Fixed Price Approximability of the Optimal Gain From Trade

Bilateral trade is a fundamental economic scenario comprising a strategically acting buyer and seller, each holding valuations for the item, drawn from publicly known distributions. A mechanism is supposed to facilitate trade between these agents, if such trade is beneficial. It was recently shown that the only mechanisms that are simultaneously DSIC, SBB, and ex-post IR, are fixed price mechanisms, i.e., mechanisms that are parametrised by a price p, and trade occurs if and only if the valuation of the buyer is at least p and the valuation of the seller is at most p. The gain from trade is the increase in welfare that results from applying a mechanism; here we study the gain from trade achievable by fixed price mechanisms. We explore this question for both the bilateral trade setting, and a double auction setting where there are multiple buyers and sellers. We first identify a fixed price mechanism that achieves a gain from trade of at least 2/r times the optimum, where r is the probability that the seller's valuation does not exceed the buyer's valuation. This extends a previous result by McAfee. Subsequently, we improve this approximation factor in an asymptotic sense, by showing that a more sophisticated rule for setting the fixed price results in an expected gain from trade within a factor O(log(1/r)) of the optimal gain from trade. This is asymptotically the best approximation factor possible. Lastly, we extend our study of fixed price mechanisms to the double auction setting defined by a set of multiple i.i.d. unit demand buyers, and i.i.d. unit supply sellers. We present a fixed price mechanism that achieves a gain from trade that achieves for all epsilon > 0 a gain from trade of at least (1-epsilon) times the expected optimal gain from trade with probability 1 - 2/e^{#T epsilon^2 /2}, where #T is the expected number of trades resulting from the double auction

Mechanism Design for Constrained Heterogeneous Facility Location

The facility location problem has emerged as the benchmark problem in the study of the trade-off between incentive compatibility without transfers and approximation guarantee, a research area also known as approximate mechanism design without money. One limitation of the vast literature on the subject is the assumption that agents and facilities have to be located on the same physical space. We here initiate the study of constrained heterogeneous facility location problems, wherein selfish agents can either like or dislike the facility and facilities can be located on a given feasible region of the Euclidean plane. In our study, agents are assumed to be located on a real segment, and their location together with their preferences towards the facilities can be part of their private type. Our main result is a characterization of the feasible regions for which the optimum is incentive-compatible in the settings wherein agents can only lie about their preferences or about their locations. The stark contrast between the two findings is that in the former case any feasible region can be coupled with incentive compatibility, whilst in the second, this is only possible for feasible regions where the optimum is constant

Future therapeutic targets in rheumatoid arthritis?

Rheumatoid arthritis (RA) is a chronic inflammatory disease characterized by persistent joint inflammation. Without adequate treatment, patients with RA will develop joint deformity and progressive functional impairment. With the implementation of treat-to-target strategies and availability of biologic therapies, the outcomes for patients with RA have significantly improved. However, the unmet need in the treatment of RA remains high as some patients do not respond sufficiently to the currently available agents, remission is not always achieved and refractory disease is not uncommon. With better understanding of the pathophysiology of RA, new therapeutic approaches are emerging. Apart from more selective Janus kinase inhibition, there is a great interest in the granulocyte macrophage-colony stimulating factor pathway, Bruton's tyrosine kinase pathway, phosphoinositide-3-kinase pathway, neural stimulation and dendritic cell-based therapeutics. In this review, we will discuss the therapeutic potential of these novel approaches

The anarchy of scheduling without money

We consider the scheduling problem on n strategic unrelated machines when no payments are allowed, under the objective of minimizing the makespan. We adopt the model introduced in [Koutsoupias 2014] where a machine is bound by her declarations in the sense that if she is assigned a particular job then she will have to execute it for an amount of time at least equal to the one she reported, even if her private, true processing capabilities are actually faster. We provide a (non-truthful) randomized algorithm whose pure Price of Anarchy is arbitrarily close to 1 for the case of a single task and close to n if it is applied independently to schedule many tasks, which is asymptotically optimal for the natural class of anonymous, task-independent algorithms. Previous work considers the constraint of truthfulness and proves a tight approximation ratio of (n+1)/2 for one task which generalizes to n(n+1)/2 for many tasks. Furthermore, we revisit the truthfulness case and reduce the latter approximation ratio for many tasks down to n, asymptotically matching the best known lower bound. This is done via a detour to the relaxed, fractional version of the problem, for which we are also able to provide an optimal approximation ratio of 1. Finally, we mention that all our algorithms achieve optimal ratios of 1 for the social welfare objective

Effect of Ligusticum wallichii Aqueous Extract on Oxidative Injury and Immunity Activity in Myocardial Ischemic Reperfusion Rats

We investigated the efficacy of Ligusticum wallichi aqueous extract (LWE) for myocardial protection against ischemia-reperfusion injury. Rats were fed for five weeks with either a control diet (sham and ischemia reperfusion (IR) model control groups) or a diet mixed with 0.2%, 0.4% or 0.6% Ligusticum wallichi extract. At the end of the five week period, hearts were excised and subjected to global ischemia for 30 min followed by reperfusion for 2 h. The hearts were compared for indices of oxidative stress and immunity activities. Administration of Ligusticum wallichi extract significantly decreased serum TNF-α, IL-6, IL-8, NO, MIP-1α, CRP and myocardium MDA levels, and serum CK, LDH and AST activities, and increased myocardium Na+-K+-ATPase, Ca2+-Mg2+-ATPase, NOS, SOD, CAT, GSH-Px and TAOC activities. The results indicate that Ligusticum wallichii extract treatment can enhance myocardial antioxidant status and improve the immunity profile in ischemic-reperfusion rats

Autobiographical memory and hierarchical search strategies in depressed and non-depressed participants

Background: There is a growing body of literature showing individuals with depression and other trauma-related disorders (e.g., posttraumatic stress disorder) recall more overgeneral and less specific autobiographical memories compared to normal participants. Although the mechanisms underlying overgeneral memory are quite clear, the search strategy operated within the autobiographical knowledge base, at time of recollection, requires further exploration. The current study aimed to examine the hierarchical search sequence used to recall autobiographical memories in depressed and non-depressed participants, with a view to determining whether depressed participants exhibited truncated search strategies. Methods: Thirteen depressed and an equal number of non-depressed participants retrieved 15 memories each, in response to 15 commonly used cue words. Participants reported the first memory that entered in their mind. All memory descriptions were recorded and later transcribed verbatim for content analysis.Results: Depressed participants retrieved autobiographical memories faster, produced shorter memory descriptions and were less likely to recall positive memories than non-depressed participants. Non-depressed participants were more likely to commence retrieval by accessing lifetime period knowledge followed by general event and event specific knowledge, whereas depressed participants showed a tendency to terminate retrieval at the general event level. Conclusions: It is concluded that depressed participants do adhere to the same hierarchical search strategy as non-depressed participants when retrieving specific autobiographical memories, but that they terminate their search early, resulting in overgeneral memories

Efficiency and strategy-proofness in object assignment problems with multi-demand preferences

Consider the problem of allocating objects to agents and how much they should pay. Each agent has a preference relation over pairs of a set of objects and a payment. Preferences are not necessarily quasi-linear. Non-quasi-linear preferences describe environments where payments influence agents' abilities to utilize objects. This paper is to investigate the possibility of designing efficient and strategy-proof rules in such environments. A preference relation is single demand if an agent wishes to receive at most one object; it is multi demand if whenever an agent receives one object, an additional object makes him better off. We show that if a domain contains all the single demand preferences and at least one multi demand preference relation, and there are more agents than objects, then no rule satisfies efficiency, strategy-proofness, individual rationality, and no subsidy for losers on the domain

Top Trading Cycles, Consistency, and Acyclic Priorities for House Allocation with Existing Tenants

We study the house allocation with existing tenants model (Abdulkadiroğlu and Sönmez, 1999) and consider rules that allocate houses based on priorities. We introduce a new acyclicity requirement and show that for house allocation with existing tenants a top trading cycles (TTC) rule is consistent if and only if its underlying priority structure satisfies our acyclicity condition. Next we give an alternative description of TTC rules based on ownership-adapted acyclic priorities in terms of two specific rules, YRMH-IGYT (you request my house - I get your turn) and efficient priority rules, that are applied in two steps. Moreover, even if no priority structure is a priori given, we show that a rule is a top trading cycles rule based on ownership-adapted acyclic priorities if and only if it satisfies Pareto-optimality, individual-rationality, strategy-proofness, consistency, and either reallocation-proofness or non-bossiness

Estimating food production in an urban landscape

There is increasing interest in urban food production for reasons of food security, environmental sustainability, social and health benefits. In developed nations urban food growing is largely informal and localised, in gardens, allotments and public spaces, but we know little about the magnitude of this production. Here we couple own-grown crop yield data with garden and allotment areal surveys and urban fruit tree occurrence to provide one of the first estimates for current and potential food production in a UK urban setting. Current production is estimated to be sufficient to supply the urban population with fruit and vegetables for about 30 days per year, while the most optimistic model results suggest that existing land cultivated for food could supply over half of the annual demand. Our findings provide a baseline for current production whilst highlighting the potential for change under the scaling up of cultivation on existing land