arXiv subjects

Huisheng Wang

Publications and source records attributed to Huisheng Wang.

At least 19 recordsLinked to original sources

arXiv2026

Mechanism Design for Investment Regulation under Herding

Herding, where investors imitate others' decisions rather than relying on their own analysis, is a prevalent phenomenon in financial markets. Excessive herding distorts rational decisions, amplifies volatility, and can be exploited by manipulators to harm the market. Traditional regulatory tools, such as information disclosure and transaction restrictions, are often imprecise and lack theoretical guarantees for effectiveness. This calls for a quantitative approach to regulating herding. We propose a regulator-leader-follower trilateral game framework based on optimal control theory to study the complex dynamics among them. The leader makes rational decisions, the follower maximizes utility while aligning with the leader's decisions, whereas the regulator designs a mechanism to maximize social welfare and minimize regulatory cost. We derive the follower's decisions and the regulator's mechanisms, theoretically analyze the impact of regulation on decisions, and investigate effective mechanisms to improve social welfare.

q-fin.MF↗

arXiv2025

Analyzing the Crowding-Out Effect of Investment Herding on Consumption: An Optimal Control Theory Approach

Investment herding, a phenomenon where households mimic the decisions of others rather than relying on their own analysis, has significant effects on financial markets and household behavior. Excessive investment herding may reduce investments and lead to a depletion of household consumption, which is called the crowding-out effect. While existing research has qualitatively examined the impact of investment herding on consumption, quantitative studies in this area remain limited. In this work, we investigate the optimal investment and consumption decisions of households under the impact of investment herding. We formulate an optimization problem to model how investment herding influences household decisions over time. Based on the optimal control theory, we solve for the analytical solutions of optimal investment and consumption decisions. We theoretically analyze the impact of investment herding on household consumption decisions and demonstrate the existence of the crowding-out effect. We further explore how parameters, such as interest rate, excess return rate, and volatility, influence the crowding-out effect. Finally, we conduct a real data test to validate our theoretical analysis of the crowding-out effect. This study is crucial to understanding the impact of investment herding on household consumption and offering valuable insights for policymakers seeking to stimulate consumption and mitigate the negative effects of investment herding on economic growth.

q-fin.PM↗

arXiv2025

InvestAlign: Overcoming Data Scarcity in Aligning Large Language Models with Investor Decision-Making Processes under Herd Behavior

Aligning Large Language Models (LLMs) with investor decision-making processes under herd behavior is a critical challenge in behavioral finance, which grapples with a fundamental limitation: the scarcity of real-user data needed for Supervised Fine-Tuning (SFT). While SFT can bridge the gap between LLM outputs and human behavioral patterns, its reliance on massive authentic data imposes substantial collection costs and privacy risks. We propose InvestAlign, a novel framework that constructs high-quality SFT datasets by leveraging theoretical solutions to similar and simple optimal investment problems rather than complex scenarios. Our theoretical analysis demonstrates that training LLMs with InvestAlign-generated data achieves faster parameter convergence than using real-user data, suggesting superior learning efficiency. Furthermore, we develop InvestAgent, an LLM agent fine-tuned with InvestAlign, which demonstrates significantly closer alignment to real-user data than pre-SFT models in both simple and complex investment problems. This highlights our proposed InvestAlign as a promising approach with the potential to address complex optimal investment problems and align LLMs with investor decision-making processes under herd behavior. Our code is publicly available at https://github.com/thu-social-network-research-group/InvestAlign.

cs.CL↗

arXiv2025

VideoPrism: A Foundational Visual Encoder for Video Understanding

We introduce VideoPrism, a general-purpose video encoder that tackles diverse video understanding tasks with a single frozen model. We pretrain VideoPrism on a heterogeneous corpus containing 36M high-quality video-caption pairs and 582M video clips with noisy parallel text (e.g., ASR transcripts). The pretraining approach improves upon masked autoencoding by global-local distillation of semantic video embeddings and a token shuffling scheme, enabling VideoPrism to focus primarily on the video modality while leveraging the invaluable text associated with videos. We extensively test VideoPrism on four broad groups of video understanding tasks, from web video question answering to CV for science, achieving state-of-the-art performance on 31 out of 33 video understanding benchmarks. Our models are released at https://github.com/google-deepmind/videoprism.

cs.CV↗

arXiv2025

Optimal Investment under Mutual Strategy Influence among Agents

In financial markets, agents often mutually influence each other's investment strategies and adjust their strategies to align with others. However, there is limited quantitative study of agents' investment strategies in such scenarios. In this work, we formulate the optimal investment differential game problem to study the mutual influence among agents. We derive the analytical solutions for agents' optimal strategies and propose a fast algorithm to find approximate solutions with low computational complexity. We theoretically analyze the impact of mutual influence on agents' optimal strategies and terminal wealth. When the mutual influence is strong and approaches infinity, we show that agents' optimal strategies converge to the asymptotic strategy. Furthermore, in general cases, we prove that agents' optimal strategies are linear combinations of the asymptotic strategy and their rational strategies without others' influence. We validate the performance of the fast algorithm and verify the correctness of our analysis using numerical experiments. This work is crucial to comprehend mutual influence among agents and design effective mechanisms to guide their strategies in financial markets.

eess.SY↗

arXiv2024

SANPO: A Scene Understanding, Accessibility and Human Navigation Dataset

Vision is essential for human navigation. The World Health Organization (WHO) estimates that 43.3 million people were blind in 2020, and this number is projected to reach 61 million by 2050. Modern scene understanding models could empower these people by assisting them with navigation, obstacle avoidance and visual recognition capabilities. The research community needs high quality datasets for both training and evaluation to build these systems. While datasets for autonomous vehicles are abundant, there is a critical gap in datasets tailored for outdoor human navigation. This gap poses a major obstacle to the development of computer vision based Assistive Technologies. To overcome this obstacle, we present SANPO, a large-scale egocentric video dataset designed for dense prediction in outdoor human navigation environments. SANPO contains 701 stereo videos of 30+ seconds captured in diverse real-world outdoor environments across four geographic locations in the USA. Every frame has a high resolution depth map and 112K frames were annotated with temporally consistent dense video panoptic segmentation labels. The dataset also includes 1961 high-quality synthetic videos with pixel accurate depth and panoptic segmentation annotations to balance the noisy real world annotations with the high precision synthetic annotations. SANPO is already publicly available and is being used by mobile applications like Project Guideline to train mobile models that help low-vision users go running outdoors independently. To preserve anonymization during peer review, we will provide a link to our dataset upon acceptance. SANPO is available here: https://google-research-datasets.github.io/sanpo_dataset/

cs.CV↗

arXiv2024

VideoGLUE: Video General Understanding Evaluation of Foundation Models

We evaluate the video understanding capabilities of existing foundation models (FMs) using a carefully designed experiment protocol consisting of three hallmark tasks (action recognition,temporal localization, and spatiotemporal localization), eight datasets well received by the community, and four adaptation methods tailoring an FM for downstream tasks. Furthermore, we jointly profile FMs' efficacy and efficiency when adapting to general video understanding tasks using cost measurements during both training and inference. Our main findings areas follows. First, task-specialized models significantly outperform the seven FMs studied in this work, in sharp contrast to what FMs have achieved in natural language and image understanding. Second, video-native FMs, whose pretraining data mainly contains the video modality, are generally better than image-native FMs in classifying motion-rich videos, localizing actions in time, and understanding a video of more than one action. Third, the video-native FMs can perform well on video tasks under light adaptations to downstream tasks (e.g., freezing the FM backbones), while image-native FMs win in full end-to-end finetuning. The first two observations reveal the need and tremendous opportunities to conduct research on video-focused FMs, and the last confirms that both tasks and adaptation methods matter when it comes to the evaluation of FMs. Our code is released under: https://github.com/tensorflow/models/tree/master/official/projects/videoglue.

cs.CV↗

arXiv2024

Exploring Information Acquisition in Social Learning

Social learning, a fundamental process through which individuals shape their beliefs and perspectives via observation and interaction with others, is critical for the development of our society and the functioning of social governance. Prior works on social learning usually assume that the initial beliefs are given and focus on the update rule. With the recent proliferation of online social networks, there is an avalanche amount of information, which may significantly influence users' initial beliefs. In this paper, we use the rational inattention theory to model how agents acquire information to form initial beliefs and assess its influence on their adjustments in beliefs. Furthermore, we analyze the dynamic evolution of belief distribution among agents. Simulations and social experiments are conducted to validate our proposed model and analyze the impact of model parameters on belief dynamics.

cs.SI↗

arXiv2024

Optimal Investment under the Influence of Decision-changing Imitation

Decision-changing imitation is a prevalent phenomenon in financial markets, where investors imitate others' decision-changing rates when making their own investment decisions. In this work, we study the optimal investment problem under the influence of decision-changing imitation involving one leading expert and one retail investor whose decisions are unilaterally influenced by the leading expert. In the objective functional of the optimal investment problem, we propose the integral disparity to quantify the distance between the two investors' decision-changing rates. Due to the underdetermination of the optimal investment problem, we first derive its general solution using the variational method and find the retail investor's optimal decisions under two special cases of the boundary conditions. We theoretically analyze the asymptotic properties of the optimal decision as the influence of decision-changing imitation approaches infinity, and investigate the impact of decision-changing imitation on the optimal decision. Our analysis is validated using numerical experiments on real stock data. This study is essential to comprehend decision-changing imitation and devise effective mechanisms to guide investors' decisions.

eess.SY↗

arXiv2024

Optimal Investment with Herd Behaviour Using Rational Decision Decomposition

In this paper, we study the optimal investment problem considering the herd behaviour between two agents, including one leading expert and one following agent whose decisions are influenced by those of the leading expert. In the objective functional of the optimal investment problem, we introduce the average deviation term to measure the distance between the two agents' decisions and use the variational method to find its analytical solution. To theoretically analyze the impact of the following agent's herd behaviour on his/her decision, we decompose his/her optimal decision into a convex linear combination of the two agents' rational decisions, which we call the rational decision decomposition. Furthermore, we define the weight function in the rational decision decomposition as the following agent's investment opinion to measure the preference of his/her own rational decision over that of the leading expert. We use the investment opinion to quantitatively analyze the impact of the herd behaviour, the following agent's initial wealth, the excess return, and the volatility of the risky asset on the optimal decision. We validate our analyses through numerical experiments on real stock data. This study is crucial to understanding investors' herd behaviour in decision-making and designing effective mechanisms to guide their decisions.

eess.SY↗

arXiv2024

VideoPoet: A Large Language Model for Zero-Shot Video Generation

We present VideoPoet, a language model capable of synthesizing high-quality video, with matching audio, from a large variety of conditioning signals. VideoPoet employs a decoder-only transformer architecture that processes multimodal inputs -- including images, videos, text, and audio. The training protocol follows that of Large Language Models (LLMs), consisting of two stages: pretraining and task-specific adaptation. During pretraining, VideoPoet incorporates a mixture of multimodal generative objectives within an autoregressive Transformer framework. The pretrained LLM serves as a foundation that can be adapted for a range of video generation tasks. We present empirical results demonstrating the model's state-of-the-art capabilities in zero-shot video generation, specifically highlighting VideoPoet's ability to generate high-fidelity motions. Project page: http://sites.research.google/videopoet/

cs.CV↗

arXiv2024

Improving Subject-Driven Image Synthesis with Subject-Agnostic Guidance

In subject-driven text-to-image synthesis, the synthesis process tends to be heavily influenced by the reference images provided by users, often overlooking crucial attributes detailed in the text prompt. In this work, we propose Subject-Agnostic Guidance (SAG), a simple yet effective solution to remedy the problem. We show that through constructing a subject-agnostic condition and applying our proposed dual classifier-free guidance, one could obtain outputs consistent with both the given subject and input text prompts. We validate the efficacy of our approach through both optimization-based and encoder-based methods. Additionally, we demonstrate its applicability in second-order customization methods, where an encoder-based model is fine-tuned with DreamBooth. Our approach is conceptually simple and requires only minimal code modifications, but leads to substantial quality improvements, as evidenced by our evaluations and user studies.

cs.CV↗

arXiv2024

Message-Enhanced DeGroot Model

Understanding the impact of messages on agents' opinions over social networks is important. However, to our best knowledge, there has been limited quantitative investigation into this phenomenon in the prior works. To address this gap, this paper proposes the Message-Enhanced DeGroot model. The Bounded Brownian Message model provides a quantitative description of the message evolution, jointly considering temporal continuity, randomness, and polarization from mass media theory. The Message-Enhanced DeGroot model, combining the Bounded Brownian Message model with the traditional DeGroot model, quantitatively describes the evolution of agents' opinions under the influence of messages. We theoretically study the probability distribution and statistics of the messages and agents' opinions and quantitatively analyze the impact of messages on opinions. We also conduct simulations to validate our analyses.

eess.SP↗

arXiv2023

Alternating Gradient Descent and Mixture-of-Experts for Integrated Multimodal Perception

We present Integrated Multimodal Perception (IMP), a simple and scalable multimodal multi-task training and modeling approach. IMP integrates multimodal inputs including image, video, text, and audio into a single Transformer encoder with minimal modality-specific components. IMP makes use of a novel design that combines Alternating Gradient Descent (AGD) and Mixture-of-Experts (MoE) for efficient model and task scaling. We conduct extensive empirical studies and reveal the following key insights: 1) Performing gradient descent updates by alternating on diverse modalities, loss functions, and tasks, with varying input resolutions, efficiently improves the model. 2) Sparsification with MoE on a single modality-agnostic encoder substantially improves the performance, outperforming dense models that use modality-specific encoders or additional fusion layers and greatly mitigates the conflicts between modalities. IMP achieves competitive performance on a wide range of downstream tasks including video classification, image classification, image-text, and video-text retrieval. Most notably, we train a sparse IMP-MoE-L variant focusing on video tasks that achieves new state-of-the-art in zero-shot video classification: 77.0% on Kinetics-400, 76.8% on Kinetics-600, and 68.3% on Kinetics-700, improving the previous state-of-the-art by +5%, +6.7%, and +5.8%, respectively, while using only 15% of their total training computational cost.

cs.CV↗

arXiv2023

PolyMaX: General Dense Prediction with Mask Transformer

Dense prediction tasks, such as semantic segmentation, depth estimation, and surface normal prediction, can be easily formulated as per-pixel classification (discrete outputs) or regression (continuous outputs). This per-pixel prediction paradigm has remained popular due to the prevalence of fully convolutional networks. However, on the recent frontier of segmentation task, the community has been witnessing a shift of paradigm from per-pixel prediction to cluster-prediction with the emergence of transformer architectures, particularly the mask transformers, which directly predicts a label for a mask instead of a pixel. Despite this shift, methods based on the per-pixel prediction paradigm still dominate the benchmarks on the other dense prediction tasks that require continuous outputs, such as depth estimation and surface normal prediction. Motivated by the success of DORN and AdaBins in depth estimation, achieved by discretizing the continuous output space, we propose to generalize the cluster-prediction based method to general dense prediction tasks. This allows us to unify dense prediction tasks with the mask transformer framework. Remarkably, the resulting model PolyMaX demonstrates state-of-the-art performance on three benchmarks of NYUD-v2 dataset. We hope our simple yet effective design can inspire more research on exploiting mask transformers for more dense prediction tasks. Code and model will be made available.

cs.CV↗

arXiv2023

Opinion Dynamics in Two-Step Process: Message Sources, Opinion Leaders and Normal Agents

According to mass media theory, the dissemination of messages and the evolution of opinions in social networks follow a two-step process. First, opinion leaders receive the message from the message sources, and then they transmit their opinions to normal agents. However, most opinion models only consider the evolution of opinions within a single network, which fails to capture the two-step process accurately. To address this limitation, we propose a unified framework called the Two-Step Model, which analyzes the communication process among message sources, opinion leaders, and normal agents. In this study, we examine the steady-state opinions and stability of the Two-Step Model. Our findings reveal that several factors, such as message distribution, initial opinion, level of stubbornness, and preference coefficient, influence the sample mean and variance of steady-state opinions. Notably, normal agents' opinions tend to be influenced by opinion leaders in the two-step process. We also conduct numerical and social experiments to validate the accuracy of the Two-Step Model, which outperforms other models on average. Our results provide valuable insights into the factors that shape social opinions and can guide the development of effective strategies for opinion guidance in social networks.

cs.SI↗

arXiv2023

Identity Encoder for Personalized Diffusion

Many applications can benefit from personalized image generation models, including image enhancement, video conferences, just to name a few. Existing works achieved personalization by fine-tuning one model for each person. While being successful, this approach incurs additional computation and storage overhead for each new identity. Furthermore, it usually expects tens or hundreds of examples per identity to achieve the best performance. To overcome these challenges, we propose an encoder-based approach for personalization. We learn an identity encoder which can extract an identity representation from a set of reference images of a subject, together with a diffusion generator that can generate new images of the subject conditioned on the identity representation. Once being trained, the model can be used to generate images of arbitrary identities given a few examples even if the model hasn't been trained on the identity. Our approach greatly reduces the overhead for personalized image generation and is more applicable in many potential applications. Empirical results show that our approach consistently outperforms existing fine-tuning based approach in both image generation and reconstruction, and the outputs is preferred by users more than 95% of the time compared with the best performing baseline.

cs.CV↗

arXiv2023

Taming Encoder for Zero Fine-tuning Image Customization with Text-to-Image Diffusion Models

This paper proposes a method for generating images of customized objects specified by users. The method is based on a general framework that bypasses the lengthy optimization required by previous approaches, which often employ a per-object optimization paradigm. Our framework adopts an encoder to capture high-level identifiable semantics of objects, producing an object-specific embedding with only a single feed-forward pass. The acquired object embedding is then passed to a text-to-image synthesis model for subsequent generation. To effectively blend a object-aware embedding space into a well developed text-to-image model under the same generation context, we investigate different network designs and training strategies, and propose a simple yet effective regularized joint training scheme with an object identity preservation loss. Additionally, we propose a caption generation scheme that become a critical piece in fostering object specific embedding faithfully reflected into the generation process, while keeping control and editing abilities. Once trained, the network is able to produce diverse content and styles, conditioned on both texts and objects. We demonstrate through experiments that our proposed method is able to synthesize images with compelling output quality, appearance diversity, and object fidelity, without the need of test-time optimization. Systematic studies are also conducted to analyze our models, providing insights for future work.

cs.CV↗