Related papers: Information Aggregation with Costly Information Ac…
We study the fundamental communication limits of information-theoretic secure aggregation in a hierarchical network consisting of a server, multiple relays, and multiple users per relay. Communication proceeds over two rounds and two hops,…
The increasing richness in volume, and especially types of data in the financial domain provides unprecedented opportunities to understand the stock market more comprehensively and makes the price prediction more accurate than before.…
An agent acquires a costly flexible signal before making a decision. We explore to what degree knowledge of the agent's information costs helps predict her behavior. We establish an impossibility result: learning costs alone generate no…
We examine receiver-optimal mechanisms for aggregating information divided across many biased senders. Each sender privately observes an unconditionally independent signal about an unknown state, so no sender can verify another's report. A…
Data is the central commodity of the digital economy. Unlike physical goods, it is non-rival, replicable at near-zero cost, and traded under heterogeneous licensing rules. These properties defy standard supply--demand theory and call for…
We consider a continuous-time financial market that consists of securities available for dynamic trading, and securities only available for static trading. We work in a robust framework where a set of non-dominated models is given. The…
Two information structures are said to be close if, with high probability, there is approximate common knowledge that interim beliefs are close under the two information structures. We define an "almost common knowledge topology" reflecting…
In many scenarios, networks emerge endogenously as cognitive agents establish links in order to exchange information. Network formation has been widely studied in economics, but only on the basis of simplistic models that assume that the…
We present an information-theoretic cost function for co-clustering, i.e., for simultaneous clustering of two sets based on similarities between their elements. By constructing a simple random walk on the corresponding bipartite graph, our…
Will people eventually learn the value of an asset through observable information? This paper studies observational learning in a market with competitive prices. Comparing a market with public signals and a market with private signals in a…
In an illiquid stock, traders can collude and place orders on a predetermined price and quantity at a fixed schedule. This is usually done to manipulate the price of the stock or to create artificial liquidity in the stock, which may…
Federated Learning enables mobile devices to collaboratively learn a shared inference model while keeping all the training data on a user's device, decoupling the ability to do machine learning from the need to store the data in the cloud.…
We consider a model of a data broker selling information to a single agent to maximize his revenue. The agent has a private valuation of the additional information, and upon receiving the signal from the data broker, the agent can conduct…
Stablecoins have historically depegged due from par to large sales, possibly of speculative nature, or poor reserve asset quality. Using a global game which addresses both concerns, we show that the selling pressure on stablecoin holders…
A well-interpretable measure of information has been recently proposed based on a partition obtained by intersecting a random sequence with its moving average. The partition yields disjoint sets of the sequence, which are then ranked…
Consider a network design application where we wish to lay down a minimum-cost spanning tree in a given graph; however, we only have stochastic information about the edge costs. To learn the precise cost of any edge, we have to conduct a…
Motivated by the increasing demand for data security in decentralized federated learning (FL) and stochastic optimization, we formulate and investigate the problem of information-theoretic \emph{decentralized secure aggregation} (DSA).…
No-arbitrage asset pricing characterizes valuation through the existence of equivalent martingale measures relative to a filtration and a class of admissible trading strategies. In practice, pricing is performed across multiple asset…
We introduce a heterogeneous connection model for network formation to capture the effect of cost heterogeneity on the structure of efficient networks. In the proposed model, connection costs are assumed to be separable, which means the…
Information-theoretic topological secure aggregation (TSA)\cite{zhang2026information_regular} enables distributed users to compute neighborhood sums over arbitrary networks without revealing individual inputs, while remaining…