Related papers: The geometry of consumer preference aggregation
Decisions under uncertainty or with multiple objectives usually require the decision maker to formulate a preference regarding risks or trade-offs. If this preference is known, the ordered weighted averaging (OWA) criterion can be applied…
Determining consumer preferences and utility is a foundational challenge in economics. They are central in determining consumer behaviour through the utility-maximising consumer decision-making process. However, preferences and utilities…
We prove that the consumption functions in optimal savings problems are asymptotically linear if the marginal utility is regularly varying. We also analytically characterize the asymptotic marginal propensities to consume (MPCs) out of…
Providing users with alternatives to choose from is an essential component in many online platforms, making the accurate prediction of choice vital to their success. A renewed interest in learning choice models has led to significant…
Growth is a multi-layered phenomenon in human societies, composed of socioeconomic and demographic change at many different scales. Yet, standard macroeconomic indicators average over most of these processes, blurring the spatial and…
This paper considers the problem of steering the aggregative behavior of a population of noncooperative price-taking agents towards a desired behavior. Different from conventional pricing schemes where the price is fully available for…
Consider n individuals who, by popular vote, choose among q >= 2 alternatives, one of which is "better" than the others. Assume that each individual votes independently at random, and that the probability of voting for the better…
When tracking user-specific online activities, each user's preference is revealed in the form of choices and comparisons. For example, a user's purchase history is a record of her choices, i.e. which item was chosen among a subset of…
We present a novel methodology for identifying public knowledge and eliminating the biases it creates when aggregating information in small group settings. A two stage mechanism consisting of an information market and a coordination game is…
We study identification in models of aggregate choice generated by unobserved behavioral types. An analyst observes only aggregate choice behavior, while the population distribution of types and their type-level choice patterns are latent.…
We derive new prox-functions on the simplex from additive random utility models of discrete choice. They are convex conjugates of the corresponding surplus functions. In particular, we explicitly derive the convexity parameter of discrete…
Complex systems show the capacity to aggregate information and to display coordinated activity. In the case of social systems the interaction of different individuals leads to the emergence of norms, trends in political positions, opinions,…
In coming years residential consumers will face real-time electricity tariffs with energy prices varying day to day, and effective energy saving will require automation - a recommender system, which learns consumer's preferences from her…
Portfolio sorting is ubiquitous in the empirical finance literature, where it has been widely used to identify pricing anomalies. Despite its popularity, little attention has been paid to the statistical properties of the procedure. We…
Standard methods in preference learning involve estimating the parameters of discrete choice models from data of selections (choices) made by individuals from a discrete set of alternatives (the choice set). While there are many models for…
Personalized pricing analytics is becoming an essential tool in retailing. Upon observing the personalized information of each arriving customer, the firm needs to set a price accordingly based on the covariates such as income, education…
The broad objective of this paper is to propose a mathematical model for the study of causes of wage inequality and relate it to choices of consumption, the technologies of production, and the composition of labor in an economy. The paper…
Participatory budgeting engages the public in the process of allocating public money to different types of projects. PB designs differ in how voters are asked to express their preferences over candidate projects and how these preferences…
In many complex applications, data heterogeneity and homogeneity exist simultaneously. Ignoring either one will result in incorrect statistical inference. In addition, coping with complex data that are non-Euclidean becomes more common. To…
We propose a new approach for constructing synthetic pseudo-panel data from cross-sectional data. The pseudo panel and the preferences it intends to describe is constructed at the individual level and is not affected by aggregation bias…