Maximizing Utility or Avoiding Losses? Uncovering Decision Rule-Heterogeneity in Sociological Research with an Application to Neighbourhood Choice

Empirical studies on individual behaviour often, implicitly or explicitly, assume a single type of decision rule. Other studies do not specify behavioural assumptions at all. We advance sociological research by introducing (random) regret minimization, which is related to loss aversion, into the sociological literature and by testing it against ...

Reservation of Virtualized Resources with Optimistic Online Learning

The virtualization of wireless networks enables new services to access network resources made available by the Network Operator (NO) through a Network Slicing market. The different service providers (SPs) have the opportunity to lease the network resources from the NO to constitute slices that address the demand of their specific network...

An Architecture for Control of Entanglement Generation Switches in Quantum Networks

Entanglement between quantum network nodes is often produced using intermediary devices - such as heralding stations - as a resource. When scaling quantum networks to many nodes, requiring a dedicated intermediary device for every pair of nodes introduces high costs. Here, we propose a cost-effective architecture to connect many quantum...

Quantum Network Utility Maximization

Network Utility Maximization (NUM) is a mathe-matical framework that has endowed researchers with powerful methods for designing and analyzing classical communication protocols. NUM has also enabled the development of distributed algorithms for solving the resource allocation problem, while at the same time providing certain guarantees, e.g.,...

No-Regret Slice Reservation Algorithms

Emerging network slicing markets promise to boost the utilization of expensive network resources and to unleash the potential of over-the-top services. Their success, however, is conditioned on the service providers (SPs) being able to bid effectively for the virtualized resources. In this paper we consider a hybrid advance-reservation and spot...

The Analytical Mechanics of Consumption: In Mechanical and Economic Systems

The Utility Lagrangian and the Surplus Hamiltonian in economic engineering do not depend on consumption.<br/>Two theories are proposed to include the effect of consumption in the Utility Lagrangian and the Surplus Hamiltonian. The second of these two theories resolves the dissipation obstacle in port-Hamiltonian systems as an additional result....

The Interpretation and Application of 300 Years of Optimal Control in Economics

Neoclassical economics dictates the decision-making process of economic agents as the mathematical problem of maximizing utility over a prescribed planning horizon. The mathematical similarities with optimal control theory lead to a new interpretation of economic agents as optimal controllers. Pontryagin's maximum principle generates the...

A Generalized Random Regret Minimization Model

This paper presents, discusses and tests a generalized Random Regret Minimization (G-RRM) model. The G-RRM model is created by replacing a fixed constant in the attribute-specific regret functions of the RRM model, by a regret-weight variable. Depending on the value of the regret-weights, the G-RRM model generates predictions that equal those of...

Control Architecture and Utility Maximization for a Smart Grid based Energy Community

This thesis presents a control architecture and utility maximization mechanisms for a smart grid based energy community. The particular focus is upon a central server based, utility-oriented energy community which is composed of producer-consumer (prosumer) households each having a home gateway, an energy management system, smart meters,...

Random regret minimization: Exploration of a new choice model for environmental and resource economics

This paper introduces the discrete choice model-paradigm of Random Regret Minimization (RRM) to the field of environmental and resource economics. The RRM-approach has been very recently developed in the context of travel demand modelling and presents a tractable, regret-based alternative to the dominant choice-modelling paradigm based on Random...