Near-optimal asymmetric binary matrix partitions

We study the asymmetric binary matrix partition problem that was recently introduced by Alon et al. (WINE 2013) to model the impact of asymmetric information on the revenue of the seller in take-it-or-leave-it sales. Instances of the problem consist of an $n \times m$ binary matrix $A$ and a probability distribution over its columns. A partition scheme $B=(B_1,...,B_n)$ consists of a partition $B_i$ for each row $i$ of $A$. The partition $B_i$ acts as a smoothing operator on row $i$ that distributes the expected value of each partition subset proportionally to all its entries. Given a scheme $B$ that induces a smooth matrix $A^B$, the partition value is the expected maximum column entry of $A^B$. The objective is to find a partition scheme such that the resulting partition value is maximized. We present a $9/10$-approximation algorithm for the case where the probability distribution is uniform and a $(1-1/e)$-approximation algorithm for non-uniform distributions, significantly improving results of Alon et al. Although our first algorithm is combinatorial (and very simple), the analysis is based on linear programming and duality arguments. In our second result we exploit a nice relation of the problem to submodular welfare maximization.Comment: 17 page

Predicting Auction Price of Vehicle License Plate with Deep Residual Learning

Due to superstition, license plates with desirable combinations of characters are highly sought after in China, fetching prices that can reach into the millions in government-held auctions. Despite the high stakes involved, there has been essentially no attempt to provide price estimates for license plates. We present an end-to-end neural network model that simultaneously predict the auction price, gives the distribution of prices and produces latent feature vectors. While both types of neural network architectures we consider outperform simpler machine learning methods, convolutional networks outperform recurrent networks for comparable training time or model complexity. The resulting model powers our online price estimator and search engine

Near-Optimal Asymmetric Binary Matrix Partitions

We study the asymmetric binary matrix partition problem that was recently introduced by Alon et al. (Proceedings of the 9th Conference on Web and Internet Economics (WINE), pp 1–14, 2013). Instances of the problem consist of an n× m binary matrix A and a probability distribution over its columns. A partition schemeB= (B1, … , Bn) consists of a partition Bifor each row i of A. The partition Biacts as a smoothing operator on row i that distributes the expected value of each partition subset proportionally to all its entries. Given a scheme B that induces a smooth matrix AB, the partition value is the expected maximum column entry of AB. The objective is to find a partition scheme such that the resulting partition value is maximized. We present a 9/10-approximation algorithm for the case where the probability distribution is uniform and a (1 - 1 / e) -approximation algorithm for non-uniform distributions, significantly improving results of Alon et al. Although our first algorithm is combinatorial (and very simple), the analysis is based on linear programming and duality arguments. In our second result we exploit a nice relation of the problem to submodular welfare maximization

Bank performance and executive pay: tournament or teamwork

We investigate the relationship between the dispersion of executive pay and bank performance/valuation by examining two competing theories, the tournament theory (hierarchical wage structure) and the equity fairness theory (compressed wage structure). The key variable of executive pay dispersion is measured using a hand-collected dataset composed of 63 banks from OECD countries and 29 banks from developing countries. The dataset covers the period 2004 to 2012. By combining and modifying a translog profit function and a pay-dispersion model, we are able to address the potential problems of relying on reduced-form estimation. In our subsample of developed and civil law countries, where bank performance is measured by either Tobin’s Q or by the price-to-book ratio, the overall impact of executive pay dispersion is mostly negative, and we find supporting evidence for the equity fairness theory, except for very high levels of dispersion. There is a non-linear effect, as banks perform best when there is either very low or very high executive pay dispersion. For developing country sample banks, greater executive pay dispersion has a negative impact on bank profit. In our subsample of common law countries, however, we find no evidence of a significant impact of executive pay dispersion on bank performance. We conclude that lower executive pay dispersion, a proxy for teamwork, is mostly effective in enhancing bank performance in a significant section of sample banks, i.e., civil law and developing countries

Dynamical Boson Stars

The idea of stable, localized bundles of energy has strong appeal as a model for particles. In the 1950s John Wheeler envisioned such bundles as smooth configurations of electromagnetic energy that he called {\em geons}, but none were found. Instead, particle-like solutions were found in the late 1960s with the addition of a scalar field, and these were given the name {\em boson stars}. Since then, boson stars find use in a wide variety of models as sources of dark matter, as black hole mimickers, in simple models of binary systems, and as a tool in finding black holes in higher dimensions with only a single killing vector. We discuss important varieties of boson stars, their dynamic properties, and some of their uses, concentrating on recent efforts.Comment: 79 pages, 25 figures, invited review for Living Reviews in Relativity; major revision in 201

Poor reproducibility of compression elastography in the Achilles tendon: same day and consecutive day measurements.

OBJECTIVE To determine the reproducibility of compression elastography (CE) when measuring strain data, a measure of stiffness of the human Achilles tendon in vivo, over consecutive measures, consecutive days and when using different foot positions. MATERIALS AND METHODS Eight participants (4 males, 4 females; mean age 25.5 ± 2.51 years, range 21-30 years; height 173.6 ± 11.7 cm, range 156-189 cm) had five consecutive CE measurements taken on one day and a further five CE measures taken, one per day, at the same time of day, every day for a consecutive 5-day period. These 80 measurements were used to assess both the repeatability and reproducibility of the technique. Means, standard deviations, coefficient of variation (CV), Pearson correlation analysis (R) and intra-class correlation coefficients (ICC) were calculated. RESULTS For CE data, all CVs were above 53%, R values indicated no-to-weak correlations between measures at best (range 0.01-0.25), and ICC values were all classified in the poor category (range 0.00-0.11). CVs for length and diameter measures were acceptably low indicating a high level of reliability. CONCLUSIONS Given the wide variation obtained in the CE results, it was concluded that CE using this specific system has a low level of reproducibility for measuring the stiffness of the human Achilles tendon in vivo over consecutive days, consecutive measures and in different foot positions

Rationality, Irrationality and Escalating Behavior in Lowest Unique Bid Auctions

Information technology has revolutionized the traditional structure of markets. The removal of geographical and time constraints has fostered the growth of online auction markets, which now include millions of economic agents worldwide and annual transaction volumes in the billions of dollars. Here, we analyze bid histories of a little studied type of online auctions – lowest unique bid auctions. Similarly to what has been reported for foraging animals searching for scarce food, we find that agents adopt Lévy flight search strategies in their exploration of “bid space”. The Lévy regime, which is characterized by a power-law decaying probability distribution of step lengths, holds over nearly three orders of magnitude. We develop a quantitative model for lowest unique bid online auctions that reveals that agents use nearly optimal bidding strategies. However, agents participating in these auctions do not optimize their financial gain. Indeed, as long as there are many auction participants, a rational profit optimizing agent would choose not to participate in these auction markets

National Origin and Behavioural Problems of Toddlers: The Role of Family Risk Factors and Maternal Immigration Characteristics

In many societies the prevalence of behavioural problems in school-aged children varies by national origin. We examined the association between national origin and behavioural problems in 1½-year-old children. Data on maternal national origin and the Child Behavior Checklist for toddlers (n = 4943) from a population-based cohort in the Netherlands were used. Children from various non-Dutch backgrounds all had a significantly higher mean behavioural problem score. After adjustment for family risk factors, like family income and maternal psychopathology, the differences attenuated, but remained statistically significant. Non-Dutch mothers with immigration risk factors, such as older age at immigration or no good Dutch language skills, reported significantly more behavioural problems in their offspring. In conclusion, the present study indicated more behavioural problems in immigrant toddlers from various backgrounds. Researchers and policymakers aiming to tackle disparities in behavioural problems should take into account that risks associated with national origin are intertwined with unfavourable family and immigration characteristics