The paper analyzes a game where players must balance short-term and long-term interests, leading to cooperative or competitive outcomes.
problem Analyzing time inconsistency in inter-personal decision-making under non-exponential discounting.
method Iterative procedures and Zorn's lemma to find Nash equilibria between players' intra-personal equilibria.
result Inter-personal equilibria exist and depend on the impatience levels of the players.
Investor finds a fair outcome in complex financial markets.
problem Finding a fair outcome in complex financial markets.
method Recalled and proved the existence of personal equilibrium in a multistep, generically incomplete financial market model.
result Personal equilibrium exists in a multistep, generically incomplete financial market model under appropriate assumptions.
Time inconsistency leads to intra-personal conflict and reconciliation strategies.
problem Time inconsistency in dynamic choice problems.
method Rigorous treatment of intra-personal equilibrium in continuous-time settings.
result A new approach to understanding and reconciling intra-personal conflicts.
Proposes a new criterion for selecting Nash equilibria considering both utility and inequality.
problem Finding a fair Nash equilibrium in group decision-making.
method Introduces entropy-norm space for geometric selection of strict Nash equilibria.
result The closest entropy-norm pair to the largest entropy-norm pair in rescaled space is the most suitable equilibrium.
The study finds that maximizing median returns is the only viable strategy in portfolio selection.
problem Difficulties in studying optimal portfolio strategies due to discontinuity and time inconsistency in maximizing median and quantile returns.
method Used intra-personal equilibrium approach to analyze portfolio selection under median and quantile maximization.
result Median maximization is the only viable strategy, with no investment in risky assets for other quantiles.
Dynamic pricing model considers ambiguity in endowment growth rate.
problem Dynamic asset pricing under ambiguous endowment growth rate.
method α-maxmin expected utility model for ambiguity, intra-personal equilibrium strategies, market equilibrium.
result Asset prices reflect ambiguity in endowment growth rate.
New framework analyzes LLM personalization trade-offs under congestion.
problem Tension between personalization and resource sharing in LLMs.
method Developed a statistical-economic framework to model user incentives.
result Congestion can flip rankings of SFT and ICL, and offers both methods never hurt profits.
The paper analyzes how investors' wealth can decline collectively under partial information.
problem Investors' wealth can decline collectively under partial information.
method The paper derives a Nash equilibrium for mean-variance portfolio selection under relative performance criteria, considering both full and partial information.
result Relative performance criteria can lead to downward self-reinforcement of investors' wealth, which is more pronounced under partial information.
This paper considers a time-inconsistent stopping problem in which the inconsistency arises from non-constant time preference rates. We show that the smooth pasting principle, the main approach that has been used to construct explicit solutions for conventional time-consistent optimal stopping problems, may fail under …
We compare the results of our earlier paper on the floating in neutral equilibrium at arbitrary orientation in the sense of Finn-Young with the literature on its counterpart in the sense of Archimedes. We add a few remarks of personal and social-historical character.
Study solves HJB equations for time-inconsistent control problems.
problem Time-inconsistent deterministic linear quadratic control problems.
method Characterized solutions using Riccati equations with integral terms, proving uniqueness.
result Uniqueness of solutions to equilibrium HJB equations proved.
Unified approach to time-inconsistent problems with distribution-dependent rewards.
problem Time-inconsistent problems with distribution-dependent rewards in behavioral finance and economics.
method Equilibrium master equation on Wasserstein space, refined derivatives, Itô's formula.
result Unified approach to find equilibrium solutions for time-inconsistent problems.
New MFG model for MV portfolio management with peer-based risk aversion.
problem Time-inconsistent mean-variance portfolio management with peer-based risk aversion.
method Mean-field game, smooth regularization, fixed-point arguments, convergence analysis.
result Existence of mean-field equilibrium in time-inconsistent MFG.
Investment strategies for rank-dependent utility agents are derived in a continuous-time market.
problem Time inconsistency in rank-dependent utility models.
method Study of consistent planners seeking intra-personal equilibrium strategies.
result Explicit final wealth profile replicating equilibrium strategies, with scaling function derived.
We present a stochastic agent-based model for the distribution of personal incomes in a developing economy. We start with the assumption that incomes are determined both by individual labour and by stochastic effects of trading and investment. The income from personal effort alone is distributed about a mean, while the…
Personal income distribution in the USA has a well-defined two-class structure. The majority of population (97-99%) belongs to the lower class characterized by the exponential Boltzmann-Gibbs ("thermal") distribution, whereas the upper class (1-3% of population) has a Pareto power-law ("superthermal") distribution. By …
Investment decisions shift earlier as patience decreases, with implications for pasting conditions.
problem Investment timing under decreasing impatience.
method Game-theoretic framework with continuous-time capacity expansion problem.
result Decreasing impatience leads to earlier investment decisions, but can violate smooth pasting conditions.
Two firms compete in a financial market, choosing dividend strategies to avoid default and maximize profits.
problem Strategic interaction between two financially constrained firms in a market with default risk.
method Construct Nash equilibria in feedback form for a class of two-person stochastic games of singular control.
result Explicit identification of optimal strategies and equilibrium payoffs for different initial conditions.
The mutual fund industry manages about a quarter of the assets in the U.S. stock market and thus plays an important role in the U.S. economy. The question of how much control is concentrated in the hands of the largest players is best quantitatively discussed in terms of the tail behavior of the mutual fund size distri…
Though used extensively, the concept and process of machine learning (ML) personalization have generally received little attention from academics, practitioners, and the general public. We describe the ML approach as relying on the metaphor of the person as a feature vector and contrast this with humanistic views of th…
A \emph{new} notion of equilibrium, which we call \emph{strong equilibrium}, is introduced for time-inconsistent stopping problems in continuous time. Compared to the existing notions introduced in ArXiv: 1502.03998 and ArXiv: 1709.05181, which in this paper are called \emph{mild equilibrium} and \emph{weak equilibrium…
Adaptive personalized federated learning improves local model personalization.
problem Maximizing global model performance limits local model personalization.
method APFL algorithm trains local models while contributing to global model, with optimal mixing parameter and communication-efficient optimization.
result Demonstrates effectiveness of personalization schema and correctness of generalization theories.
Framework generates personalized insulin treatment strategies using deep models.
problem Developing optimal personalized treatment strategies for diabetes patients.
method Combines deep generative time series models with decision theory.
result Demonstrated improved personalized insulin treatment strategies for diabetes patients.
Two-cycle GEILA equilibria are OLG equilibria and vice versa, with applications to indeterminacy and bubbles.
problem Relationship between GEILA and OLG models.
method Proof of equilibrium equivalence and application to indeterminacy and bubbles.
result GEILA and OLG models are equivalent under certain conditions.
We prove the existence of a Radner equilibrium in a model with proportional transaction costs on an infinite time horizon and analyze the effect of transaction costs on the endogenously determined interest rate. Two agents receive exogenous, unspanned income and choose between consumption and investing into an annuity.…
FMP improves personalized ASR models on private devices.
problem Limited accuracy and privacy in federated fine-tuning of ASR models.
method FMP estimates global and personalized marginal distributions and adjusts NNLM probabilities.
result FMP achieves modest WER reductions on ASR rescoring tasks.
Federated learning is a distributed, on-device computation framework that enables training global models without exporting sensitive user data to servers. In this work, we describe methods to extend the federation framework to evaluate strategies for personalization of global models. We present tools to analyze the eff…
A new method relaxes molecules without needing non-equilibrium data.
problem Molecular relaxation requires understanding non-equilibrium structures.
method MoreRed: molecular relaxation by reverse diffusion with time step prediction.
result MoreRed learns a simpler pseudo potential energy surface.
Generative framework unifies and improves personalized learning and estimation methods.
problem Statistical heterogeneity in client data motivates personalized learning models.
method Generative framework unifies and suggests new personalized learning and estimation algorithms.
result AdaPeD algorithm numerically outperforms known algorithms.
A new federated multi-armed bandit framework with personalization balances generalization and personalization.
problem Balancing generalization and personalization in federated multi-armed bandits.
method Proposed a Personalized Federated Upper Confidence Bound (PF-UCB) algorithm to achieve a O(log(T)) regret. result PF-UCB achieves an O(log(T)) regret regardless of personalization degree and has similar instance dependency to lower bound. Existence of Radner equilibrium proven with growing population.
problem Analyzing Radner equilibrium in a model with population growth.
method Proved existence of equilibrium for growing population using mathematical analysis.
result Equilibrium exists for a growing population, with effects on annuity prices.
Study how transaction costs impact stock returns and holdings in equilibrium.
problem Impact of quadratic transaction costs on equilibrium stock returns and holdings.
method Developed a continuous-time risk-sharing model with FBSDEs to characterize equilibrium stock holdings and trading rates.
result Equilibrium stock holdings and trading rates are uniquely determined by FBSDEs, and equilibrium return by a system of coupled FBSDEs.
Equilibrium found for multi-agent trading with transaction costs.
problem Designing a trading equilibrium for multiple agents with transaction costs.
method Proving the existence of a continuous-time Radner equilibrium with incentives and transaction costs.
result Each agent optimally trades for a specific time interval before stopping, influenced by transaction costs.
The Myers-Briggs Type Indicator (MBTI) is a popular personality metric that uses four dichotomies as indicators of personality traits. This paper examines the use of pre-trained language models to predict MBTI personality types based on scraped labeled texts. The proposed model reaches an accuracy of 0.47 for correct…
Investors usually resort to financial advisors to improve their investment process until the point of complete delegation on investment decisions. Surely, financial advice is potentially a correcting factor in investment decisions but, in the past, the media and regulators blamed biased advisors for manipulating the ex…
Unified proof for scalable personalized federated learning.
problem Personalized federated learning under asynchronous updates.
method Unified proof for asynchronous federated learning with bounded staleness applied to MAML and ME personalization frameworks.
result Unified proof for convergence to first-order stationary point for smooth and non-convex functions.
Explanation in machine learning and related fields such as artificial intelligence aims at making machine learning models and their decisions understandable to humans. Existing work suggests that personalizing explanations might help to improve understandability. In this work, we derive a conceptualization of personali…
Existing Recommender Systems mainly focus on exploiting users' feedback, e.g., ratings, and reviews on common items to detect similar users. Thus, they might fail when there are no common items of interest among users. We call this problem the Data Sparsity With no Feedback on Common Items (DSW-n-FCI). Personality-base…
This paper analyzes the trade-off between accuracy and communication in personalized federated learning.
problem The accuracy-communication trade-off in personalized federated learning.
method The paper provides a quantitative characterization of the personalization degree on the trade-off, establishing minimax optimality.
result The paper offers theoretical insights for choosing the personalization degree and validates the results on synthetic and real-world datasets.
The paper examines Nash equilibrium in GANs for stationary Gaussian processes.
problem Existence and uniqueness of Nash equilibrium in GANs for stationary Gaussian processes.
method Analyzes the existence of Nash equilibrium in GANs for stationary Gaussian processes, considering different discriminator families.
result The existence of Nash equilibrium depends on the discriminator family and symmetry properties of the generator family.
Personalized sleep staging achieved with single-night data using KL-divergence regularization.
problem Improving automatic sleep staging accuracy with limited single-night data.
method KL-divergence regularization for transfer learning from a pretrained model to a personalized model.
result Personalized sleep staging accuracy of 79.6% with KL-divergence regularization.
Study on equilibrium with non-convex preferences.
problem Existence of equilibrium in non-convex preference settings.
method Provided a necessary and sufficient condition for equilibrium existence.
result Standard equilibrium theory cannot be applied to non-convex preferences.
We combine general equilibrium theory and theorie generale of stochastic processes to derive structural results about equilibrium state prices.
The theorems we proved describe the structure of economic equilibrium in the exchange economy model. We have studied the structure of property vectors under given structure of demand vectors at which given price vector is equilibrium one. On this ground, we describe the general structure of the equilibrium state and gi…
System interprets complex treatment effects for personalized policies.
problem Complex, hard-to-understand treatment effect models.
method Scalable, interpretable personalized experimentation system.
result Learned explanations and generated interpretable policies.
FSPO optimizes synthetic preferences for LLM personalization.
problem Personalizing large language models for diverse users.
method FSPO reframes reward modeling as a meta-learning problem, using few labeled preferences and synthetic data.
result FSPO achieves high winrates in personalized responses, both synthetic and real.
Perceived personality traits attributed to an individual do not have to correspond to their actual personality traits and may be determined in part by the context in which one encounters a person. These apparent traits determine, to a large extent, how other people will behave towards them. Deep neural networks are inc…
Group personalization improves FL performance in heterogeneous client data.
problem Mitigating client drift in federated learning with heterogeneous data.
method Fine-tuning a global FL model over homogeneous groups of clients, then personalizing each group's model.
result The proposed method achieves superior personalization performance compared to other FL approaches.