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We study the optimal allocation of prizes in rank-order tournaments with loss averse agents. Prize sharing becomes increasingly optimal with loss aversion because more equitable prizes reduce the marginal psychological cost of anticipated…
Suppose that a set of $m$ tasks are to be shared as equally as possible amongst a set of $n$ resources. A game-theoretic mechanism to find a suitable allocation is to associate each task with a ``selfish agent'', and require each agent to…
Many scenarios where agents with restrictions compete for resources can be cast as maximum matching problems on bipartite graphs. Our focus is on resource allocation problems where agents may have restrictions that make them incompatible…
We study a multi-agent contract design problem with moral hazard. In our model, each agent exerts costly effort towards an individual task at which it may either succeed or fail, and the principal, who wishes to encourage effort, has an…
In this paper, we study multi-agent systems with decentralized resource allocations. Agents have local demand and resource supply, and are interconnected through a network designed to support sharing of the local resource; and the network…
This paper studies a type of periodic utility maximization for portfolio management in an incomplete market model, where the underlying price diffusion process depends on some external stochastic factors. The portfolio performance is…
Consider a market where a seller owns an item for sale and a buyer wants to purchase it. Each player has private information, known as their type. It can be costly and difficult for the players to reach an agreement through direct…
As AI usage becomes more prevalent in social contexts, understanding agent-user interaction is critical to designing systems that improve both individual and group outcomes. We present an online behavioral experiment (N = 243) in which…
A monopoly platform sells either a risky product (with unknown utility) or a safe product (with known utility) to agents who sequentially arrive and learn the utility of the risky product by the reporting of previous agents. It is costly…
The problem of controlling multi-agent systems under different models of information sharing among agents has received significant attention in the recent literature. In this paper, we consider a setup where rather than committing to a…
Consider a dynamic task allocation problem, where tasks are unknowingly distributed over an environment. This paper considers each task comprised of two sequential subtasks: detection and completion, where each subtask can only be carried…
We consider a simple sequential allocation procedure for sharing indivisible items between agents in which agents take turns to pick items. Supposing additive utilities and independence between the agents, we show that the expected utility…
In a continuous-time setting where a risk-averse agent controls the drift of an output process driven by a Brownian motion, optimal contracts are linear in the terminal output; this result is well-known in a setting with moral hazard and…
We consider a finite-horizon discrete-time dynamic system jointly controlled by a designer and one or more agents, where the designer can influence the agents' actions through selective information disclosure. At each time step, the…
In a setting where heterogeneous agents interact to accomplish a given set of goals, cooperation is of utmost importance, especially when agents cannot achieve their individual goals by exclusive use of their own efforts. Even when we…
Prosocial incentive can promote cooperation, but providing incentive is costly. Institutions in human society may prefer to use an incentive strategy which is able to promote cooperation at a reasonable cost. However, thus far few works…
The coordination of actions and the allocation of profit in supply chains under decentralized control play an important role in improving the profits of retailers and suppliers in the chain. We focus on supply chains under decentralized…
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.…
Experimental evidence on worker responses to AI management remains mixed, partly due to limitations in experimental fidelity. We address these limitations with a customized workplace in the Minecraft platform, enabling high-resolution…
We develop a model of the behaviour of a dynamically optimizing economic agent who makes consumption-saving and spatial relocation decisions. We formulate an existence result for the model, derive the necessary conditions for optimality and…