Hybrid approaches for classification under information acquisition cost constraint

2005 ◽  
Vol 41 (1) ◽  
pp. 228-241 ◽  
Author(s):  
Parag C. Pendharkar
2014 ◽  
Vol 6 (2) ◽  
pp. 37-78 ◽  
Author(s):  
Kyungmin Kim ◽  
Frances Zhiyun Xu Lee

We consider a war of attrition where the players can learn about a state that determines their payoffs at stochastic deadline. We study how the incentives to acquire information depend on the (un) verifiability of information and its implications for efficiency. Unverifiability creates distortions (strategic delay in concession or duplication in information acquisition), but encourages information acquisition. In our model, provided that the information acquisition cost is small, these two effects cancel each other out and the players' expected payoffs in symmetric equilibrium are identical whether information is verifiable or not. We also show that shortening deadlines may prolong the conflict. (JEL C72, D82, D83)


2021 ◽  
Vol 13 (4) ◽  
pp. 420-465
Author(s):  
Jingfeng Lu ◽  
Lixin Ye ◽  
Xin Feng

We study how to orchestrate information acquisition in an environment where bidders endowed with original estimates (“types”) about their private values can acquire further information by incurring a cost. We consider both single-round and fully sequential short-listing rules. The optimal single-round shortlisting rule admits the set of most efficient bidders that maximizes expected virtual surplus adjusted by the second-stage signal and information acquisition cost. When shortlisting is fully sequential, at each round, the most efficient remaining bidder is admitted provided that her conditional expected contribution to the virtual surplus is positive. (JEL D44, D82, D83)


2017 ◽  
Vol 92 (5) ◽  
pp. 167-199 ◽  
Author(s):  
Beatrice Michaeli

ABSTRACT This paper develops a Bayesian persuasion model that examines a manager's incentives to gather information when the manager can disseminate this information selectively to interested parties (“users”) and when the objectives of the manager and the users are not perfectly aligned. The model predicts that if the manager can choose the subset of users to receive the information, then the manager may gather more precise information. The paper identifies conditions under which a regime that allows managers to grant access to information selectively maximizes aggregate information. Strikingly, this happens when the objectives of managers and users are sufficiently misaligned. This finding is robust to variations of the model, such as information acquisition cost, unobservable precision, sequential noisy actions taken by the users, and delayed choice of the subset of users in “the know.” These results call into doubt the common belief that forcing managers to provide unrestricted access to information to all potential users is always beneficial.


2020 ◽  
Author(s):  
James McDonagh ◽  
William Swope ◽  
Richard L. Anderson ◽  
Michael Johnston ◽  
David J. Bray

Digitization offers significant opportunities for the formulated product industry to transform the way it works and develop new methods of business. R&D is one area of operation that is challenging to take advantage of these technologies due to its high level of domain specialisation and creativity but the benefits could be significant. Recent developments of base level technologies such as artificial intelligence (AI)/machine learning (ML), robotics and high performance computing (HPC), to name a few, present disruptive and transformative technologies which could offer new insights, discovery methods and enhanced chemical control when combined in a digital ecosystem of connectivity, distributive services and decentralisation. At the fundamental level, research in these technologies has shown that new physical and chemical insights can be gained, which in turn can augment experimental R&D approaches through physics-based chemical simulation, data driven models and hybrid approaches. In all of these cases, high quality data is required to build and validate models in addition to the skills and expertise to exploit such methods. In this article we give an overview of some of the digital technology demonstrators we have developed for formulated product R&D. We discuss the challenges in building and deploying these demonstrators.<br>


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