Related papers: Minimum Wages and Optimal Redistribution
In an ideal distributed computing infrastructure, users would be able to use diverse distributed computing resources in a simple coherent way, with guaranteed security and efficient use of shared resources in accordance with the wishes of…
Econophysics provides a strategy for understanding the potential mechanisms underlying the anomalous distribution of wealth found in real societies. We present a computational nonlinear stochastic model for the distribution of wealth that…
Social and economic inequality is a plague of the XXI Century. It is continuously widening, as the wealth of a relatively small group increases and, therefore, the rest of the world shares a shrinking fraction of resources. This situation…
A distribution shift between the training and test data can severely harm performance of machine learning models. Importance weighting addresses this issue by assigning different weights to data points during training. We argue that…
In day labor markets, workers are particularly vulnerable to wage theft. This paper introduces a principal-agent model to analyze the conditions required to mitigate wage theft through fines and establishes the necessary and sufficient…
Cryptocurrencies such as Bitcoin and Ethereum have recently gained a lot of popularity, not only as a digital form of currency but also as an investment vehicle. Online marketplaces and exchanges allow users across the world to convert…
A decision maker typically (i) incorporates training data to learn about the relative effectiveness of treatments, and (ii) chooses an implementation mechanism that implies an ``optimal'' predicted outcome distribution according to some…
The paper deals with the distributed minimum sharing problem: a set of decision-makers compute the minimum of some local quantities of interest in a distributed and decentralized way by exchanging information through a communication…
In economic modeling, there has been an increasing investigation into multi-agent simulators. Nevertheless, state-of-the-art studies establish the model based on reinforcement learning (RL) exclusively for specific agent categories, e.g.,…
Influence propagation has been the subject of extensive study due to its important role in social networks, epidemiology, and many other areas. Understanding propagation mechanisms is critical to control the spread of fake news or…
This paper investigates the interactions among consumption/savings, investment, and retirement choices with income disaster. We consider low-income people who are exposed to income disaster so that they retire involuntarily when income…
We study how to allocate resources to participants who can strategically misrepresent their deservingness at a cost. A principal assigns item(s) (or money) among multiple agents on the basis of their costly signals. Each agent's signal…
We consider a sharing economy network where agents embedded in a graph share their resources. This is a fundamental model that abstracts numerous emerging applications of collaborative consumption systems. The agents generate a random…
This study examines the relationship between automation and income inequality across different countries, taking into account the varying levels of technological adoption and labor market institutions. The research employs a panel data…
Simple agent based exchange models are a commonplace in the study of wealth distribution of artificial societies. Generally, each agent is characterized by its wealth and by a risk-aversion factor, and random exchanges between agents allow…
Machine learning models often preserve biases present in training data, leading to unfair treatment of certain minority groups. Despite an array of existing firm-side bias mitigation techniques, they typically incur utility costs and…
In this article, we assess the benefits of coordination and partnerships between governments and private insurers, and provide further evidence for microinsurance products as powerful and cost-effective tools for achieving poverty…
Probability distributions of money, income, and energy consumption per capita are studied for ensembles of economic agents. The principle of entropy maximization for partitioning of a limited resource gives exponential distributions for the…
We develop a theory of distributive competition under redistricting that explains both electoral outcomes and the equilibrium allocation of policy benefits by endogenizing voter pivotality. In a multi-district model with primaries, general…
The optimal (`equilibrium') macroscopic properties of an economy with $N$ industries endowed with different technologies, $P$ commodities and one consumer are derived in the limit $N\to\infty$ with $n=N/P$ fixed using the replica method.…