Optimal No-regret Learning in Repeated First-price Auctions

We study online learning in repeated first-price auctions with censored feedback, where a bidder, only observing the winning bid at the end of each auction, learns to adaptively bid in order to maximize her cumulative payoff. To achieve this goal, the bidder faces a challenging dilemma: if she wins the bid--the only way to achieve positive payoffs--then she is not able to observe the highest bid of the other bidders, which we assume is iid drawn from an unknown distribution. This dilemma, despite being reminiscent of the exploration-exploitation trade-off in contextual bandits, cannot directly be addressed by the existing UCB or Thompson sampling algorithms in that literature, mainly because contrary to the standard bandits setting, when a positive reward is obtained here, nothing about the environment can be learned. In this paper, by exploiting the structural properties of first-price auctions, we develop the first learning algorithm that achieves $O(\sqrt{T}\log^2 T)$ regret bound when the bidder's private values are stochastically generated. We do so by providing an algorithm on a general class of problems, which we call monotone group contextual bandits, where the same regret bound is established under stochastically generated contexts. Further, by a novel lower bound argument, we characterize an $\Omega(T^{2/3})$ lower bound for the case where the contexts are adversarially generated, thus highlighting the impact of the contexts generation mechanism on the fundamental learning limit. Despite this, we further exploit the structure of first-price auctions and develop a learning algorithm that operates sample-efficiently (and computationally efficiently) in the presence of adversarially generated private values. We establish an $O(\sqrt{T}\log^3 T)$ regret bound for this algorithm, hence providing a complete characterization of optimal learning guarantees for this problem

CA1-projecting subiculum neurons facilitate object-place learning.

Recent anatomical evidence suggests a functionally significant back-projection pathway from the subiculum to the CA1. Here we show that the afferent circuitry of CA1-projecting subicular neurons is biased by inputs from CA1 inhibitory neurons and the visual cortex, but lacks input from the entorhinal cortex. Efferents of the CA1-projecting subiculum neurons also target the perirhinal cortex, an area strongly implicated in object-place learning. We identify a critical role for CA1-projecting subicular neurons in object-location learning and memory, and show that this projection modulates place-specific activity of CA1 neurons and their responses to displaced objects. Together, these experiments reveal a novel pathway by which cortical inputs, particularly those from the visual cortex, reach the hippocampal output region CA1. Our findings also implicate this circuitry in the formation of complex spatial representations and learning of object-place associations

The influence of Product Photo display on Purchase intention in Cross-border E-commerce

Nowadays, cross-border e-commerce (CBEC) has become an important channel for promoting international trade. There are many factors that influence consumer participation in CBEC, including the display of product images in the product search list. Excellent and appropriate product photo display can not only attract more consumers, but also stimulate consumers\u27 willingness to buy. However, few studies have focused on the specific elements that should be included in a product photo in a CBEC setting. Based on cue utilization theory and ELM model, this study constructs a research model of consumer purchase intention under the background of CBEC from the perspective of task-relevant cues and affection-relevant cues. In addition, we explore the choice pattern of customers during online shopping by using the decision tree model, and then investigate the influence of specific elements in product photo on sales volume by using hierarchical regression. The data will be obtained from a well-known CBEC platform in China, using clothing products as key words to gather the three factors that consumers will normally first encounter in the search results: the price of goods, number of orders, and a photo of the merchandise. Results will have important theoretical and practical implications for CBEC researchers and practitioners