Related papers: The geometry of consumer preference aggregation
Existing work has revealed that large-scale offline evaluation of recommender systems for user-item interactions is prone to bias caused by the deployed system itself, as a form of closed loop feedback. Many adopt the \textit{propensity}…
We study optimal monopoly pricing over consumer networks governed by general nonlinear utilities. In our framework, a consumer's utility is jointly determined by an individualized price and the consumption choices of their peers, propagated…
The consumers' willingness to pay plays an important role in economic theory and in setting policy. For a market, this function can often be estimated from observed behavior -- preferences are revealed. However, economists would like to…
Our computational economic analysis investigates the relationship between inequality, mobility and the financial accumulation process. Extending the baseline model by Levy et al., we characterise the economic process through stylised return…
Many policy counterfactuals depend on how consumers value product attributes such as sugar, sodium, caffeine, alcohol, or emissions. Standard hedonic and differentiated-products models interpret these valuations statically. That…
Limited by cognitive abilities, decision-makers (DMs) may struggle to evaluate decision alternatives based on all criteria in multiple criteria decision-making problems. This paper proposes an embedded criteria selection method derived from…
Aggregate shocks affect most households' and firms' decisions. Using three stylized models we show that inference based on cross-sectional data alone generally fails to correctly account for decision making of rational agents facing…
In this paper, we study the problem of Participatory Budgeting (PB) with approval ballots, inspired by Multi-Winner Voting schemes. We present generalized preference aggregation methods for participatory budgeting, especially for finding…
Two characterizations of the whole class of strategy-proof aggregation rules on rich domains of locally unimodal preorders in finite median join-semilattices are provided. In particular, it is shown that such a class consists precisely of…
This study proposes a tractable stochastic choice model to identify motivations for prosocial behavior, and to explore alternative motivations of deliberate randomization beyond ex-ante fairness concerns. To represent social preferences, we…
Congestion is a common failure mode of markets, where consumers compete inefficiently on the same subset of goods (e.g., chasing the same small set of properties on a vacation rental platform). The typical economic story is that prices…
We introduce a stochastic heterogeneous interacting-agent model for the short-time non-equilibrium evolution of excess demand and price in a stylized asset market. We consider a combination of social interaction within peer groups and…
An important use of machine learning is to learn what people value. What posts or photos should a user be shown? Which jobs or activities would a person find rewarding? In each case, observations of people's past choices can inform our…
The primary aim of market segmentation is to identify relevant groups of consumers that can be addressed efficiently by marketing or advertising campaigns. This paper addresses the issue whether consumer groups can be identified from…
We empirically investigate distributions of individual consumption expenditure f or four commodity categories conditional on fixed income levels. The data stems from the Family Expenditure Survey carried out annually in the United Kingdom.…
In participatory budgeting we are given a set of projects---each with a cost, an available budget, and a set of voters who in some form express their preferences over the projects. The goal is to select---based on voter preferences---a…
The nexus between debt and inequality has attracted considerable scholarly attention in the wake of the global financial crisis. One prominent candidate to explain the striking co-evolution of income inequality and private debt in this…
In a crowd forecasting system, aggregation is an algorithm that returns aggregated probabilities for each question based on the probabilities provided per question by each individual in the crowd. Various aggregation methods have been…
We revisit widely used preferential Gaussian processes by Chu et al.(2005) and challenge their modelling assumption that imposes rankability of data items via latent utility function values. We propose a generalisation of pgp which can…
On the Web, there is always a need to aggregate opinions from the crowd (as in posts, social networks, forums, etc.). Different mechanisms have been implemented to capture these opinions such as "Like" in Facebook, "Favorite" in Twitter,…