Fiduciary Bandits

Jul 12, 2020

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Recommendation systems often face exploration-exploitation tradeoffs: the system can only learn about the desirability of new options by recommending them to some user. Such systems can thus be modeled as multi-armed bandit settings; however, users are self-interested and cannot be made to follow recommendations. We ask whether exploration can nevertheless be performed in a way that scrupulously respects agents' interests—i.e., by a system that acts as a fiduciary. More formally, we introduce a model in which a recommendation system faces an exploration-exploitation tradeoff under the constraint that it can never recommend any action that it knows yields lower reward in expectation than an agent would achieve if it acted alone. Our main contribution is a positive result: an asymptotically optimal, incentive compatible, and ex-ante individually rational recommendation algorithm.

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About ICML 2020

The International Conference on Machine Learning (ICML) is the premier gathering of professionals dedicated to the advancement of the branch of artificial intelligence known as machine learning. ICML is globally renowned for presenting and publishing cutting-edge research on all aspects of machine learning used in closely related areas like artificial intelligence, statistics and data science, as well as important application areas such as machine vision, computational biology, speech recognition, and robotics. ICML is one of the fastest growing artificial intelligence conferences in the world. Participants at ICML span a wide range of backgrounds, from academic and industrial researchers, to entrepreneurs and engineers, to graduate students and postdocs.

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