arXiv subjects

Jugal Garg

Publications and source records attributed to Jugal Garg.

At least 19 recordsLinked to original sources

arXiv2026

Equilibrium Pricing in Oligopolistic Data Markets

We study equilibrium pricing in oligopolistic data markets with budget-constrained buyers (e.g., machine learning companies purchasing data to improve model accuracy) and strategic data sellers. Sellers compete by setting prices for their datasets, giving rise to a pricing game whose pure Nash equilibria correspond to equilibrium prices. While equilibrium prices are guaranteed for rivalrous goods via competitive equilibrium, we show that the non-rivalry of data fundamentally alters this picture: an exact Nash equilibrium (NE) need not exist, and in fact, 1.363-approximate NE may also not exist under uniform pricing. We therefore investigate relaxed equilibrium notions. Allowing sellers to use beyond-uniform pricing---specifically, piecewise-linear convex pricing functions---guarantees approximate stability within a constant factor: there exists a pricing profile in which no seller can improve revenue by a factor of two by deviating to any uniform price (a 2-approximate NE against uniform deviations). Finally, our simulations demonstrate fast convergence and empirical approximation guarantees that outperform the worst-case bound of 2.

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arXiv2026

Efficiently Restructuring Sovereign Debt via Arctic Auctions with Convex Costs

We study the problem of computing competitive equilibria in the Arctic product-mix auction, originally developed for the Icelandic government for exchanging blocked financial accounts, and more recently proposed by IMF staff for sovereign debt restructuring. From the buyers' perspective, the Arctic auction is equivalent to the quasi-linear Fisher market. However, unlike the standard Fisher model, the seller can express rich supply preferences through explicit supply-side costs and constraints. Despite extensive algorithmic literature on Fisher markets, the seller side has not received much attention, and no polynomial-time algorithm was previously known for computing competitive equilibrium when sellers face nontrivial costs. We examine the natural and expressive regime of separable, stepwise-increasing marginal costs that underlie the above-stated applications. Using polyhedral theory techniques, we first show that rational inputs lead to rational-valued competitive equilibria. Motivated by this result, we develop the first polynomial-time algorithm for this setting based on a non-trivial extension of classic primal-dual balanced-flow techniques for linear Fisher markets. Our work provides a robust computational foundation for auctions with sophisticated preferences, paving the way for flexible and institutionally feasible market designs in global finance.

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arXiv2026

A Strongly Polynomial Algorithm for Arctic Auctions

Our main contribution is a strongly polynomial algorithm for computing an equilibrium for the Arctic Auction, which is the quasi-linear extension of the linear Fisher market model. We build directly on Orlin's strongly polynomial algorithm for the linear Fisher market (Orlin, 2010). The first combinatorial polynomial algorithm for the linear Fisher market was based on the primal-dual paradigm (Devanur et al., 2008). This was followed by Orlin's scaling-based algorithms. The Arctic Auction (Klemperer 2018) was developed for the Government of Iceland to allow individuals to exchange blocked offshore assets. It is a variant of the product-mix auction (Klemperer 2008, 2010, 2018) that was designed for, and used by, the Bank of England, to allocate liquidity efficiently across banks pledging heterogeneous collateral of varying quality. Our work was motivated by the fact that banks often need to run Arctic Auctions under many different settings of the parameters in order to home in on the right one, making it essential to find a time-efficient algorithm for Arctic Auction.

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arXiv2026

Revenue-Optimal Pricing for Budget-Constrained Buyers in Data Markets

We study revenue-optimal pricing in data markets with rational, budget-constrained buyers. Such a market offers multiple datasets for sale, and buyers aim to improve the accuracy of their prediction tasks by acquiring data bundles. The market's objective is to price datasets to maximize total revenue, considering that buyers with quasi-linear utilities choose their bundles optimally under budget constraints. We allow the buyers to purchase fractions of datasets, and the amount they pay is proportional to the fraction they receive. Although competitive equilibrium gives revenue-optimal pricing in rivalrous markets with quasi-linear buyers, we show that revenue maximization in data markets is APX-hard. Despite the hardness, we design a 2-approximation algorithm when datasets arrive online, and a $(1-1/e)^{-1}$-approximation algorithm for the offline setting.

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arXiv2025

Designing Truthful Mechanisms for Asymptotic Fair Division

We study the problem of fairly allocating a set of $m$ goods among $n$ agents in the asymptotic setting, where each item's value for each agent is drawn from an underlying joint distribution. Prior works have shown that if this distribution is well-behaved, then an envy-free allocation exists with high probability when $m=\Omega(n\log{n})$ [Dickerson et al., 2014]. Under the stronger assumption that item values are independently and identically distributed (i.i.d.) across agents, this requirement improves to $m=\Omega(n\log{n}/\log{\log{n}})$, which is tight [Manurangsi and Suksompong, 2021]. However, these results rely on non-strategyproof mechanisms, such as maximum-welfare allocation or the round-robin algorithm, limiting their applicability in settings with strategic agents. In this work, we extend the theory to a broader, more realistic class of joint value distributions, allowing for correlations among agents, atomicity, and unequal probabilities of having the highest value for an item. We show that envy-free allocations continue to exist with a high probability when $m=\Omega(n\log{n})$. More importantly, we give a new randomized mechanism that is truthful in expectation, efficiently implementable in polynomial time, and outputs envy-free allocations with high probability, answering an open question posed by [Manurangsi and Suksompong, 2017]. We further extend our mechanism to settings with asymptotic weighted fair division and multiple agent types and good types, proving new results in each case.

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arXiv2025

Proportional and Pareto-Optimal Allocation of Chores with Subsidy

We consider the problem of allocating $m$ indivisible chores among $n$ agents with possibly different weights, aiming for a solution that is both fair and efficient. Specifically, we focus on the classic fairness notion of proportionality and efficiency notion of Pareto-optimality. Since proportional allocations may not always exist in this setting, we allow the use of subsidies (monetary compensation to agents) to ensure agents are proportionally-satisfied, and aim to minimize the total subsidy required. Wu and Zhou (WINE 2024) showed that when each chore has disutility at most 1, a total subsidy of at most $n/3 - 1/6$ is sufficient to guarantee proportionality. However, their approach is based on a complex technique, which does not guarantee economic efficiency - a key desideratum in fair division. In this work, we give a polynomial-time algorithm that achieves the same subsidy bound while also ensuring Pareto-optimality. Moreover, both our algorithm and its analysis are significantly simpler than those of Wu and Zhou (WINE 2024). Our approach first computes a proportionally-fair competitive equilibrium, and then applies a rounding procedure guided by minimum-pain-per-buck edges.

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arXiv2025

Existence of 2-EFX Allocations of Chores

We study the fair division of indivisible chores among agents with additive disutility functions. We investigate the existence of allocations satisfying the popular fairness notion of envy-freeness up to any chore (EFX), and its multiplicative approximations. The existence of $4$-EFX allocations was recently established by Garg, Murhekar, and Qin (2025). We improve this guarantee by proving the existence of $2$-EFX allocations for all instances with additive disutilities. This approximation was previously known only for restricted instances such as bivalued disutilities (Lin, Wu, and Zhou (2025)) or three agents (Afshinmehr, Ansaripour, Danaei, and Mehlhorn (2024)). We obtain our result by providing a general framework for achieving approximate-EFX allocations. The approach begins with a suitable initial allocation and performs a sequence of local swaps between the bundles of envious and envied agents. For our main result, we begin with an initial allocation that satisfies envy-freeness up to one chore (EF1) and Pareto-optimality (PO); the existence of such an allocation was recently established in a major breakthrough by Mahara (2025). We further demonstrate the strength and generality of our framework by giving simple and unified proofs of existing results, namely (i) $2$-EFX for bivalued instances, (ii) 2-EFX for three agents, (iii) EFX when the number of chores is at most twice the number of agents, and (iv) $4$-EFX for all instances. We expect this framework to have broader applications in approximate-EFX due to its simplicity and generality.

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arXiv2025

Tight Efficiency Bounds for the Probabilistic Serial and Related Mechanisms

The Probabilistic Serial (PS) mechanism -- also known as the simultaneous eating algorithm -- is a canonical solution for the random assignment problem under ordinal preferences. It guarantees envy-freeness and ordinal efficiency in the resulting random assignment. However, under cardinal preferences, its efficiency may degrade significantly: it is known that PS may yield allocations that are $\Omega(\ln{n})$-worse than Pareto optimal, but whether this bound is tight remained an open question. Our first result resolves this question by proving that the PS mechanism guarantees $(\ln n+1)$-approximate Pareto efficiency under cardinal preferences. The key part of our analysis shows that PS achieves a logarithmic $(\ln n + 1)$-approximation to the maximum Nash welfare, in stark contrast to the $O(\sqrt{n})$ loss that can arise in utilitarian social welfare. Our results also extend to the more general submodular setting introduced by Fujishige, Sano, and Zhan (ACM TEAC 2018). In addition, we present a polynomial-time algorithm that computes an allocation which is envy-free and $e^{1/e}$-approximately Pareto-efficient, answering an open question posed by Tr\"obst and Vazirani (EC 2024). The PS mechanism also applies to the allocation of chores instead of goods. We prove that it guarantees an $n$-approximately Pareto-efficient allocation in this setting, and that this bound is asymptotically tight. This result provides the first known approximation guarantee for computing a fair and efficient allocation in the random assignment problem with chores under cardinal preferences.

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arXiv2025

Improved MMS Approximations for Few Agent Types

We study fair division of indivisible goods under the maximin share (MMS) fairness criterion in settings where agents are grouped into a small number of types, with agents within each type having identical valuations. For the special case of a single type, an exact MMS allocation is always guaranteed to exist. However, for two or more distinct agent types, exact MMS allocations do not always exist, shifting the focus to establishing the existence of approximate-MMS allocations. A series of works over the last decade has resulted in the best-known approximation guarantee of $\frac{3}{4} + \frac{3}{3836}$. In this paper, we improve the approximation guarantees for settings where agents are grouped into two or three types, a scenario that arises in many practical settings. Specifically, we present novel algorithms that guarantee a $\frac{4}{5}$-MMS allocation for two agent types and a $\frac{16}{21}$-MMS allocation for three agent types. Our approach leverages the MMS partition of the majority type and adapts it to provide improved fairness guarantees for all types.

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arXiv2025

Exploring Relations among Fairness Notions in Discrete Fair Division

Fair allocation of indivisible items among agents is a fundamental and extensively studied problem. However, fairness does not have a single universally accepted definition, leading to many competing fairness notions. Some of these notions are considered stronger or more desirable, but they are also more difficult to guarantee. In this work, we examine 22 different fairness notions and organize them into a hierarchy. Formally, we say that a notion $F_1$ implies another notion $F_2$ if every $F_1$-fair allocation is also $F_2$-fair. We give a near-complete picture of implications among fairness notions: for almost every pair of notions, we either prove an implication or give a counterexample demonstrating that the implication does not hold. Although some of these results are already known, many are new. We examine multiple settings, including the allocation of goods, chores, and mixed manna, and different valuation classes like additive, submodular, and subadditive. We believe this work clarifies the relative strengths and applicability of these notions, providing a foundation for future research in fair division. Moreover, we develop an inference engine to automate part of our work. It is available as a user-friendly web application and may have broader applications beyond fair division.

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arXiv2025

New Fairness Concepts for Allocating Indivisible Items

For the fundamental problem of fairly dividing a set of indivisible items among agents, envy-freeness up to any item (EFX) and maximin fairness (MMS) are arguably the most compelling fairness concepts proposed until now. Unfortunately, despite significant efforts over the past few years, whether EFX allocations always exist is still an enigmatic open problem, let alone their efficient computation. Furthermore, today we know that MMS allocations are not always guaranteed to exist. These facts weaken the usefulness of both EFX and MMS, albeit their appealing conceptual characteristics. We propose two alternative fairness concepts, called epistemic EFX (EEFX) and minimum EFX share fairness (MXS), inspired by EFX and MMS. For both, we explore their relationships to well-studied fairness notions and, more importantly, prove that EEFX and MXS allocations always exist and can be computed efficiently for additive valuations. Our results justify that the new fairness concepts can be excellent alternatives to EFX and MMS.

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arXiv2024

Matching Markets with Chores

The fair division of chores, as well as mixed manna (goods and chores), has received substantial recent attention in the fair division literature; however, ours is the first paper to extend this research to matching markets. Indeed, our contention is that matching markets are a natural setting for this purpose, since the manna that fit into the limited number of hours available in a day can be viewed as one unit of allocation. We extend several well-known results that hold for goods to the settings of chores and mixed manna. In addition, we show that the natural notion of an earnings-based equilibrium, which is more natural in the case of all chores, is equivalent to the pricing-based equilibrium given by Hylland and Zeckhauser for the case of goods.

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arXiv2024

Proportionally Fair Makespan Approximation

We study fair mechanisms for the classic job scheduling problem on unrelated machines with the objective of minimizing the makespan. This problem is equivalent to minimizing the egalitarian social cost in the fair division of chores. The two prevalent fairness notions in the fair division literature are envy-freeness and proportionality. Prior work has established that no envy-free mechanism can provide better than an $\Omega(\log m/ \log \log m)$-approximation to the optimal makespan, where $m$ is the number of machines, even when payments to the machines are allowed. In strong contrast to this impossibility, our main result demonstrates that there exists a proportional mechanism (with payments) that achieves a $3/2$-approximation to the optimal makespan, and this ratio is tight. To prove this result, we provide a full characterization of allocation functions that can be made proportional with payments. Furthermore, we show that for instances with normalized costs, there exists a proportional mechanism that achieves the optimal makespan. We conclude with important directions for future research concerning other fairness notions, including relaxations of envy-freeness. Notably, we show that the technique leading to the impossibility result for envy-freeness does not extend to its relaxations.

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arXiv2024

On the Theoretical Foundations of Data Exchange Economies

The immense success of ML systems relies heavily on large-scale, high-quality data. The high demand for data has led to many paradigms that involve selling, exchanging, and sharing data, motivating the study of economic processes with data as an asset. However, data differs from classical economic assets in terms of free duplication: there is no concept of limited supply since it can be replicated at zero marginal cost. This distinction introduces fundamental differences between economic processes involving data and those concerning other assets. We study a parallel to exchange (Arrow-Debreu) markets where data is the asset. Here, agents with datasets exchange data fairly and voluntarily, aiming for mutual benefit without monetary compensation. This framework is particularly relevant for non-profit organizations that seek to improve their ML models through data exchange, yet are restricted from selling their data for profit. We propose a general framework for data exchange, built on two core principles: (i) fairness, ensuring that each agent receives utility proportional to their contribution to others; contributions are quantifiable using standard credit-sharing functions like the Shapley value, and (ii) stability, ensuring that no coalition of agents can identify an exchange among themselves which they unanimously prefer to the current exchange. We show that fair and stable exchanges exist for all monotone continuous utility functions. Next, we investigate the computational complexity of finding approximate fair and stable exchanges. We present a local search algorithm for instances with monotone submodular utility functions, where each agent contributions are measured using the Shapley value. We prove that this problem lies in CLS under mild assumptions. Our framework opens up several intriguing theoretical directions for research in data economics.

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arXiv2024

Constant-Factor EFX Exists for Chores

We study the problem of fair allocation of chores to agents with additive preferences. In the discrete setting, envy-freeness up to any chore (EFX) has emerged as a compelling fairness criterion. However, establishing its (non-)existence or achieving a meaningful approximation remains a major open question. The current best guarantee is the existence of $O(n^2)$-EFX allocations for $n$ agents, obtained through a sophisticated algorithm (Zhou and Wu, 2022). In this paper, we show the existence of $4$-EFX allocations, providing the first constant-factor approximation of EFX. We also investigate the existence of allocations that are both fair and efficient, using Pareto optimality (PO) as our efficiency criterion. For the special case of bivalued instances, we establish the existence of allocations that are both $3$-EFX and PO, thus improving the current best factor of $O(n)$-EFX without any efficiency guarantees. For general additive instances, the existence of allocations that are $α$-EF$k$ and PO has remained open for any constant values of $α$ and $k$, where EF$k$ denotes envy-freeness up to $k$ chores. We provide the first positive result in this direction by showing the existence of allocations that are $2$-EF$2$ and PO. Our results are obtained via a novel economic framework called earning restricted (ER) competitive equilibrium for fractional allocations, which limits agents' earnings from each chore. We show the existence of ER equilibria by formulating it as an linear complementarity problem (LCP) and proving that the classic complementary pivot algorithm on the LCP terminates at an ER equilibrium. We design algorithms that carefully round fractional ER equilibria, and perform bundle swaps and merges to meet the desired fairness and efficiency criteria. We expect that the concept of ER equilibrium will be useful in deriving further results on related problems.

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arXiv2024

Improved Maximin Share Approximations for Chores by Bin Packing

We study fair division of indivisible chores among $n$ agents with additive cost functions using the popular fairness notion of maximin share (MMS). Since MMS allocations do not always exist for more than two agents, the goal has been to improve its approximations and identify interesting special cases where MMS allocations exists. We show the existence of 1) 1-out-of-$\lfloor \frac{9}{11}n\rfloor$ MMS allocations, which improves the state-of-the-art factor of 1-out-of-$\lfloor \frac{3}{4}n\rfloor$. 2) MMS allocations for factored instances, which resolves an open question posed by Ebadian et al. (2021). 3) $15/13$-MMS allocations for personalized bivalued instances, improving the state-of-the-art factor of $13/11$. We achieve these results by leveraging the HFFD algorithm of Huang and Lu (2021). Our approach also provides polynomial-time algorithms for computing an MMS allocation for factored instances and a $15/13$-MMS allocation for personalized bivalued instances.

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arXiv2024

EF1 for Mixed Manna with Unequal Entitlements

We study fair division of indivisible mixed manna when agents have unequal entitlements, with weighted envy-freeness up to one item (WEF1) as our primary notion of fairness. We identify several shortcomings of existing techniques to achieve WEF1. Hence, we relax WEF1 to weighted envy-freeness up to 1 transfer (WEF1T), and give a polynomial-time algorithm for achieving it. We also generalize Fisher markets to the mixed manna setting, and use them to get a polynomial-time algorithm for two agents that outputs a WEF1 allocation.

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arXiv2024

Best-of-Both-Worlds Fairness of the Envy-Cycle-Elimination Algorithm

We consider the problem of fairly dividing indivisible goods among agents with additive valuations. It is known that an Epistemic EFX and $2/3$-MMS allocation can be obtained using the Envy-Cycle-Elimination (ECE) algorithm. In this work, we explore whether this algorithm can be randomized to also ensure ex-ante proportionality. For two agents, we show that a randomized variant of ECE can compute an ex-post EFX and ex-ante envy-free allocation in near-linear time. However, for three agents, we show that several natural randomization methods for ECE fail to achieve ex-ante proportionality.

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