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Given a batch of human computation tasks, a commonly ignored aspect is how the price (i.e., the reward paid to human workers) of these tasks must be set or varied in order to meet latency or cost constraints. Often, the price is set up-front and not modified, leading to either a much higher monetary cost than needed (if the price is set too high), or to a much larger latency than expected (if the price is set too low). Leveraging a pricing model from prior work, we develop algorithms to optimally set and then vary price over time in order to meet a (a) user-specified deadline while minimizing total monetary cost (b) user-specified monetary budget constraint while minimizing total elapsed time. We leverage techniques from decision theory (specifically, Markov Decision Processes) for both these problems, and demonstrate that our techniques lead to upto 30% reduction in cost over schemes proposed in prior work. Furthermore, we develop techniques to speed-up the computation, enabling users to leverage the price setting algorithms on-the-fly.
We study online pricing algorithms for the Bayesian selection problem with production constraints and its generalization to the laminar matroid Bayesian online selection problem. Consider a firm producing (or receiving) multiple copies of different p
Ridesharing platforms match drivers and riders to trips, using dynamic prices to balance supply and demand. A challenge is to set prices that are appropriately smooth in space and time, so that drivers with the flexibility to decide how to work will
This paper considers prior-independent mechanism design, in which a single mechanism is designed to achieve approximately optimal performance on every prior distribution from a given class. Most results in this literature focus on mechanisms with tru
Standard ad auction formats do not immediately extend to settings where multiple size configurations and layouts are available to advertisers. In these settings, the sale of web advertising space increasingly resembles a combinatorial auction with co
A patient seller aims to sell a good to an impatient buyer (i.e., one who discounts utility over time). The buyer will remain in the market for a period of time $T$, and her private value is drawn from a publicly known distribution. What is the reven