A seller and a buyer with independent private values can trade only at a posted price. We determine the worst case of this mechanism exactly: the best posted price always guarantees a $\beta_*=0.738024\ldots$ fraction of first-best welfare, where $\beta_*$ is given in closed form by the root of an explicit equation, th...
Ting-Yi Lin, Yi-Chen Shi, Ke Dong et al.· 0 citations
A coalition that deviates once can profit many times when what it sells keeps working. In a threshold-encrypted mempool, a leading defense against maximal extractable value (MEV), a quorum of the decryption committee that sells its decryption capability to a front-runner exposes every later block that the capability st...
Ting-Yi Lin, Shawn Yu, Ruo-Ran Lai et al.· 0 citations
AlignOPSD is introduced, following the principle of aligning supervision before assigning credit, which outperforms both GRPO and StepOPSD across all eight backbone--aggregate-metric comparisons, improving on GRPO by 5.5--8.7 \% and ranking first in six.
Ming-Ju Chen, Can-Can Lv, Jin-Rong Liu et al.· 0 citations
Transition-wise Rubric Credit Assignment (TRCA) is proposed, which derives step-level supervision directly from action-induced transitions without learned evaluators or successful anchors for long-horizon tasks with sparse successful anchors.
Huan-Xi Zhang, Ming-Ju Chen, Dongxu Zhou et al.· 5 citations
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