In this paper we develop a novel methodology for estimation of risk capital allocation. The methodology is rooted in the theory of risk measures. We work within a general, but tractable class of law-invariant coherent risk measures, with a particular focus on expected shortfall. We introduce the concept of fair capital…
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48 results for “fair allocation”
New framework for fair online allocation in continuous time with deadlines.
problem Fair allocation under deadlines in continuous-time online learning.
method Continuous-time utility maximization, dual ascent optimization for time averages.
result Achieves regret bound in the absence of statistical knowledge.
New algorithm ensures fair matching in resource allocation.
problem Ensuring fairness in matching algorithms for scarce resources.
method Introduces a modified Sinkhorn algorithm and two relaxation strategies for group fairness in Optimal Transport.
result Demonstrates improved matching quality and fairness trade-off.
Paper proposes OPF policy for fair resource allocation with sublinear regret.
problem Fair resource allocation in an online setting against an unrestricted adversary.
method Online Proportional Fair (OPF) policy achieving approximate sublinear regret.
result OPF policy achieves -approximate sublinear regret with .
Distributive Justice and Fairness Metrics in Automated Decision-making: How Much Overlap Is There?stat.ML
The paper explores fairness metrics in automated decision-making and their limitations.
problem Discrimination in automated resource allocation decisions.
method Analysis of fairness metrics and distributive justice principles.
result Prominent fairness metrics fail to address egalitarian and sufficiency concerns in resource allocation.
Fair Policy Targetingecon.EM
The paper tackles fair policy targeting by optimizing allocation rules to minimize unfairness.
problem Discrimination in individualized treatments of social welfare programs.
method Formulated as a mixed-integer linear program, solved using off-the-shelf algorithms, derived regret bounds and small sample guarantees.
result Designs fair and efficient treatment allocation rules within the Pareto frontier.
Mechanisms for fair resource allocation learn user preferences online.
problem Fair resource allocation among users with unknown requirements.
method Repeated allocation rounds with user feedback for learning preferences.
result Mechanisms achieve efficiency, fairness, and strategy-proofness.
Simulations of infectious disease spread have long been used to understand how epidemics evolve and how to effectively treat them. However, comparatively little attention has been paid to understanding the fairness implications of different treatment strategies -- that is, how might such strategies distribute the expec…
While harms of allocation have been increasingly studied as part of the subfield of algorithmic fairness, harms of representation have received considerably less attention. In this paper, we formalize two notions of stereotyping and show how they manifest in later allocative harms within the machine learning pipeline. …
New algorithms for fair item allocation with limited copies.
problem Fair division of numerous items with few copies.
method Modeling as a contextual bandit problem with sub-linear regret guarantees.
result Proposed algorithms achieve sub-linear regret in fair item allocation.
Federated learning involves training statistical models in massive, heterogeneous networks. Naively minimizing an aggregate loss function in such a network may disproportionately advantage or disadvantage some of the devices. In this work, we propose q-Fair Federated Learning (q-FFL), a novel optimization objective ins…
Fair k-means algorithm ensures equitable costs for different groups.
problem K-means clustering can result in biased outcomes for subgroups of data.
method Presented a fair k-means objective and algorithm (Fair-Lloyd) to choose cluster centers that provide equitable costs for different groups.
result Fair-Lloyd algorithm ensures all groups have equal costs in the output k-clustering, with negligible increase in running time.
Algorithm learns fair division from noisy feedback in uncertain markets.
problem Learning fair division in uncertain markets with noisy feedback.
method Wrapper algorithms using dual averaging to learn item and agent values from bandit feedback.
result Asymptotically achieves optimal Nash social welfare in linear Fisher markets.
Settings such as lending and policing can be modeled by a centralized agent allocating a resource (loans or police officers) amongst several groups, in order to maximize some objective (loans given that are repaid or criminals that are apprehended). Often in such problems fairness is also a concern. A natural notion of…
Study develops a smart contract framework for efficient and fair resource allocation.
problem Lack of rigorous economic foundation in decentralized coordination and smart contract implementations.
method Mechanism design framework with provable convergence guarantees for decentralized price adjustment.
result Proves stability and robustness of the proposed mechanism under various perturbations.
UDJ-FL framework achieves multiple distributive justice-based fairness metrics in federated learning.
problem Ensuring fairness in federated learning across different client data distributions.
method UDJ-FL framework uses aleatoric uncertainty-based client weighing and fair resource allocation techniques.
result UDJ-FL achieves egalitarian, utilitarian, Rawls' difference principle, and desert-based fairness metrics.
In our previous paper, "A Unified Approach to Systemic Risk Measures via Acceptance Set" (\textit{Mathematical Finance, 2018}), we have introduced a general class of systemic risk measures that allow for random allocations to individual banks before aggregation of their risks. In the present paper, we prove the dual re…
The paper shows how to audit fairness in decisions with hidden risk factors.
problem Estimating fairness in decisions influenced by hidden, unobservable risk factors.
method Derives unbiased estimates of risk using historical data and audits existing decision-making systems.
result One can compute meaningful bounds on treatment rates for high-risk individuals, even with hidden confounders.
Algorithm allocates perishable resources online to minimize envy and inefficiency.
problem Online allocation of perishable resources to minimize envy and inefficiency.
method Algorithm uses predictions of perishing order and desired envy bound to adaptively allocate resources.
result Algorithm achieves optimal envy-efficiency trade-off as derived from strong lower bounds.
Compensation-based risk-sharingq-fin.RM
The paper analyzes fairness of compensation-based risk-sharing schemes for fund payouts.
problem Fair allocation of payouts in an endowment contingency fund.
method Analyzes two types of administrators and general non-negative loss distributions.
result General conditions for actuarial fairness are provided.
EgalMAB solves fair resource allocation in stochastic bandits.
problem Fair resource allocation in a stochastic multi-armed bandit setting.
method Design and analysis of UCB-based policy EgalUCB.
result Established upper bounds on cumulative regret.
FAML addresses biased evidence learning in multi-view learning, improving fairness and prediction reliability.
problem Biased evidence learning in multi-view learning, leading to unreliable uncertainty estimation.
method FAML introduces an adaptive prior and fairness constraint to balance evidence allocation across views.
result FAML enhances fairness and improves prediction reliability compared to state-of-the-art methods.
This paper tackles post-trade allocation inefficiencies and presents a uniform return allocation method.
problem Return divergence among accounts after trade allocation.
method Systematic treatment of trade allocation risk, presenting a uniform return allocation method.
result Uniform allocation of returns irrespective of the number of accounts and trade sizes.
In emissions trading, the initial allocation of permits is an intractable issue because it needs to be essentially fair to the participating countries. There are many ways to distribute a given total amount of emissions permits among countries, but the existing distribution methods, such as auctioning and grandfatherin…
Algorithm ensures fair information spread in social networks with community structure.
problem Disparities in information coverage between communities in social networks.
method Fits a model to the social network, uses community structure, and determines optimal seed allocations for fair coverage.
result Empirical accuracy demonstrated on simulated and real networks.
Researchers study fairness-accuracy tradeoffs in predictive models for multiple groups.
problem Understanding the tradeoff between fairness and accuracy in models serving multiple demographic groups.
method Characterizing the fairness-accuracy (FA) Pareto frontier, approximating it from limited data, and bounding the worst-case gap.
result Derivation of worst-case-optimal estimators and uniform finite-sample bounds for the entire FA frontier.
Fairly allocate items with noisy queries, reducing envy.
problem Fairly allocate indivisible goods with unknown valuations.
method Use Gaussian noisy queries to find an envy-free allocation.
result The optimal number of queries scales as \( \frac{m^{2.5}}{Δ^2} \) for large negative-envy.
Fairness State with Plastic Preferencesphysics.soc-ph
The definition of preferences assigned to individuals is a concept that concerns many disciplines, from economics, with the search of an acceptable outcome for an ensemble of individuals, to decision making an analysis of vote systems. We are concerned in the phenomena of good selection and economic fairness. In Arrow'…
Local discovery method uncovers direct unfairness in complex systems.
problem Identifying causal pathways of unfairness in complex domains.
method Local discovery for direct discrimination (LD3) method.
result LD3 returns a valid adjustment set (VAS) for assessing unfairness.
When an AI system interacts with multiple users, it frequently needs to make allocation decisions. For instance, a virtual agent decides whom to pay attention to in a group setting, or a factory robot selects a worker to deliver a part. Demonstrating fairness in decision making is essential for such systems to be broad…
Fairness GANstat.ML
In this paper, we introduce the Fairness GAN, an approach for generating a dataset that is plausibly similar to a given multimedia dataset, but is more fair with respect to protected attributes in allocative decision making. We propose a novel auxiliary classifier GAN that strives for demographic parity or equality of …
How fair is an equitable distribution?physics.soc-ph
Envy is a rather complex and irrational emotion. In general, it is very difficult to obtain a measure of this feeling, but in an economical context envy becomes an observable which can be measured. When various individuals compare their possessions, envy arises due to the inequality of their different allocations of co…
FedCM measures contributions in real-time for federated learning.
problem Fairly allocating contributions in federated learning systems.
method FedCM calculates impact based on current and previous rounds with attention aggregation.
result FedCM is more sensitive to data quality and quantity in real-time.
The excessive compensation packages of CEOs of U.S. corporations in recent years have brought to the foreground the issue of fairness in economics. The conventional wisdom is that the free market for labor, which determines the pay packages, cares only about efficiency and not fairness. We present an alternative theory…
Most approaches in algorithmic fairness constrain machine learning methods so the resulting predictions satisfy one of several intuitive notions of fairness. While this may help private companies comply with non-discrimination laws or avoid negative publicity, we believe it is often too little, too late. By the time th…
The paper proposes a fair reinforcement learning framework to prevent healthcare disparities.
problem Unfair reinforcement learning policies in healthcare can lead to socioeconomically-disadvantaged subgroups being underprivileged.
method The paper introduces a counterfactual fairness framework and a sequential data preprocessing algorithm to achieve fair sequential decision making.
result The proposed approach greatly enhances fair access to counseling in a digital health dataset designed to reduce opioid misuse.
This paper tackles federated incremental learning with dynamic memory allocation for improved model performance in non-IID data.
problem Catastrophic forgetting in federated healthcare systems with non-IID data.
method Dynamic memory allocation strategy based on data replay mechanism.
result Significant performance improvements in medical image datasets compared to baseline models.
While implicit feedback (e.g., clicks, dwell times, etc.) is an abundant and attractive source of data for learning to rank, it can produce unfair ranking policies for both exogenous and endogenous reasons. Exogenous reasons typically manifest themselves as biases in the training data, which then get reflected in the l…
New method for fair resource allocation in AI-aware networks with unknown utility functions.
problem Fair resource allocation in AI-aware communication networks with unknown utility functions.
method Distributed, data-driven bilevel optimization approach to learn surrogate utility functions.
result The proposed algorithm learns from data to autotune surrogate utility functions for unknown utility functions.
Federated Machine Learning (FML) creates an ecosystem for multiple parties to collaborate on building models while protecting data privacy for the participants. A measure of the contribution for each party in FML enables fair credits allocation. In this paper we develop simple but powerful techniques to fairly calculat…
In classic fair division problems such as cake cutting and rent division, envy-freeness requires that each individual (weakly) prefer his allocation to anyone else's. On a conceptual level, we argue that envy-freeness also provides a compelling notion of fairness for classification tasks. Our technical focus is the gen…
Effective complements to human judgment, artificial intelligence techniques have started to aid human decisions in complicated social problems across the world. In the context of United States for instance, automated ML/DL classification models offer complements to human decisions in determining Medicaid eligibility. H…
Model shows partial compliance can lead to less fair outcomes than expected.
problem How partial compliance affects fairness in competitive markets.
method Simple model of employment market, simulation to explore effects.
result Partial compliance can lead to less fair outcomes than expected.
Now that machine learning algorithms lie at the center of many resource allocation pipelines, computer scientists have been unwittingly cast as partial social planners. Given this state of affairs, important questions follow. What is the relationship between fairness as defined by computer scientists and notions of soc…
This work demonstrates the potential of deep reinforcement learning techniques for transmit power control in wireless networks. Existing techniques typically find near-optimal power allocations by solving a challenging optimization problem. Most of these algorithms are not scalable to large networks in real-world scena…
Paper uses deep learning for systemic risk measures.
problem Computing optimal capital allocations for systemic risk.
method Deep learning algorithms to solve primal and dual problems.
result Deep learning provides fair risk allocations.
The Great Deception: A Comprehensive Study of Execution Strategies in Corporate Share Buy-Backsq-fin.GN
This study examines the execution phase of corporate share buy-backs, highlighting inefficiencies and costs.
problem Lack of research on share buy-back execution practices and associated costs.
method Comparative analysis of execution practices and fees charged to corporations and investors.
result Uncovered inefficiencies and frictional costs in share buy-back executions, advocating for transparency and fairness.
This research quantifies cross-sectoral inequalities using latent class analysis.
problem Addressing multiple and intersecting forms of inequality in various sectors.
method Innovative latent class analysis approach to quantify discrepancies.
result Significant discrepancies found among minority ethnic groups and between them and non-minority groups.