Second order tangent bundles of infinite dimensional manifolds

The second order tangent bundle $T^{2}M$ of a smooth manifold $M$ consists of the equivalent classes of curves on $M$ that agree up to their acceleration. It is known that in the case of a finite $n$-dimensional manifold $M$, $T^{2}M$ becomes a vector bundle over $M$ if and only if $M$ is endowed with a linear connection. Here we extend this result to $M$ modeled on an arbitrarily chosen Banach space and more generally to those Fr\'{e}chet manifolds which can be obtained as projective limits of Banach manifolds. The result may have application in the study of infinite-dimensional dynamical systems.Comment: 8 page

Speculative Trade and the Value of Public Information

In environments with expected utility, it has long been established that speculative trade cannot occur (Milgrom and Stokey [1982]), and that the value of public information is negative in economies with risk-sharing and no aggregate uncertainty (Hirshleifer [1971], Schlee [2001]). We show that these results are still true even if we relax expected utility, so that either Dynamic Consistency (DC) or Consequentialism is violated. We characterise no speculative trade in terms of a weakening of DC and find that Consequentialism is not required. Moreover, we show that a weakening of both DC and Consequentialism is sufficient for the value of public information to be negative. We therefore generalise these important results for convex preferences which contain several classes of ambiguity averse preferences

Theorems and unawareness

This paper provides a set-theoretic model of knowledge and unawareness, in which reasoning through theorems is employed. A new property called Awareness Leads to Knowledge shows that unawareness of theorems not only constrains an agent's knowledge, but also, can impair his reasoning about what other agents know. For example, in contrast to Li (2006), Heifetz, Meier, and Schipper (2006) and the standard model of knowledge, it is possible that two agents disagree on whether another agent knows a particular event

Unawareness of theorems

This paper provides a set-theoretic model of knowledge and unawareness. A new property called Awareness Leads to Knowledge shows that unawareness of theorems not only constrains an agent's knowledge, but also, can impair his reasoning about what other agents know. For example, in contrast to Li (2006), Heifetz et al. (2006a) and the standard model of knowledge, it is possible that two agents disagree on whether another agent knows a particular event. The model follows Aumann (1976) in defining common knowledge and characterizing it in terms of a self-evident event, but departs in showing that no-trade theorems do not hold.

The complexity of approximately counting in 2-spin systems on kk-uniform bounded-degree hypergraphs

One of the most important recent developments in the complexity of approximate counting is the classification of the complexity of approximating the partition functions of antiferromagnetic 2-spin systems on bounded-degree graphs. This classification is based on a beautiful connection to the so-called uniqueness phase transition from statistical physics on the infinite $\Delta$-regular tree. Our objective is to study the impact of this classification on unweighted 2-spin models on $k$-uniform hypergraphs. As has already been indicated by Yin and Zhao, the connection between the uniqueness phase transition and the complexity of approximate counting breaks down in the hypergraph setting. Nevertheless, we show that for every non-trivial symmetric $k$-ary Boolean function $f$ there exists a degree bound $\Delta_0$ so that for all $\Delta \geq \Delta_0$ the following problem is NP-hard: given a $k$-uniform hypergraph with maximum degree at most $\Delta$, approximate the partition function of the hypergraph 2-spin model associated with $f$. It is NP-hard to approximate this partition function even within an exponential factor. By contrast, if $f$ is a trivial symmetric Boolean function (e.g., any function $f$ that is excluded from our result), then the partition function of the corresponding hypergraph 2-spin model can be computed exactly in polynomial time

Towards a Theory of Analytical Behaviour: A Model of Decision-Making in Visual Analytics

This paper introduces a descriptive model of the human-computer processes that lead to decision-making in visual analytics. A survey of nine models from the visual analytics and HCI literature are presented to account for different perspectives such as sense-making, reasoning, and low-level human-computer interactions. The survey examines the people and computers (entities) presented in the models, the divisions of labour between entities (both physical and role-based), the behaviour of both people and machines as constrained by their roles and agency, and finally the elements and processes which define the flow of data both within and between entities. The survey informs the identification of four observations that characterise analytical behaviour - defined as decision-making facilitated by visual analytics: bilateral discourse, divisions of labour, mixed-synchronicity information flows, and bounded behaviour. Based on these principles, a descriptive model is presented as a contribution towards a theory of analytical behaviour. The future intention is to apply prospect theory, a economic model of decision-making under uncertainty, to the study of analytical behaviour. It is our assertion that to apply prospect theory first requires a descriptive model of the processes that facilitate decision-making in visual analytics. We conclude it necessary to measure the perception of risk in future work in order to apply prospect theory to the study of analytical behaviour using our proposed model

Information Aggregation Under Ambiguity: Theory and Experimental Evidence

We study information aggregation in a dynamic trading model with partially informed and ambiguity averse traders. We show theoretically that separable securities, introduced by Ostrovsky (2012) in the context of Subjective Expected Utility, no longer aggregate information if some traders have imprecise beliefs and are ambiguity averse. Moreover, these securities are prone to manipulation, as the degree of information aggregation can be influenced by the initial price, set by the uninformed market maker. These observations are also confirmed in our experiment, using prediction markets. We define a new class of strongly separable securities which are robust to the above considerations, and show that they characterize information aggregation in both strategic and non-strategic environments. We derive several theoretical predictions, which we are able to confirm in the lab