Related papers: Monetary Macro Accounting Theory
Central banks are actively exploring central bank digital currencies (CBDCs) by conducting research, proofs of concept and pilots. However, adoption of a CBDC can risk fragmenting both payments markets and retail deposits. In this paper, we…
Mixture-of-Experts (MoE) is a flexible framework that combines multiple specialized submodels (``experts''), by assigning covariate-dependent weights (``gating functions'') to each expert, and have been commonly used for analyzing…
We consider the economics of the interaction between Mobile Virtual Network Operators (MVNOs) and Mobile Network Operators (MNOs). We investigate the incentives of an MNO for offering some of her resources to an MVNO instead of using the…
Formal models for concurrent and distributed systems describe machines; the people who operate them are either ignored or treated as external environment. Yet key distributed systems -- notably grassroots platforms -- include people…
The advancement of technology facilitates explosive growth of mobile usage in the last decade. Numerous applications have been developed to support its usage. However, gap in technology exists in obtaining correct and trusted values for…
We investigate the use of a multi-agent multi-armed bandit (MA-MAB) setting for modeling repeated Cournot oligopoly games, where the firms acting as agents choose from the set of arms representing production quantity (a discrete value).…
Model-based testing (MBT) is a well-known technology, which allows for automatic test case generation, execution and evaluation. To test non-functional properties, a number of test MBT frameworks have been developed to test systems with…
Despite the superior performance of Large Reasoning Models (LRMs), their reasoning behaviors are often counterintuitive, leading to suboptimal reasoning capabilities. To theoretically formalize the desired reasoning behaviors, this paper…
We propose a general interpretation for long-range correlation effects in the activity and volatility of financial markets. This interpretation is based on the fact that the choice between `active' and `inactive' strategies is subordinated…
The continuous time model of dynamic asset trading is the central model of modern finance. Because trading cannot in fact take place at every moment of time, it would seem desirable to show that the continuous time model can be viewed as…
Underlying relationships among Multi-Agent Systems (MAS) in hazardous scenarios can be represented as Game-theoretic models. This paper proposes a new hierarchical network-based model called Game-theoretic Utility Tree (GUT), which…
Multi-agent networked linear dynamic systems have attracted attention of researchers in power systems, intelligent transportation, and industrial automation. The agents might cooperatively optimize a global performance objective, resulting…
We give a new predictive mathematical model for macroeconomics, which deals specifically with asset prices and earnings fluctuations, in the presence of a dynamic economy involving mergers, acquisitions, and hostile takeovers. Consider a…
We study a game where households convert paper assets, such as money, into consumption goods, to preempt inflation. The game features a unique equilibrium with high (low) inflation, if money supply is high (low). For intermediate levels of…
We use the theory of complex networks in order to quantitatively characterize the formation of communities in a particular financial market. The system is composed by different banks exchanging on a daily basis loans and debts of liquidity.…
This paper shows how we can build a model for transactions when goods are given away in the expectation of a later settlement. In settings where people keep track of their social accounts we are able to redefine concepts like account…
A central challenge in economics and artificial intelligence is explaining how financial behaviors-such as credit, insurance, and trade-emerge without formal institutions. We argue that these functions are not products of institutional…
In Financial Signal Processing, multiple time series such as financial indicators, stock prices and exchange rates are strongly coupled due to their dependence on the latent state of the market and therefore they are required to be jointly…
We introduce a new Self-Organized Criticality (SOC) model for simulating price evolution in an artificial financial market, based on a multilayer network of traders. The model also implements, in a quite realistic way with respect to…
We consider a model of debt management, where a sovereign state trade some bonds to service the debt with a pool of risk-neutral competitive foreign investors. At each time, the government decides which fraction of the gross domestic…