Related papers: Cued to Queue: Information in Waiting-Line Auction…
Most existing routing strategies to improve transport efficiency have little attention what order should the packets be delivered, just simply used first-in-first-out queue discipline. However, it is far from optimal. In this paper we apply…
Modern financial market dynamics warrant detailed analysis due to their significant impact on the world. This, however, often proves intractable; massive numbers of agents, strategies and their change over time in reaction to each other…
Utilizing customers' service-time information, we study an easy-to-implement scheduling policy with two priority classes. By carefully designing the classes, the two-class priority rule achieves near-optimal performance. In particular, for…
The queue system,with Poisson arrivals,constant service time and infinite servers, busy period distribution is intensively studied because, due to its probability density function quite easy interpretation, it may serve as a clue to…
In this paper, we aim to improve the percentage of packets meeting their deadline in discrete-time M/M/1 queues with infrequent monitoring. More specifically, we look into policies that only monitor the system (and subsequently take…
We investigate a toy model of inductive interacting agents aiming to forecast a continuous, exogenous random variable E. Private information on E is spread heterogeneously across agents. Herding turns out to be the preferred forecasting…
We consider a G/G/1 queueing system with a single server, where updates arrive from different sources stochastically with possibly different update inter-generation time distributions. The server can transmit/serve at most one update at any…
Distributed estimation that recruits potentially large groups of humans to collect data about a phenomenon of interest has emerged as a paradigm applicable to a broad range of detection and estimation tasks. However, it also presents a…
We study the design of effort-maximizing grading schemes between agents with private abilities. Assuming agents derive value from the information their grade reveals about their ability, we find that more informative grading schemes induce…
Innovative auction methods can be exploited to increase profits, with Shubik's famous "dollar auction" perhaps being the most widely known example. Recently, some mainstream e-commerce web sites have apparently achieved the same end on a…
We consider the age-of-information in a multi-class $M/G/1$ queueing system, where each class generates packets containing status information. Age of information is a relatively new metric that measures the amount of time that elapsed…
In many markets buyers are poorly informed about which firms sell the product (product availability) and prices, and therefore have to spend time to obtain this information. In contrast, sellers typically have a better idea about which…
The valuation process that economic agents undergo for investments with uncertain payoff typically depends on their statistical views on possible future outcomes, their attitudes toward risk, and, of course, the payoff structure itself.…
Order effects occur when judgments about a hypothesis's probability given a sequence of information do not equal the probability of the same hypothesis when the information is reversed. Different experiments have been performed in the…
We consider social learning where agents can only observe part of the population (modeled as neighbors on an undirected graph), face many decision problems, and arrival order of the agents is unknown. The central question we pose is whether…
This article studies the value of information in route choice decisions when a fraction of players have access to high accuracy information about traffic incidents relative to others. To model such environments, we introduce a Bayesian…
Individual and social biases undermine the effectiveness of human advisers by inducing judgment errors which can disadvantage protected groups. In this paper, we study the influence these biases can have in the pervasive problem of fake…
We present the results of detailed numerical study of a model for the sharing and sorting of informations in a community consisting of a large number of agents. The information gathering takes place in a sequence of mutual bipartite…
We consider a service system with an infinite number of exponential servers sharing a finite service capacity. The servers are ordered according to their speed, and arriving customers join the fastest idle server. A capacity allocation is…
In many first-price auctions, bidders face considerable strategic uncertainty: They cannot perfectly anticipate the other bidders' bidding behavior. We propose a model in which bidders do not know the entire distribution of opponent bids…