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The Price of Incentivizing Exploration: A Characterization via Thompson Sampling and Sample Complexity [article]

Mark Sellke, Aleksandrs Slivkins
2021 arXiv   pre-print
We consider incentivized exploration: a version of multi-armed bandits where the choice of arms is controlled by self-interested agents, and the algorithm can only issue recommendations.  ...  The algorithm controls the flow of information, and the information asymmetry can incentivize the agents to explore.  ...  Sample Complexity of Incentivized Exploration We characterize the sample complexity of incentivized exploration: the minimal number of rounds need to collect N samples of each arm.  ... 
arXiv:2002.00558v5 fatcat:qdkd3iptw5bhldvgmqxlp6wn3m

Bayesian Incentive-Compatible Bandit Exploration [article]

Yishay Mansour, Aleksandrs Slivkins, Vasilis Syrgkanis
2019 arXiv   pre-print
A social planner, by means of carefully designed information disclosure, can incentivize the agents to balance the exploration and exploitation so as to maximize social welfare.  ...  At the same time, each decision-maker would prefer previous decision-makers to "explore", producing information about the rewards of various actions.  ...  Acknowledgments The authors are grateful to Johannes Hörner and Yeon-Koo Che for insightful discussions, and to Sebastien Bubeck for a brief collaboration during the initial stage of this project.  ... 
arXiv:1502.04147v7 fatcat:5fdwz5jofvdrply235praxxbg4

Competing Bandits: The Perils of Exploration Under Competition [article]

Guy Aridor and Yishay Mansour and Aleksandrs Slivkins and Zhiwei Steven Wu
2021 arXiv   pre-print
Through a mix of theoretical results and numerical simulations, we study whether and to what extent competition incentivizes the adoption of better bandit algorithms, and whether it leads to welfare increases  ...  We study the interplay between exploration and competition: how such platforms balance the exploration for learning and the competition for users.  ...  The Thompson Sampling trajectory displays the regret incurred by running Thompson Sampling in isolation on the given instances.  ... 
arXiv:2007.10144v5 fatcat:x3zbcwdbubcylfqzuxpj2xkpe4

Institutional investors as stewards of the corporation: Exploring the challenges to the monitoring hypothesis

Mila R. Ivanova
2017 Business Ethics. A European Review  
The study explores the challenges UK-based institutional investors face when trying to monitor investee companies and influence their social, environmental, and governance practices.  ...  Given the intensification of media and regulatory attention on shareholders in the post-global financial crisis era, coupled with investors' growing awareness and practice of stewardship, the research  ...  Therefore, limiting the geographical scope to institutions with headquarters in the UK enables a more in-depth exploration of the challenges to engagement in this particular context, by limiting complexity  ... 
doi:10.1111/beer.12142 fatcat:eodgndnvrrau7prxpm4rexikuq

The new geography of food security: exploring the potential of urban food strategies

Roberta Sonnino
2014 Geographical Journal  
At a time of increased food insecurity, an exploration of the narratives that shape urban food strategies signals the emergence of a more integrated vision of a local space where urban and rural areas  ...  Fi all , the e e t e e ge e of a Ne Food E uatio , a ked by food price hikes, dwindling natural resources, land grabbing activities, social unrest, and the effects of climate change (Morgan and Sonnino  ... 
doi:10.1111/geoj.12129 fatcat:f3qemrh2avfmlb5jkkn33zuaru

Introduction to Multi-Armed Bandits [article]

Aleksandrs Slivkins
2022 arXiv   pre-print
Each chapter tackles a particular line of work, providing a self-contained, teachable technical introduction and a brief review of the further developments; many of the chapters conclude with exercises  ...  An enormous body of work has accumulated over the years, covered in several books and surveys. This book provides a more introductory, textbook-like treatment of the subject.  ...  Sample complexity. How many rounds are needed to sample each explorable arm even once? This is arguably the most basic objective in incentivized exploration, call it sample complexity.  ... 
arXiv:1904.07272v7 fatcat:pptyhyyshrdyhhf7bdonz5dsv4

Risk Aversion In Learning Algorithms and an Application To Recommendation Systems [article]

Andreas Haupt, Aroon Narayanan
2022 arXiv   pre-print
We show experimentally that UCB also shows risk-averse behavior, and that risk aversion is present persistently in early rounds of learning even if the riskier arm has a slightly higher expectation.  ...  We prove that ε-Greedy chooses the risky arm with probability tending to 0 when faced with a deterministic and a Rademacher-distributed arm.  ...  The Price of Incentivizing Exploration: A Characterization via Thompson Sampling and Sample Complexity.  ... 
arXiv:2205.04619v1 fatcat:x4k2x5lczbgndb2zkhjqrb6ewi

Recent Advances in Reinforcement Learning in Finance [article]

Ben Hambly, Renyuan Xu, Huining Yang
2021 arXiv   pre-print
Our survey concludes by discussing the application of these RL algorithms in a variety of decision-making problems in finance, including optimal execution, portfolio optimization, option pricing and hedging  ...  learning (RL) are able to make full use of the large amount of financial data with fewer model assumptions and to improve decisions in complex financial environments.  ...  Acknowledgement We thank Anran Hu, Wenpin Tang, Zhuoran Yang, Junzi Zhang and Zeyu Zheng for helpful discussions and comments on this survey.  ... 
arXiv:2112.04553v1 fatcat:ay66scqcknhrlkvyvhlzonx4gy

Reinforcement Learning, Bit by Bit [article]

Xiuyuan Lu, Benjamin Van Roy, Vikranth Dwaracherla, Morteza Ibrahimi, Ian Osband, Zheng Wen
2022 arXiv   pre-print
The design of data-efficient agents calls for a deeper understanding of information acquisition and representation. We discuss concepts and regret analysis that together offer principled guidance.  ...  This line of thinking sheds light on questions of what information to seek, how to seek that information, and what information to retain.  ...  Acknowledgments Our thinking about the relation between information and sequential decision was shaped by an earlier collaboration with Dan Russo, which focused on bandit environments.  ... 
arXiv:2103.04047v7 fatcat:gpc3cvdk2nekpg42ny6n2w7i7m

Fine-Tuning the Fight Against Food Waste

Jessica Aschemann-Witzel, Ilona E. de Hooge, Valérie L. Almli, Marije Oostindjer
2018 Journal of Macromarketing  
The complex causes of consumer food waste make it difficult for commercial actors and public policy makers to develop successful food-waste reduction campaigns.  ...  A survey with 848 consumers in a Northern European country (Denmark) reveals that segmenting consumers on the basis of food-related behaviors, especially on the basis of various food involvement dimensions  ...  A study in the UK (Mallinson et al., 2016) and another in Switzerland (Delley and Brunner, 2017) have explored food waste behaviors via segmentation, but to the best of our knowledge, this is the first  ... 
doi:10.1177/0276146718763251 fatcat:krylryci3nd65ehqdjki3zmoaq

Distributional preferences and political behavior

Raymond Fisman, Pamela Jakiela, Shachar Kariv
2017 Journal of Public Economics  
We decompose distributional preferences into fair-mindedness (tradeoffs between oneself and others) and equality-efficiency tradeoffs, and measure both at the individual level in a large and diverse sample  ...  We find considerable heterogeneity in both the extent of fair-mindedness and willingness to trade off equality and efficiency, much of which cannot be explained by standard socioeconomic or demographic  ...  Conclusion In this paper, we take a first step in characterizing, via experiments administered through the ALP, the distributional preferences of the general population of the United States.  ... 
doi:10.1016/j.jpubeco.2017.08.010 fatcat:uruo5asdzvbjpjxr2e6hsq6hyy

Assessment for the Curriculum of 8th Grade Art Course Based on Total Quality Standards

2020 Journal of Education and Practice  
The research findings were consistent with findings from other studies conducted by Diebold & Li (2006); Hvozdenska (2015), and Campbell & Thompson (2008) , whereby the spread of the yield curve constructed  ...  Furthermore, the out-of-sample forecast results show no significant relationship between the level and curvature factors, further reaffirming the argument that the yield curve in sample forecasts would  ...  Probit models predicting recessions that use both the level of the funds' price and the period spread supply better in-sample fit, and higher out-of-sample predictive performance, than models with the  ... 
doi:10.7176/jep/11-24-02 fatcat:ylddfysczbaj3boq57a2i4uxyy

Preventing Smoking Progression in Young Adults: the Concept of Prevescalation

Andrea C. Villanti, Raymond S. Niaura, David B. Abrams, Robin Mermelstein
2018 Prevention Science  
We introduce the concept of Bprevescalation^to capture the need and opportunity to prevent the escalation of risk behaviors that typically occur during young adulthood, with a focus on the example of cigarette  ...  We present a new framework for conceptualizing, developing, and evaluating interventions that better fit the unique behavioral, psychosocial, and socio-environmental characteristics of the young adult  ...  and exposure to marketing, increasing the price of tobacco products, and denormalizing smoking via environmental restrictions and interventions related to parents and peers (U.S.  ... 
doi:10.1007/s11121-018-0880-y pmid:29525899 fatcat:lxdbcr42rncbfbqtgfrljlxtqi

Online Causal Inference for Advertising in Real-Time Bidding Auctions [article]

Caio Waisman, Harikesh S. Nair, Carlos Carrion, Nan Xu
2021 arXiv   pre-print
We implement it via a modified Thompson sampling (TS) algorithm that estimates causal effects of advertising while minimizing the costs of experimentation to the advertiser by simultaneously learning the  ...  Assessing the effectiveness of such advertising remains a lingering challenge in research and practice.  ...  Most RTB auctions on AdXs are single-unit auctions implemented typically via second-price auctions (SPAs) and, more recently, via first-price auctions (FPAs) . 1 The speed, scale and complexity of RTB  ... 
arXiv:1908.08600v2 fatcat:twmvbapt6bgprbkgszjzzzlaei

Impact of Building Information Modeling Implementation on the Acceptance of Integrated Delivery Systems: Structural Equation Modeling Analysis

Chen-Yu Chang, Weijia Pan, Robert Howard
2017 Journal of construction engineering and management  
acceptability of Integrated Project Delivery (IPD) in 21 the future via increased perception of the need for supply chain incentivization and improved 22 communication quality enabled by BIM.  ...  In a 167 recent study of trust in Chinese IPD teamwork, Wu (2012) identified communication as one of 168 the major indicators of project performance and measured it using three dimensions, including 169  ...  the incentives and goals of the project team via shared risk 53 and reward, contractor early involvement, and a multiparty agreement.  ... 
doi:10.1061/(asce)co.1943-7862.0001335 fatcat:yi44nwgumrhgtmzxrz7hytl2eu
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