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Decongestion by Representation: Learning to Improve Economic Welfare in Marketplaces
April 4, 2024, 4:42 a.m. | Omer Nahum, Gali Noti, David Parkes, Nir Rosenfeld
cs.LG updates on arXiv.org arxiv.org
Abstract: Congestion is a common failure mode of markets, where consumers compete inefficiently on the same subset of goods (e.g., chasing the same small set of properties on a vacation rental platform). The typical economic story is that prices decongest by balancing supply and demand. But in modern online marketplaces, prices are typically set in a decentralized way by sellers, and the information about items is inevitably partial. The power of a platform is limited to …
abstract arxiv congestion consumers cs.gt cs.lg demand economic failure marketplaces markets platform rental representation set small story type vacation welfare
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