We develop a model to study the role of rationality in economics and biology. The model's agents differ continuously in their ability to make rational choices. The agents' objective is to ensure their individual survival over time or, equivalently, to maximize profits. In equilibrium, however, rational agents who maxim…
The average portfolio structure of institutional investors is shown to have properties which account for transaction costs in an optimal way. This implies that financial institutions unknowingly display collective rationality, or Wisdom of the Crowd. Individual deviations from the rational benchmark are ample, which il…
Social media reduces individual investors' disposition effect through negative information.
problem The disposition effect in individual investors selling profitable assets too early and holding onto losing assets for too long.
method Analysis of post data and trading data from Xueqiu.com.
result Social media information significantly reduces the disposition effect.
Unified approach to aggregating models and preferences.
problem Consistent aggregation of models and preferences.
method Formal definition and weighted averaging of models and preferences.
result All rational aggregation rules are weighted averages of highest-ranked models/experts.
The study shows conditions for Kähler manifolds to have rational cohomology.
problem Conditions for Kähler manifolds to have rational cohomology.
method Analyzes the Kähler curvature operator and its eigenvalues.
result Compact Kähler manifolds have rational cohomology under certain conditions.
Study models human investors' sub-rational behavior in financial markets.
problem Lack of a comprehensive model for human sub-rationality in financial markets.
method Flexible reinforcement learning model incorporating five human sub-rational aspects.
result Model accurately reproduces human behavior and reveals insights into market dynamics.
We show that for the Kauffman bracket skein module over the field of rational functions in variable A, the module of a connected sum of 3-manifolds is the tensor product of modules of the individual manifolds.
In this paper the introduction of notion of reference vector paves the way for a combination of classical and social approaches in the framework of referential preferences given by matrix groups. It is shown that individual demand issue from rational decision does not depend on that reference.
Information-theoretic bounded rationality describes utility-optimizing decision-makers whose limited information-processing capabilities are formalized by information constraints. One of the consequences of bounded rationality is that resource-limited decision-makers can join together to solve decision-making problems …
Paper proposes decentralized annuities for better retirement security.
problem Current pension systems' limitations and fairness issues.
method Theoretical models and fairness concepts analysis.
result Decentralized annuities offer enhanced flexibility and social welfare.
The paper interprets financial markets as crowds during booms and busts.
problem Understanding market irrationality during booms and busts.
method Integrates crowd psychology into behavioural finance.
result Markets behave like psychological crowds during booms and busts.
Paper shows faster core identification in matching markets.
problem Core Identification Problem in one-sided matching markets.
method Randomized SVD on preference-derived Markov matrix.
result CIP solved in O(Ln) time, matching lower bound.
We show that there are links whose individual components are concordant to the unknot, but which are not concordant to any link with unknotted components. We give examples in the topological category, and examples in the smooth category which are topologically slice. We also give generalizations regarding components of…
We propose a novel concept of a Systemic Optimal Risk Transfer Equilibrium (SORTE), which is inspired by the Bühlmann's classical notion of an Equilibrium Risk Exchange. We provide sufficient general assumptions that guarantee existence, uniqueness, and Pareto optimality of such a SORTE. In both the Bühlmann and the SO…
Mechanism designs for unknown agent values in stochastic bandit settings.
problem Designing truthful mechanisms for maximizing social welfare in settings with unknown agent values and stochastic feedback.
method Developed a VCG-like mechanism with regret bounds for multi-round allocations, balancing agent and seller welfare.
result Achieved an $Ω(T^{ rac{2}{3}})$ lower bound for the maximum of welfare, agent utilities, and mechanism utility after T rounds. This work presents a game-theoretic method for AVs that handles imperfect communication and individual rewards.
problem Real-time, imperfect communication and individual rewards in multi-agent interactions.
method Game-theoretic approach that allows for imperfect communication and individual rewards.
result More realistic assumptions lead to better reward inference and prediction of future actions.
Attempts to build a discrete theory for rational maps on the sphere via circle packing have foundered on discretization effects in locating branch points. The authors remove this impediment by introducing generalized branch points. A generalized branch point need no longer be attached to an individual circle, but with …
Soliton spheres are immersed 2-spheres in the conformal 4-sphere S^4=HP^1 that allow rational, conformal parametrizations f:CP^1->HP^1 obtained via twistor projection and dualization from rational curves in CP^{2n+1}. Soliton spheres can be characterized as the case of equality in the quaternionic Pluecker estimate. A …
Travel decisions tend to exhibit sensitivity to uncertainty and information processing constraints. These behavioural conditions can be characterized by a generative learning process. We propose a data-driven generative model version of rational inattention theory to emulate these behavioural representations. We outlin…
A new mechanism optimizes data marketplace pricing efficiently.
problem Designing fair and efficient pricing mechanisms for data marketplaces.
method Two-stage approach: auctions to estimate value distributions, then optimal posted prices.
result MAPP achieves optimal revenue with minimal price discrimination.
Human behavioural patterns exhibit selfish or competitive, as well as selfless or altruistic tendencies, both of which have demonstrable effects on human social and economic activity. In behavioural economics, such effects have traditionally been illustrated experimentally via simple games like the dictator and ultimat…
LLMs in financial markets show diverse behaviors, from stable to speculative, challenging rational expectations.
problem Understanding the economic behaviors of LLMs in financial markets.
method Simulated financial market with 15 LLMs of varying sizes and capabilities.
result LLMs exhibit a spectrum of behaviors, including speculative bubbles, inconsistent with rational expectations.
Study shows cooperation can improve everyone's market efficiency.
problem Understanding when collective cooperation improves market efficiency.
method General semimartingale framework, deriving necessary and sufficient conditions.
result Strict improvement in each agent's indirect utility when cooperation is beneficial.
New tree structure for pseudo-Anosovs from interval maps.
problem Understanding pseudo-Anosovs from interval maps.
method Tree structure on pseudo-Anosovs using rational numbers.
result Deepened dictionary between invariants.
Paper presents a probabilistic model to improve LLM cascade performance.
problem Complexity of LLM cascades and their interaction error rates.
method Probabilistic model for joint performance distribution of LLMs.
result Improves area under the error-cost curve by 4.3% on average for cascades with k≥3 models.
This paper solves aggregation of Pareto optimal models by using Bayesian priors and weighted averaging.
problem How to rationally aggregate Pareto optimal models while preserving Pareto efficiency.
method Four logical steps: 1) Bayesian models, 2) Prior as preference ranking, 3) Consistent aggregation, 4) Weighted average of priors.
result All rational/consistent aggregation rules follow a generalized hierarchical Bayesian model.
This paper describes an agent-based model of interacting firms, in which interacting firm agents rationally invest capital and labor in order to maximize payoff. Both transactions and production are taken into account in this model. First, the performance of individual firms on a real transaction network was simulated.…
Study uses FDA to analyze discount functions of different temperaments.
problem Traditional finance models fail to capture individual differences in investment choices.
method Functional Data Analysis (FDA) to investigate temporal discounting behaviors.
result Heterogeneity within each temperament revealed, suggesting diverse investor profiles.
New framework shows strategic behavior is actually a form of causal modeling.
problem Designing classifiers that incentivize strategic behavior to improve quality.
method Developed a causal framework to distinguish between gaming and improvement.
result Proved any procedure for designing incentive classifiers must solve a causal inference problem.
The paper constructs new rational homology 3-spheres bounding rational homology 4-balls.
problem Constructing rational homology 3-spheres that bound rational homology 4-balls.
method Exploring plumbed 3-manifolds and using rational homology circles.
result Infinite families of rational homology 3-spheres that bound rational homology 4-balls.
BIND removes background noise from binary matrices, improving detection accuracy and fairness.
problem Real data often violates the i.i.d assumption for binary matrix entries, leading to inaccurate detection.
method BIND optimizes detection by estimating row- and column-wise mixture distributions and eliminating background noise.
result BIND effectively removes background noise and increases detection accuracy and fairness.
Survey finds LLMs match human economic expectations closely.
problem Understanding human economic expectations and their deviations.
method Survey of LLM's expectations based on news articles.
result LLM's expectations closely match existing surveys and exhibit deviations.
The present paper attempts to show an alternative approach with regards to rational Pythagorean-hodograph (PH) curves and especially more natural approach for rational PH helices (i.e. rational helices). It exploits geometric features of rational helices to obtain a simpler construction of these curves and apply this t…
Classifies real rational knots and curves in a specific quadric space.
problem Classifying real rational knots and curves in a quadric space of signature (3,2). method Classification through a study of real rational curves of low degree in the quadric.
result Provides representatives of all real rational knots of degree ≤5 in the quadric. New method for simplifying knots with specific properties.
problem Understanding knots with a specific unknotting number.
method Derive and apply the Montesinos trick for proper rational tangle replacement.
result Prove that knots with proper rational unknotting number one are prime and classify certain types.
The study calculates the average genus of rational knots and links.
problem Finding the average genus of rational knots and links.
method Enumerating and calculating the number of rational knots and links with a given crossing number.
result A precise formula for the average minimal genus of rational knots and links.
We note that a rational 3-tangle diagram is obtained from a combination of four generators. There is an algorithm to distinguish two rational 3-tangle diagrams up to isotopy. However, there is no perfect classification about rational 3-tangle diagrams such as the classification of rational 2-tangle diagrams cor…
New rational band moves simplify knot classification.
problem Classifying knots using rational moves.
method Introduced oriented rational band moves and proved their effectiveness.
result Knots that can be unlinkified by rational moves are rationally slice.
Classifies surgeries on torus knots and cables that bound rational homology balls.
problem Which surgeries on torus knots and cables bound rational homology balls?
method Classification based on integral surgeries and rational numbers q/p for cables.
result Set of rational numbers q/p for cables of a given knot K is bounded.
Jones polynomial coincidences explored for rational knots.
problem Identifying coincidences in Jones polynomial of rational knots.
method Moves on continued fraction expansion of rational knots, conjectured to generate all coincidences.
result Conjectured moves are sufficient to generate all Jones rational coincidences.
Lower bounds on rational slice genus using Heegaard Floer invariants.
problem Measuring complexity of homology classes in 4-manifolds.
method Introducing rational slice genus, bounding Heegaard Floer τ invariants, using satellite links and closed braids.
result Lower bounds on rational slice genus in terms of Heegaard Floer τ invariants.
This paper gives two new combinatorial topological proofs of the classification of rational tangles. Each proof rests on an elegant lemma showing that rational tangles are isotopic to canonical alternating rational tangles. The first proof defines the tangle fraction from the canonical form and uses flyping to prove in…
Study connects taffy pulling, fractions, and rational tangles.
problem Understanding the relationship between taffy pulling, fractions, and rational tangles.
method Developed a taffy analogue for Conway's characterization of rational tangles and gave a geometric connection.
result Direct geometric connection between rational tangles and taffy pulls.
New knots show linear independence in slice concordance.
problem Understanding the structure of rationally slice knots.
method Provided an infinite family of knots that are linearly independent.
result Found knots that are linearly independent and infinite order.
The paper proves that rational concordance of double twist knots is reciprocal.
problem Determining when double twist knots are rationally slice.
method Using Donaldson's diagonalization theorem, the paper constructs rational ball obstructions for non-rational sliceness.
result Infinitely many prime power-fold cyclic branched covers do not bound a rational ball, proving the converse of rational concordance.
Human decision-making deviates from the optimal solution, that maximizes cumulative rewards, in many situations. Here we approach this discrepancy from the perspective of bounded rationality and our goal is to provide a justification for such seemingly sub-optimal strategies. More specifically we investigate the hypoth…
The study explores pinwheels in symplectic surfaces and non-squeezing of rational homology balls.
problem Understanding when Lagrangian pinwheels embed in symplectic rational and ruled surfaces.
method Almost toric fibrations and symplectic rational blow-up.
result A rational homology ball embeds into a rational homology cylinder if and only if the parameter is greater than or equal to 1.
New findings on knots that are both topologically and rationally slice.
problem Understanding knots that are both topologically and rationally slice.
method Analyzing the concordance group of knots in S3. result There are infinitely many topologically slice knots that are strongly rationally slice but not slice.