相关论文: The Independent Chip Model and Risk Aversion

We consider games of chance played by someone with external capital that cannot be applied to the game and determine how this affects risk-adjusted optimal betting. Specifically, we focus on Kelly optimization as a metric, optimizing the…

The paper studies an oligopolistic equilibrium model of financial agents who aim to share their random endowments. The risk-sharing securities and their prices are endogenously determined as the outcome of a strategic game played among all…

Institutions and investors face the constant challenge of making accurate decisions and predictions regarding how best they should distribute their endowments. The problem of achieving an optimal outcome at minimal cost has been extensively…

We consider two-player contests with the possibility of ties and study the effect of different tie-breaking rules on effort. For ratio-form and difference-form contests that admit pure-strategy Nash equilibrium, we find that the effort of…

Algorithmic fairness and privacy are essential pillars of trustworthy machine learning. Fair machine learning aims at minimizing discrimination against protected groups by, for example, imposing a constraint on models to equalize their…

In the setting of secure multiparty computation (MPC), a set of mutually distrusting parties wish to jointly compute a function, while guaranteeing the privacy of their inputs and the correctness of the output. An MPC protocol is called…

Existing standards for player characterisation in tokenised state machine replication protocols depend on honest players who will always follow the protocol, regardless of possible token increases for deviating. Given the ever-increasing…

An extensive literature in economics and social science addresses contests, in which players compete to outperform each other on some measurable criterion, often referred to as a player's score, or output. Players incur costs that are an…

In a semi-realistic market simulator, independent reinforcement learning algorithms may facilitate market makers to maintain wide spreads even without communication. This unexpected outcome challenges the current antitrust law framework. We…

Strategic agents in incomplete-information environments have a conflicted relationship with uncertainty: it can keep them unpredictable to their opponents, but it must also be overcome to predict the actions of those opponents. We use a…

What would you do if you were invited to play a game where you were given \$25 and allowed to place bets for 30 minutes on a coin that you were told was biased to come up heads 60% of the time? This is exactly what we did, gathering 61…

A fair gambling is hard to be made between two spatially separated parties without introducing a trusted third party. Here we propose a novel gambling protocol, which enables fair gambling between two distant parties without the help of a…

We consider a financial market in which traders potentially face restrictions in trading some of the available securities. Traders are heterogeneous with respect to their beliefs and risk profiles, and the market is assumed thin: traders…

In two-player games on graphs, the players move a token through a graph to produce an infinite path, which determines the winner or payoff of the game. We study {\em bidding games} in which the players bid for the right to move the token.…

Prophet inequalities are a central object of study in optimal stopping theory. A gambler is sent values in an online fashion, sampled from an instance of independent distributions, in an adversarial, random or selected order, depending on…

Repeated game has long been the touchstone model for agents' long-run relationships. Previous results suggest that it is particularly difficult for a repeated game player to exert an autocratic control on the payoffs since they are jointly…

Poker has become a popular pastime all over the world. At any given moment one can find tens, if not hundreds, of thousands of players playing poker via their computers on the major on-line gaming sites. Indeed, according to the Vancouver,…

In this article, I will present a paradox whose purpose is to draw your attention to an important topic in finance, concerning the non-independence of the financial returns (non-ergodic hypothesis). In this paradox, we have two people…

A multi-player competitive Dynkin stopping game is constructed. Each player can either exit the game for a fixed payoff, determined a priori, or stay and receive an adjusted payoff depending on the decision of other players. The single…

This paper studies a nonzero-sum Dynkin game in discrete time under non-exponential discounting. For both players, there are two levels of game-theoretic reasoning intertwined. First, each player looks for an intra-personal equilibrium…