Prediction Market and Parimutuel Mechanism
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1 Prediction Market and Parimutuel Mechanism Yinyu Ye MS&E and ICME Stanford University Joint work with Agrawal, Peters, So and Wang Math. of Ranking, AIM, 2
2 Outline World-Cup Betting Example Market for Contingent Claims Parimutuel Mechanism Sequential Parimutuel Mechanism Betting on Permutation
3 World Cup Betting Market Market for World Cup Winner (26) Assume 5 teams have a chance to win the World Cup: Argentina, Brazil, Italy, Germany and France We d like to have a standard payout of $ per share if a participant has a claim where his selected team won Sample Input Orders Order Price Limit π Quantity Limit q Argentina Brazil Italy Germany France
4 Principles of the Market Maker Monotonicity Given any two orders (a,π ) and (a 2,π 2 ), if a 2 a and π 2 π, then order is awarded implies that order 2 must be awarded. Given any three orders (a,π ), (a 2,π 2 ), and (a 3,π 2 ), if a 3 a +a 2, and π 3 π +π 2, then orders and 2 are awarded implies that order 3 must be awarded. Truthfulness A charging rule that each order reports π truthfully. Parimutuel-ness The market is self funded, and, if possible, even making some profit.
5 Parimutuel Principle Definition Etymology: French pari mutuel, literally, mutual stake A system of betting on races whereby the winners divide the total amount bet, after deducting management expenses, in proportion to the sums they have wagered individually. Example: Parimutuel Horseracing Betting Bets Horse Horse 2 Horse 3 Total Amount Bet = $6 Outcome: Horse 2 wins Winners earn $2 per bet plus stake back: Winners have stake returned then divide the winnings among themselves
6 The Model and Mechanism A Contingent Claim or Prediction Market S possible states of the world (one will be realized) N participants who, k, submit orders to a market organizer containing the following information: a i,k - State bid (either or ) q k Limit share quantity π k Limit price per share One market organizer who will determine the following: x k Order fill p i State price Call or online auction mechanism is used.
7 Call Auction Mechanisms 22 Bossaerts, et al. Issues with double auctions that can lead to thinly traded markets Call auction mechanism helps Research Evolution Automated Market Makers 23 Fortnow et al. Solution technique for the call auction mechanism 25 Lange and Economides Non-convex call auction formulation with unique state prices 25 Peters, So and Ye Convex programming of call auction with unique state prices 28 Agrawal, Wang and Ye Parimutuel Betting on Permutations (WINE 28) 23 Hanson Combinatorial information market design 24, 26 Chen, Pennock et al. Dynamic Pari-mutuel market 27 Peters, So and Ye Dynamic market-maker implementation of call auction mechanism (WINE27) 29 Agrawal et al Unified model for PM (EC29)
8 LP Market Mechanism Boosaerts et al. [2], Lange and Economides [2], Fortnow et al. [23], Yang and Ng [23], Peters et al. [25], etc Colleted revenue Cost if state i is realized max s.t. k k π x a k ik x k k x k q z z k i S k N Worst-case cost An LP pricing mechanism for the call auction market : the optimal dual solution gives prices of each state Its dual is to minimize the information loss for each order
9 World Cup Betting Results Orders Filled Fill Italy Germany France Brazil Argentina Quantity Limit Price Limit Order.2 Italy.25 Germany Price France Brazil Argentina State Prices
10 More Issues Online pricing Make order-fill decisions instantly when an order arrives The state prices could be updated in real time How much is the worst case loss incurred from offline to online? Could the risk of loss be controlled Maintain truthfulness Update prices super fast
11 Dynamic Pari-mutuel Mechanisms Logarithmic Market Scoring Rule (Hanson, 23) Based on logarithmic scoring function and its associated price function Dynamic Pari-mutuel Market Maker (Chen and Pennock, 24 & 26) Based on a cost function for purchasing shares in a state and a price function for that state Sequential Convex Programming Mechanism (Peters et al. 27) Sequential application of the CPM
12 Sequential Convex Programming Mechanism As soon as bid (a,π, q ) arrives, market maker solves Immediate revenue max { x, s} s.t. πx ax z + x + u( s) s = q z e q, Future value Available shares for allocation where the ith entry of q is the shares already sold to earlier traders on state i, x is the order fill variable for the new order, and u(s) is any concave and increasing value function of remaining good quantity vector, s.
13 An Equivalence Theorem (Agrawal et al EC29) SCPM is a unified frame work for all online prediction market mechanisms and non-regret learning algorithms. A new SCPM mechanism Efficient computation for price update, linear in the number of states and loglog(/ε) Truthfulness Strict Properness Bounded worst-case loss Controllable risk measure of market-maker
14 Typical Value Functions LMSR: QMSR*: Log-SCPM: / ( ) = ln( s u s b e i T e s s T s ( u( ) = ee T ) s N 4b N i b ) u (s) = ( b / N) ln( ) i s i
15 More Issues (Agrawal et al. WINE28) Bet on permutations? First, second, ; or any combination Reward rule?
16 Parimutuel Betting on Permutations Challenges n! outcomes Betting languages/mechanism How to price them effectively
17 Permutation Betting Mechanism Horses Ranks Ranks Horses Outcome Permutation realization Bid Horses Ranks Fixed reward Betting Reward = $ Theorem : Harder than maximum satisfiability problem!
18 Permutation Betting Mechanism Horses Ranks Ranks Horses Outcome Permutation realization Bid Horses Ranks Proportional Betting Market Reward = $3
19 Marginal Prices Q Horses Ranks = = Marginal Distributions Theorem One can compute in polynomial-time, an n n marginal price matrix Q which is sufficient to price the bets in the Proportional Betting Mechanism. Further, the price matrix is unique, parimutuel, and satisfies the desired price-consistency constraints.
20 Pricing the Permutations ! 2 2 n p p p p Q Horses Ranks = = Marginal Distributions = Joint Distribution p over permutations
21 Maximum Entropy Criteria min σ p σlogp σ s.t. σ p σm σ =Q p σ p σ = e Y e M σ Closest distribution to uniform prior Maximum likelihood estimator Completely specified by n 2 parameters Y Concentration theorem applies
22 Hardness and Approximation Results Theorem It s #P-hard to compute the parameter Y Reduction from the problem of computing permanent of a non-negative matrix Theorem Using a separating oracle given with the ellipsoid method, a distribution generator {Y} over permutations can be constructed in time poly(n, /ε,/q min ) to arbitrary accuracy ε.
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