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Publication date: 30 June 2023

Lisa M. Given, Donald O. Case and Rebekah Willson

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Looking for Information
Type: Book
ISBN: 978-1-80382-424-6

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Article
Publication date: 23 March 2012

Boris Mitavskiy, Jonathan Rowe and Chris Cannings

The purpose of this paper is to establish a version of a theorem that originated from population genetics and has been later adopted in evolutionary computation theory that will…

176

Abstract

Purpose

The purpose of this paper is to establish a version of a theorem that originated from population genetics and has been later adopted in evolutionary computation theory that will lead to novel Monte‐Carlo sampling algorithms that provably increase the AI potential.

Design/methodology/approach

In the current paper the authors set up a mathematical framework, state and prove a version of a Geiringer‐like theorem that is very well‐suited for the development of Mote‐Carlo sampling algorithms to cope with randomness and incomplete information to make decisions.

Findings

This work establishes an important theoretical link between classical population genetics, evolutionary computation theory and model free reinforcement learning methodology. Not only may the theory explain the success of the currently existing Monte‐Carlo tree sampling methodology, but it also leads to the development of novel Monte‐Carlo sampling techniques guided by rigorous mathematical foundation.

Practical implications

The theoretical foundations established in the current work provide guidance for the design of powerful Monte‐Carlo sampling algorithms in model free reinforcement learning, to tackle numerous problems in computational intelligence.

Originality/value

Establishing a Geiringer‐like theorem with non‐homologous recombination was a long‐standing open problem in evolutionary computation theory. Apart from overcoming this challenge, in a mathematically elegant fashion and establishing a rather general and powerful version of the theorem, this work leads directly to the development of novel provably powerful algorithms for decision making in the environment involving randomness, hidden or incomplete information.

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Book part
Publication date: 19 January 2005

Hesham M. Abdel-Rahman

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Urban Dynamics and Growth: Advances in Urban Economics
Type: Book
ISBN: 978-0-44451-481-3

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Book part
Publication date: 30 June 2023

Lisa M. Given, Donald O. Case and Rebekah Willson

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Type: Book
ISBN: 978-1-80382-424-6

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Book part
Publication date: 30 June 2023

Lisa M. Given, Donald O. Case and Rebekah Willson

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Type: Book
ISBN: 978-1-80382-424-6

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Book part
Publication date: 30 June 2023

Lisa M. Given, Donald O. Case and Rebekah Willson

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Type: Book
ISBN: 978-1-80382-424-6

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Book part
Publication date: 12 September 1997

Carlos F. Daganzo

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Fundamentals of Transportation and Traffic Operations
Type: Book
ISBN: 978-0-08-042785-0

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Article
Publication date: 29 May 2023

Pallabi Chakraborty and Amarjyoti Mahanta

The purpose of this study is to propose a model of competition between a formal lender (bank) and an informal lender (moneylender) with informational asymmetry between these two…

134

Abstract

Purpose

The purpose of this study is to propose a model of competition between a formal lender (bank) and an informal lender (moneylender) with informational asymmetry between these two lenders. Further, the authors introduce capacity constraint on the lending capacity of the moneylender and assume that borrowers differ in risk and wealth.

Design/methodology/approach

The solution concept of Nash equilibrium has been used to derive the optimal strategies of the lenders.

Findings

The equilibrium strategies in most of the results depend on the difference between the expected returns from risky and safe projects where the risky project has higher expected returns. The credit market is segmented in terms of risk and wealth levels. Rationing of poor safe borrowers from the credit market is inevitable when the moneylender's capacity is sufficiently small, suggesting a low-income trap for them. Further, when moneylender has capacity constraint of some form, a zero-profit outcome is never a Nash equilibrium outcome.

Research limitations/implications

There is a possibility of collusion between the lenders. However, the authors do not derive all possible outcomes under capacity constraint

Practical implications

When the informal lender has limited capacity, competition between formal and informal lenders may not alleviate credit rationing, instead aggravate the problem. Thus, the government should devise policies to ensure credit availability to resource poor households

Originality/value

While the literature models strategic interaction between lenders under the assumption of zero-profit (Bertrand Paradox) condition, this study shows that zero profit is not the only outcome under such a set-up. Also, in presence of capacity constraint of the moneylender, a zero-profit outcome is never a Nash equilibrium outcome for the lenders. There is an optimal contract at which the lenders differentiate in terms of repayment and collateral and earn positive profits under certain conditions.

Details

Indian Growth and Development Review, vol. 16 no. 2
Type: Research Article
ISSN: 1753-8254

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Book part
Publication date: 1 January 2005

Hai Yang and Hai-Jun Huang

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Mathematical and Economic Theory of Road Pricing
Type: Book
ISBN: 978-0-08-045671-3

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Article
Publication date: 1 March 1901

The Corporation of the City of London are about to appoint a Public Analyst, and by advertisement have invited applications for the post. It is obviously desirable that the person…

59

Abstract

The Corporation of the City of London are about to appoint a Public Analyst, and by advertisement have invited applications for the post. It is obviously desirable that the person appointed to this office should not only possess the usual professional qualifications, but that he should be a scientific man of high standing and of good repute, whose name would afford a guarantee of thoroughness and reliability in regard to the work entrusted to him, and whose opinion would carry weight and command respect. Far from being of a nature to attract a man of this stamp, the terms and conditions attaching to the office as set forth in the advertisement above referred to are such that no self‐respecting member of the analytical profession, and most certainly no leading member of it, could possibly accept them. It is simply pitiable that the Corporation of the City of London should offer terms, and make conditions in connection with them, which no scientific analyst could agree to without disgracing himself and degrading his profession. The offer of such terms, in fact, amounts to a gross insult to the whole body of members of that profession, and is excusable only—if excusable at all—on the score of utter ignorance as to the character of the work required to be done, and as to the nature of the qualifications and attainments of the scientific experts who are called upon to do it. In the analytical profession, as in every other profession, there are men who, under the pressure of necessity, are compelled to accept almost any remuneration that they can get, and several of these poorer, and therefore weaker, brethren will, of course, become candidates for the City appointment.

Details

British Food Journal, vol. 3 no. 3
Type: Research Article
ISSN: 0007-070X

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