3,924 research outputs found
Risk Sharing and Employee Motivation in Competitive Search Equilibrium
This paper incorporates a classical moral hazard problem with unobserved worker effort and bonus payments into a competitive search equilibrium environment with risk averse workers. The resulting framework permits an analysis of the effects of labour market competition and search frictions on individual contract setting. The paper demonstrates that the classical model of moral hazard with an ex-post wage setting regime may underestimate the optimal values of wages and bonus payments in competitive labour markets. The baseline model is extended to account for employer heterogeneity with respect to capital endowments. In the extended model, wage competition between employers serves as a source of positive correlation between wages and bonus payments reported in a number of empirical studies.Effort, bonus, risk aversion, competitive search, equilibrium efficiency
Representing Conversations for Scalable Overhearing
Open distributed multi-agent systems are gaining interest in the academic
community and in industry. In such open settings, agents are often coordinated
using standardized agent conversation protocols. The representation of such
protocols (for analysis, validation, monitoring, etc) is an important aspect of
multi-agent applications. Recently, Petri nets have been shown to be an
interesting approach to such representation, and radically different approaches
using Petri nets have been proposed. However, their relative strengths and
weaknesses have not been examined. Moreover, their scalability and suitability
for different tasks have not been addressed. This paper addresses both these
challenges. First, we analyze existing Petri net representations in terms of
their scalability and appropriateness for overhearing, an important task in
monitoring open multi-agent systems. Then, building on the insights gained, we
introduce a novel representation using Colored Petri nets that explicitly
represent legal joint conversation states and messages. This representation
approach offers significant improvements in scalability and is particularly
suitable for overhearing. Furthermore, we show that this new representation
offers a comprehensive coverage of all conversation features of FIPA
conversation standards. We also present a procedure for transforming AUML
conversation protocol diagrams (a standard human-readable representation), to
our Colored Petri net representation
Instantaneous Decentralized Poker
We present efficient protocols for amortized secure multiparty computation
with penalties and secure cash distribution, of which poker is a prime example.
Our protocols have an initial phase where the parties interact with a
cryptocurrency network, that then enables them to interact only among
themselves over the course of playing many poker games in which money changes
hands.
The high efficiency of our protocols is achieved by harnessing the power of
stateful contracts. Compared to the limited expressive power of Bitcoin
scripts, stateful contracts enable richer forms of interaction between standard
secure computation and a cryptocurrency.
We formalize the stateful contract model and the security notions that our
protocols accomplish, and provide proofs using the simulation paradigm.
Moreover, we provide a reference implementation in Ethereum/Solidity for the
stateful contracts that our protocols are based on.
We also adopt our off-chain cash distribution protocols to the special case
of stateful duplex micropayment channels, which are of independent interest. In
comparison to Bitcoin based payment channels, our duplex channel implementation
is more efficient and has additional features
Research and applications: Artificial intelligence
The program is reported for developing techniques in artificial intelligence and their application to the control of mobile automatons for carrying out tasks autonomously. Visual scene analysis, short-term problem solving, and long-term problem solving are discussed along with the PDP-15 simulator, LISP-FORTRAN-MACRO interface, resolution strategies, and cost effectiveness
The Family of MapReduce and Large Scale Data Processing Systems
In the last two decades, the continuous increase of computational power has
produced an overwhelming flow of data which has called for a paradigm shift in
the computing architecture and large scale data processing mechanisms.
MapReduce is a simple and powerful programming model that enables easy
development of scalable parallel applications to process vast amounts of data
on large clusters of commodity machines. It isolates the application from the
details of running a distributed program such as issues on data distribution,
scheduling and fault tolerance. However, the original implementation of the
MapReduce framework had some limitations that have been tackled by many
research efforts in several followup works after its introduction. This article
provides a comprehensive survey for a family of approaches and mechanisms of
large scale data processing mechanisms that have been implemented based on the
original idea of the MapReduce framework and are currently gaining a lot of
momentum in both research and industrial communities. We also cover a set of
introduced systems that have been implemented to provide declarative
programming interfaces on top of the MapReduce framework. In addition, we
review several large scale data processing systems that resemble some of the
ideas of the MapReduce framework for different purposes and application
scenarios. Finally, we discuss some of the future research directions for
implementing the next generation of MapReduce-like solutions.Comment: arXiv admin note: text overlap with arXiv:1105.4252 by other author
Time Consistent Taxation by a Government with Redistributive Goals
In a dynamic economy whose government is interested in both equity and efficiency, time consistency problems arise even if the government has access to nondistortionary tax instruments. Moral hazard in production leads to a nondegenerate distribution of income, which the government would like to "flatten" ex post. Self-enforcing social agreements can mitigate the tendency toward excessive redistribution. We investigate the nature of the distortions caused by the time consistency problem, and show that in the constrained-optimal equilibrium, usually a linear tax schedule is imposed. This remains true if renegotiation of the social agreement is possible.Center for Research on Economic and Social Theory, Department of Economics, University of Michiganhttp://deepblue.lib.umich.edu/bitstream/2027.42/100989/1/ECON430.pd
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