Related papers: Great Expectations. Part II: Generalized Expected …
The theory of optimal trading under proportional transaction costs has been considered from a variety of perspectives. In this paper, we show that all the results can be interpreted using a universal law, illustrating the results in trading…
Uncertainties from deepening penetration of renewable energy resources have posed critical challenges to the secure and reliable operations of future electric grids. Among various approaches for decision making in uncertain environments,…
Various ways for decision making with imprecise probabilities (admissibility, maximal expected utility, maximality, E-admissibility, $\Gamma$-maximax, $\Gamma$-maximin, all of which are well-known from the literature) are discussed and…
In [Van Benthem 2007] the concept of a public announcement is used to study the effect of the iterated elimination of strictly dominated strategies. We offer a simple generalisation of this approach to cover arbitrary strategic games and…
Expectation is a central notion in probability theory. The notion of expectation also makes sense for other notions of uncertainty. We introduce a propositional logic for reasoning about expectation, where the semantics depends on the…
Gambles are random variables that model possible changes in monetary wealth. Classic decision theory transforms money into utility through a utility function and defines the value of a gamble as the expectation value of utility changes.…
We construct the generalized entropy optimized by a given arbitrary statistical distribution with a finite linear expectation value of a random quantity of interest. This offers, via the maximum entropy principle, a unified basis for a…
Molecular traits, such as gene expression levels or protein binding affinities, are increasingly accessible to quantitative measurement by modern high-throughput techniques. Such traits measure molecular functions and, from an evolutionary…
How should my own decisions affect my beliefs about the outcomes I expect to achieve? If taking a certain action makes me view myself as a certain type of person, it might affect how I think others view me, and how I view others who are…
Expectiles are statistical parameters which also provide a class of sublinear risk measures in finance. They are solutions of continuous optimization problems. The corresponding first order condition provides two different fixed point…
We consider a model for decision making based on an adaptive, k-period, learning process where the priors are selected according to Von Neumann-Morgenstern expected utility principle. A preference relation between two prospects is…
New fairness notions aligned with the merit principle are proposed for designing exchange rules. We show that for an obviously strategy-proof, efficient and individually rational rule, (i) an agent receives her favorite object when others…
This paper has two central aims: first, to provide simple conditions under which the generalized games in choice form and, consequently, the abstract economies, admit equilibrium; second, to study the solvability of several types of systems…
General regression and classification models are constructed as linear combinations of simple rules derived from the data. Each rule consists of a conjunction of a small number of simple statements concerning the values of individual input…
Various tasks in decision making and decision support systems require selecting a preferred subset of a given set of items. Here we focus on problems where the individual items are described using a set of characterizing attributes, and a…
In prediction-based decision-making systems, different perspectives can be at odds: The short-term business goals of the decision makers are often in conflict with the decision subjects' wish to be treated fairly. Balancing these two…
In a context where a decision has to be taken collectively by several agents, the social choice problem consists in deciding whether there exists a socially acceptable rule that aggregates the individual preferences of the agents into a…
Proportional representation (PR) is one of the central principles in voting. Elegant rules with compelling PR axiomatic properties have the potential to be adopted for several important collective decision making settings. I survey some…
It has proved to be difficult to translate the lessons from the literature on universal service into the policy framework because of political interests and regulatory capture. Neither the USA or Europe has made a very good job of devising…
Traditional learning approaches for classification implicitly assume that each mistake has the same cost. In many real-world problems though, the utility of a decision depends on the underlying context $x$ and decision $y$. However,…