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Similar to LLMs, the development of vision language models is mainly driven by English datasets and models trained in English and Chinese language, whereas support for other languages, even those considered high-resource languages such as…
The purpose of the research was to build an index of informational asymmetry with market and firm proxies that reflect the analysts' perception of the level of informational asymmetry of companies. The proposed method consists of the…
This paper investigates third-degree price discrimination under endogenous market segmentation. Segmenting a market requires access to information about consumers, and this information comes with a cost. I explore the trade-offs between the…
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 start with the idea that open quantum systems can be used to represent financial markets by modelling events from the external environment and their impact on the market price. We show how to characterize distinct orbits of the time…
We study the problem of learning shared structure \emph{across} a sequence of dynamic pricing experiments for related products. We consider a practical formulation where the unknown demand parameters for each product come from an unknown…
Regulation is increasingly cited as the most important and pressing concern in machine learning. However, it is currently unknown how to implement this, and perhaps more importantly, how it would effect model performance alongside human…
The price impact for a single trade is estimated by the immediate response on an event time scale, i.e., the immediate change of midpoint prices before and after a trade. We work out the price impacts across a correlated financial market.…
Algorithmic fairness has emerged as a central issue in ML, and it has become standard practice to adjust ML algorithms so that they will satisfy fairness requirements such as Equal Opportunity. In this paper we consider the effects of…
Economy is demanding new models, able to understand and predict the evolution of markets. To this respect, Econophysics is offering models of markets as complex systems, such as the gas-like model, able to predict money distributions…
This paper studies learning in markets with aggregate uncertainty about whether trade is efficient. A long-lived seller offers prices to buyers, who are short-lived and arrive according to a Poisson process. A hidden state determines…
As robots acquire increasingly sophisticated skills and see increasingly complex and varied environments, the threat of an edge case or anomalous failure is ever present. For example, Tesla cars have seen interesting failure modes ranging…
Web3 prediction markets, exemplified by Polymarket, have gained prominence for leveraging collective intelligence to forecast a wide range of social, political, and sports events. However, among the thousands of prediction market events,…
Adopting a zonal structure of electricity market requires specification of zones' borders. In this paper we use social welfare as the measure to assess quality of various zonal divisions. The social welfare is calculated by Market Coupling…
We study price regulation for a monopolist operating in networked markets with demand spillovers. Achieving efficiency requires price reductions proportional to consumers' Katz-Bonacich centralities, which generally cannot be implemented by…
Using a model of the environment and a value function, an agent can construct many estimates of a state's value, by unrolling the model for different lengths and bootstrapping with its value function. Our key insight is that one can treat…
The progressive second-price auction of Lazar and Semret is a decentralized mechanism for the allocation and real-time pricing of a divisible resource. Our focus is on how delays in the receipt of bid messages, asynchronous analysis by…
A monopolistic seller aims to sell an indivisible item to multiple potential buyers. Each buyer's valuation depends on their private type and the item's quality. The seller can observe the quality but it is unknown to buyers. This quality…
Standard factuality evaluations of LLMs treat all errors alike, obscuring whether failures arise from missing knowledge (empty shelves) or from limited access to encoded facts (lost keys). We propose a behavioral framework that profiles…
Agent-based modeling (ABM) has long been used in economics to study human behavior, and large language model (LLM) agents now enable new forms of social and economic simulation. While prior work has discovered strategic deception by LLM…