Optimal Auctions with Information Acquisition

This paper studies optimal auction design in a private value setting with endogenous information acquisition. First, we develop a general framework for modeling information acquisition when a seller wants to sell an object to one of several potential buyers who can each gather information about their valuations prior to participation. We then show that under certain conditions, standard auctions with a reserve price remain optimal, but the optimal reserve price lies between the mean valuation and the standard reserve price in Myerson (1981). We provide sufficient conditions under which the value of information to the seller is positive, and also characterize the necessary and sufficient conditions under which equilibrium information acquisition in private value auctions is socially excessive. The key to the analysis is the insight that buyer incentives to acquire information become stronger as the reserve price moves toward the mean valuation.optimal auctions, information acquisition, rotation order, informational efficiency

Contracts with Endogenous Information

I study covert information acquisition and reporting in a principal agent problem allowing for general technologies of information acquisition. When posteriors satisfy local versions of the standard First Order Stochastic Dominance and Concavity/Convexity of the Distribution Function conditions, a first-order approach is justified. Under the same conditions, informativeness and riskiness of reports are equivalent. High powered contracts, that make the agents informational rents more risky, are used to increase incentives for information acquisition, insensitive contracts are used to reduce incentives for information gathering. The value of information to the agent is always positive. The value of information to the principal is ambiguous.Asymmetric Information ; Mechanism Design ; Information Acquisition ; Stochastic Ordering ; Value of Information

R&D Investment Level and Environment as Predictors of Firm Acquisition

R&D investments contribute to the development of firm technology resources, and the possession of such resources often increases a firm’s attractiveness as a potential acquisition target. However, the value ascribed to a firm’s technology resources by would-be acquirers may be moderated by its industry’s environmental characteristics. Using data from 2886 firms, we find that investments in R&D predict acquisition likelihood and that R&D investments are most strongly associated with acquisition of firms under conditions of high environmental munificence and dynamism. Theoretical and managerial implications are discussed

Goldstone solar system radar signal processing

A performance analysis of the planetary radar data acquisition system is presented. These results extend previous computer simulation analysis and are facilitated by the development of a simple analytical model that predicts radar system performance over a wide range of operational parameters. The results of this study are useful to both the radar system designer and the science investigator in establishing operational radar data acquisition parameters which result in the best systems performance for a given set of input conditions

Compressed Sensing and Parallel Acquisition

Parallel acquisition systems arise in various applications in order to moderate problems caused by insufficient measurements in single-sensor systems. These systems allow simultaneous data acquisition in multiple sensors, thus alleviating such problems by providing more overall measurements. In this work we consider the combination of compressed sensing with parallel acquisition. We establish the theoretical improvements of such systems by providing recovery guarantees for which, subject to appropriate conditions, the number of measurements required per sensor decreases linearly with the total number of sensors. Throughout, we consider two different sampling scenarios -- distinct (corresponding to independent sampling in each sensor) and identical (corresponding to dependent sampling between sensors) -- and a general mathematical framework that allows for a wide range of sensing matrices (e.g., subgaussian random matrices, subsampled isometries, random convolutions and random Toeplitz matrices). We also consider not just the standard sparse signal model, but also the so-called sparse in levels signal model. This model includes both sparse and distributed signals and clustered sparse signals. As our results show, optimal recovery guarantees for both distinct and identical sampling are possible under much broader conditions on the so-called sensor profile matrices (which characterize environmental conditions between a source and the sensors) for the sparse in levels model than for the sparse model. To verify our recovery guarantees we provide numerical results showing phase transitions for a number of different multi-sensor environments.Comment: 43 pages, 4 figure

An Entropy Search Portfolio for Bayesian Optimization

Bayesian optimization is a sample-efficient method for black-box global optimization. How- ever, the performance of a Bayesian optimization method very much depends on its exploration strategy, i.e. the choice of acquisition function, and it is not clear a priori which choice will result in superior performance. While portfolio methods provide an effective, principled way of combining a collection of acquisition functions, they are often based on measures of past performance which can be misleading. To address this issue, we introduce the Entropy Search Portfolio (ESP): a novel approach to portfolio construction which is motivated by information theoretic considerations. We show that ESP outperforms existing portfolio methods on several real and synthetic problems, including geostatistical datasets and simulated control tasks. We not only show that ESP is able to offer performance as good as the best, but unknown, acquisition function, but surprisingly it often gives better performance. Finally, over a wide range of conditions we find that ESP is robust to the inclusion of poor acquisition functions.Comment: 10 pages, 5 figure

Monitoring the CMS strip tracker readout system

The CMS Silicon Strip Tracker at the LHC comprises a sensitive area of approximately 200 m2 and 10 million readout channels. Its data acquisition system is based around a custom analogue front-end chip. Both the control and the readout of the front-end electronics are performed by off-detector VME boards in the counting room, which digitise the raw event data and perform zero-suppression and formatting. The data acquisition system uses the CMS online software framework to configure, control and monitor the hardware components and steer the data acquisition. The first data analysis is performed online within the official CMS reconstruction framework, which provides many services, such as distributed analysis, access to geometry and conditions data, and a Data Quality Monitoring tool based on the online physics reconstruction. The data acquisition monitoring of the Strip Tracker uses both the data acquisition and the reconstruction software frameworks in order to provide real-time feedback to shifters on the operational state of the detector, archiving for later analysis and possibly trigger automatic recovery actions in case of errors. Here we review the proposed architecture of the monitoring system and we describe its software components, which are already in place, the various monitoring streams available, and our experiences of operating and monitoring a large-scale system

A Traveling Standard for the Calibration of Data Acquisition Boards

The large use of measurement systems based on data acquisition boards makes the traceability-chain assurance a tricky problem due to the difficulty in consistently calibrating such boards. In this paper, the authors describe a traveling standard which can be used for the calibration of many commercially available acquisition boards. By employing such a traveling standard, the calibration procedure can be remotely exercised by a calibration laboratory through the personal computer which hosts the board that has to be calibrated. In such a way, the calibration results refer to environmental, software, and hardware conditions that exactly match the board-operating conditions. Furthermore, the board unavailability time is drastically reduced, with a consequent economic advantage for the board owner. The traveling standard is based on a microcontroller which is responsible for the communication with the PC that hosts the board and for the board-stimulus generation, and on a digital multimeter, which acts as a reference standard