Seminars & Colloquia Calendar
A Mean Field Competition
Yuchong Zhang, Columbia University
Location: HILL 705
Date & time: Tuesday, 24 October 2017 at 11:40AM - 12:45PM
Abstract: 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