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We introduce exploration potential, a quantity that measures how much a reinforcement learning agent has explored its environment class. In contrast to information gain, exploration potential takes the problem's reward structure into…
The continuous and discrete models of labour force training are being built. The application of the results from the theory of differential games and dynamic programming allows presenting the optimal strategies of labour force training that…
A population of heterogenous agents compeeting through a minority rule is investigated. Agents which frequently loose are selected for evolution by changing their strategies. The stationary composition of the population resulting for this…
Modern macroeconomic monetary theory suggests that the labor share of income has effectively become a core macroe-conomic parameter anchored by top policymakers through Open Market Operations (OMO). However, the setting of this parameter…
A dynamical model of capital exchange is introduced in which a specified amount of capital is exchanged between two individuals when they meet. The resulting time dependent wealth distributions are determined for a variety of exchange…
Markets for zero-day exploits (software vulnerabilities unknown to the vendor) have a long history and a growing popularity. We study these markets from a revenue-maximizing mechanism design perspective. We first propose a theoretical model…
Opportunities, such as access to education or family background, shape income inequality by influencing the chances of economic success. Unequal opportunities create uncertainty about whether success is merit- or luck-based. We examine how…
The advent of more proactive consumers, the so-called "prosumers", with production and storage capabilities, is empowering the consumers and bringing new opportunities and challenges to the operation of power systems in a market…
Different models to study the wealth distribution in an artificial society have considered a transactional dynamics as the driving force. Those models include a risk aversion factor, but also a finite probability of favoring the poorer…
This chapter addresses the question of who benefits from forecasting, using Forecasting for Social Good as a motivating framework. Barriers to broadening the base of beneficiaries are identified, and some parallels are drawn with similar…
Recently, individual-based models originally used for biological purposes revealed interesting insights into processes of the competition of languages. Within this new field of population dynamics a model considering sexual populations with…
We investigate knowledge exchange among commercial organisations, the rationale behind it and its effects on the market. Knowledge exchange is known to be beneficial for industry, but in order to explain it, authors have used high level…
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,…
If wealthier people have advantages in having higher returns than poor, inequality will unequivocally increase, but is equal opportunity enough to prevent it? According to several models in economics and econophysics, no. They all display…
Energy forecasting has attracted enormous attention over the last few decades, with novel proposals related to the use of heterogeneous data sources, probabilistic forecasting, online learn-ing, etc. A key aspect that emerged is that…
Although the share of platform work is very small compared to conventional and traditional employment system, research shows that the use of platform work is increasingly growing all over the world. Trade unions have also paid special…
We study investment strategy in different models of financial markets, where the investors cannot reach a perfect knowledge about available assets. The investor spends a certain effort to get information; this allows him to better choose…
We propose a frustrated and disordered many-body model of a stockmarket in which independent adaptive traders can trade a stock subject to the economic law of supply and demand. We show that the typical scaling properties and the correlated…
This paper explores the intricate relationship between capitalism, racial injustice, and artificial intelligence (AI), arguing that AI acts as a contemporary vehicle for age-old forms of exploitation. By linking historical patterns of…
The recent advancements in mobile/data technology have fostered a widespread adoption of on-demand or gig service platforms. The increasingly available data and independent contractors have enabled these platforms to design customized…