We consider the market microstructure of constant function market makers (CFMMs) from the
perspective of passive liquidity providers (LPs). In a Black-Scholes setting, we compare the …

This survey provides a comprehensive overview of the landscape of crowdsourcing
research, targeted at the machine learning community. We begin with an overview of the …

We present a study on the evolution of publications about applications of proper scoring
rules. Specifically, we consider articles reporting the use of proper scoring rules when either …

The Ethereum blockchain rapidly became the epicenter of a complex financial ecosystem,
powered by decentralized exchanges (DEXs). These exchanges form a diverse capital …

This paper studies information aggregation in dynamic markets with a finite number of
partially informed strategic traders. It shows that for a broad class of securities, information in …

Constant Function Market Makers (CFMMs) are a tool for creating exchange markets, have
been deployed effectively in prediction markets, and are now especially prominent in the …

In decentralized finance (" DeFi"), automated market makers (AMMs) enable traders to
programmatically exchange one asset for another. Such trades are enabled by the assets …

We explore the striking mathematical connections that exist between market scoring rules,
cost function based prediction markets, and no-regret learning. We first show that any cost …

Constant-function market makers (CFMMs), such as Uniswap, are automated exchanges
offering trades among a set of assets. We study their technical relationship to another class …

Automated market makers are algorithmic agents that enable participation and information
elicitation in electronic markets. They have been widely and successfully applied in artificial …