential to model how agents interact with macro policy via consumption, investment, and labor choices. We formulate this as a dynamic Stackelberg game: the government…
The year 2020 has seen the COVID-19 virus lead to one of the worst global pandemics in history. As a result, governments around the world are faced with the challenge of protecting public health, while keeping the economy running to the…
Recent breakthroughs in Go play and strategic games have witnessed the great potential of reinforcement learning in intelligently scheduling in uncertain environment, but some bottlenecks are also encountered when we generalize this…
Incorporating decision-making dynamics during an outbreak poses a challenge for epidemiology, faced by several modeling approaches siloed by different disciplines. We propose an epi-economic model where high-frequency choices of individuals…
We study a game between liquidity provider and liquidity taker agents interacting in an over-the-counter market, for which the typical example is foreign exchange. We show how a suitable design of parameterized families of reward functions…
This survey (re)introduces reinforcement learning methods to economists. The curse of dimensionality limits how far exact dynamic programming can be effectively applied, forcing us to rely on suitably "small" problems or our ability to…
The transition from defined benefit to defined contribution pension plans shifts the responsibility for saving toward retirement from governments and institutions to the individuals. Determining optimal saving and investment strategy for…
Current business cycle theory is an application of the general equilibrium theory. This paper presents the business cycle model without using general equilibrium framework. We treat agents risk assessments as their coordinates x on economic…
Reinforcement learning has increasingly been applied to economic decision-making, including taxation, public spending, and labor supply. However, existing RL-based economic models typically consider only a single government-household group,…
While reinforcement learning methods have delivered remarkable results in a number of settings, generalization, i.e., the ability to produce policies that generalize in a reliable and systematic way, has remained a challenge. The problem of…
The outbreak of COVID-19 has highlighted the intricate interplay between public health and economic stability on a global scale. This study proposes a novel reinforcement learning framework designed to optimize health and economic outcomes…
Macro-economic models describe the dynamics of economic quantities. The estimations and forecasts produced by such models play a substantial role for financial and political decisions. In this contribution we describe an approach based on…
Deep reinforcement learning has proven to be a great success in allowing agents to learn complex tasks. However, its application to actual robots can be prohibitively expensive. Furthermore, the unpredictability of human behavior in…
Development and growth are complex and tumultuous processes. Modern economic growth theories identify some key determinants of economic growth. However, the relative importance of the determinants remains unknown, and additional variables…
Supervised approaches for text summarisation suffer from the problem of mismatch between the target labels/scores of individual sentences and the evaluation score of the final summary. Reinforcement learning can solve this problem by…
The theory of learning in games has extensively studied situations where agents respond dynamically to each other by optimizing a fixed utility function. However, in many settings of interest, agent utility functions themselves vary as a…
Recent advances in ML suggest that the quantity of data available to a model is one of the primary bottlenecks to high performance. Although for language-based tasks there exist almost unlimited amounts of reasonably coherent data to train…