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We develop a stochastic free-boundary model of housing tenure decisions in markets with high mobility risk, such as areas near military installations. Housing prices and rents follow correlated diffusion processes, and households face an…
We initiate a novel direction in randomized social choice by proposing a new definition of agent utility for randomized outcomes. Each agent has a preference over all outcomes and a {\em quantile} parameter. Given a {\em lottery} over the…
We consider a version of large population games whose players compete for resources using strategies with adaptable preferences. The system efficiency is measured by the variance of the decisions. In the regime where the system can be…
In biology and ecology, individuals or communities of individuals living in unpredictable environments often alternate between different evolutionary strategies to spread and reduce risks. Such behavior is commonly referred to as…
We analyze an extended model of the Iterated Prisoner's Dilemma where agents decide to play based on the data from their limited memory or recommendations. The cooperators can decide whether to play with the matched opponent or not. The…
As mobile service robots increasingly coexist with pedestrians, ensuring passively safe behaviour during confined emergency evacuations is critical. Existing multi-robot yielding strategies often focus solely on collision avoidance and…
The main objective of this paper is to outline a theoretical framework to analyse how humans' decision-making strategies under uncertainty manage the trade-off between information gathering (exploration) and reward seeking (exploitation). A…
We consider collective decision making when the society consists of groups endowed with voting weights. Each group chooses an internal rule that specifies the allocation of its weight to the alternatives as a function of its members'…
Modern developments in population dynamics emphasize the role of the turnover of individuals. In the new approaches stable population size is a dynamic equilibrium between different mortality and fecundity factors instead of an arbitrary…
We examine a two-person game we call Will-Testing in which the strategy space for both players is a real number. It has no equilibrium. When an infinitely large set of players plays this in all possible pairings, there is an equilibrium for…
Most decision theories, including expected utility theory, rank dependent utility theory and cumulative prospect theory, assume that investors are only interested in the distribution of returns and not in the states of the economy in which…
We relate the strategy sets that a player ends up with after refining his own strategies according to two very different models of rationality: namely, utility maximization and regret minimization.
Although maximizing median and quantiles is intuitively appealing and has an axiomatic foundation, it is difficult to study the optimal portfolio strategy due to the discontinuity and time inconsistency in the objective function. We use the…
Prisoner's Dilemma is a game theory model used to describe altruistic behavior seen in various populations. This theoretical game is important in understanding why a seemingly selfish strategy does persist and spread throughout a population…
With remarkable significance in migration prediction, global disease mitigation, urban planning and many others, an arresting challenge is to predict human mobility fluxes between any two locations. A number of methods have been proposed…
Predicting human decision-making under risk and uncertainty is a long-standing challenge in cognitive science, economics, and AI. While prior research has focused on numerically described lotteries, real-world decisions often rely on…
We study a complementarity game with multiple populations whose members' offered contributions are put together towards some common aim. When the sum of the players' offers reaches or exceeds some threshold K, they each receive K minus…
Stochastic multi-armed bandits solve the Exploration-Exploitation dilemma and ultimately maximize the expected reward. Nonetheless, in many practical problems, maximizing the expected reward is not the most desirable objective. In this…
Urban displacement - when a household is forced to relocate due to conditions affecting its home or surroundings - often results from rising housing costs, particularly in wealthy, prosperous cities. However, its dynamics are complex and…
Motivated by recent findings that human mobility is proxy for crime behavior in big cities and that there is a superlinear relationship between the people's movement and crime, this article aims to evaluate the impact of how these findings…