Events (Since covid these events are taking place online.)

A Mean Field Competition

Tuesday, October 24, 2017 at 11:40am - 12:45pm

Yuchong Zhang, Columbia University

We introduce a mean field game with rank-based reward: competing agents optimize their effort to achieve a goal, are ranked according to their completion time, and paid a reward based on their relative rank. First, we propose a tractable Poissonian model in which we can describe the optimal effort for a given reward scheme. Second, we study the principal--agent problem of designing an optimal reward scheme. A surprising, explicit design is found to minimize the time until a given fraction of the population has reached the goal. (Joint work with Marcel Nutz)
Location   Hill 705