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arXiv2026

Tastes without distinction: silicon samples and the synthetic construction of tastes

Large-language models have proven to be remarkable if inconsistent parrots of public attitudes and opinions. The extent to which LLMs are able to produce reasonable approximations of cultural taste remains an open empirical question that becomes more urgent by the day, with market research companies already offering provisional 'synthetic' survey panels and the contamination of standard survey data from LLM-generated responses. In this study, we build on past work on silicon sampling by extending considerations of their ecological, relational, and positional fidelity in the doomain of cultural tastes. We use large-language models from OpenAI, Anthropic, and DeepSeek to produce 554,940 silicon surrogates of survey respondents from the Survey of Public Participation in the Arts (SPPA). We find these silicon surrogates' tastes to be highly stylized facsimiles of human tastes. First, silicon samples are super-omnivorous with a systematic postive-bias for liking. These individual-level bias of silicon samples are not well-explained by the WEIRD-bias often discussed in the literature. Second, the complex relationality in real taste structures is completely distorted among silicon samples. Third, very little of the known cultural alignment between tastes and social space are preserved. Silicon samples juvenilize age-taste associations, resurrect anachronistic class-taste associations, and caricaturize gender- and race-taste associations. Key words: AI, taste, consumption, culture, silicon sampling, meta-analysis.

cs.CL↗

arXiv2026

Enhancing Financial Question Answering: A Novel Benchmark Dataset of Banks' financial statements

The comparative analysis of banks' financial statements poses significant challenges for automated question answering systems due to their complexity, substantial length, technical language, and inhomogeneity of both textual and numerical content across different jurisdictions and institutions. We introduce FinRAG-QA, a novel benchmark dataset for financial question answering, which comprises 999 practitioner-curated questions on 10 standardised indicators, grounded in 209 annual and Pillar 3 reports from 24 major European and U.S. banks spanning 2019-2023. Unlike prior financial QA benchmarks, which centre on U.S. filings and single-institution analysis, FinRAG-QA targets cross-institutional retrieval over documents averaging 198k words, longer than any existing financial QA resource. On this benchmark we evaluate a multi-stage RAG pipeline and isolate the contribution of each component. Contextual chunk enrichment combined with a retrieval-optimised embedding model raises NDCG@10 from 0.322 to 0.710; conditional on the ground truth being retrieved, a reasoning-optimised generator raises answer accuracy from 44.6% to 79.0% (+34.4 percentage points), at roughly 20x the generation latency. We further show that cross-encoder reranking degrades retrieval when the first-stage ranking is already strong, and that a single top-ranked chunk outperforms larger contexts at generation time. Experiments were run in late 2024-early 2025 with the models available at that time.

cs.CL↗

arXiv2026

Alpha-R1: Alpha Screening with LLM Reasoning via Reinforcement Learning

Signal decay and regime shifts pose recurring challenges for data-driven investment strategies in non-stationary markets, where conventional time-series and machine learning approaches often struggle to generalize beyond historical correlations. While large language models (LLMs) offer strong capabilities for processing unstructured information, their potential to support quantitative factor screening through explicit economic reasoning remains underexplored. Existing factor-based methods typically reduce alphas to numerical time series, overlooking the semantic rationale that determines when a factor is economically relevant. We present Alpha-R1, an RL-aligned LLM framework for context-aware alpha screening. Its core mechanism, semantic gating, evaluates each candidate factor's semantic profile against a dynamically constructed market state description, selecting a sparse subset of factors whose economic rationale aligns with current market conditions. The selection model is trained via group relative policy optimization (GRPO), using realized portfolio returns as the primary reward signal. Under a 12-month out-of-sample evaluation, Alpha-R1 achieves annualized returns of 47.87% on S&P 500 and 40.57% on CSI 300 with Sharpe ratios of 1.62 and 2.23. These results, obtained under a bounded candidate-pool evaluation protocol, provide evidence for second-stage semantic factor reranking in non-stationary markets. The full implementation and resources are available at https://github.com/FinStep-AI/Alpha-R1.

q-fin.TR↗

arXiv2026

The Price of Intelligence: A Quality-Adjusted Price Index for AI Services

Posted prices for AI inference have fallen steadily since 2024, yet the measured speed of that fall depends almost entirely on the method of measurement. This paper constructs quality-adjusted price indices for the AI inference market from public data. The panel assembles 21,024 posted-price observations across 3,208 models and 86 providers and joins them to 4,605 benchmark scores through a latent quality index estimated from benchmark response patterns, so the quality ladder of the hedonic tradition is built here from evaluations in place of product characteristics. Measured by the matched-model methods that statistical agencies apply to software, inference prices fell at 0.10 log points a year. The quality-adjusted index fell at 0.73, so 87% of the decline is invisible to current methods, with direct consequences for measured competition, concentration and productivity in this market. Counted per completed task, moreover, the buyer's price stopped falling. Reasoning models raised token consumption faster than token prices fell, and the seller's and buyer's prices accordingly diverged. A pre-registered validity audit disciplines the quality measure and yields the sharpest result. Excluding contamination-flagged benchmarks leaves model rankings intact at 0.998 yet moves the index by 0.49 log points a year, so the leaderboard-stability arguments standard in AI evaluation offer no defence of economic statistics built on benchmarks. Prices, quality and the audit are fully reproducible from public sources at zero cost.

econ.GN↗

arXiv2026

Measuring Computer Science Enthusiasm: A Questionnaire-Based Analysis of Age and Gender Effects on Students' Interest

This study examines how age and gender independently shape adolescents' interest in computer science (CS) education. Building on the Person-Object Theory of Interest (POI), we define enthusiasm as a short-term, activating response that combines positive affect, perceived relevance, and intention to re-engage. Because such enthusiasm can shift CS attitudes and engagement intentions even briefly, it offers a useful measure for short outreach activities. We developed a 28-item pre-post questionnaire to assess whether CS interventions raise enthusiasm, then applied it to more than 400 students (244 female, 187 male, aged 10-18) in CS courses. Contrary to the common assumption that early exposure secures lasting interest, we found a marked decline during early adolescence, especially among girls, along with wide variation in interest trajectories across ages. Exploratory factor analysis and ANOVA show that age predicts interest development more strongly than gender, and reveal specific developmental breakpoints. Although older students began with lower baseline attitudes, they showed the largest gains after the intervention, indicating that well-designed short activities can re-engage interest even later in adolescence. These results point to the need for CS education strategies that adapt to developmental stage rather than assuming a single early window matters most. Our validated questionnaire offers a way to measure immediate affective and motivational responses, giving researchers and practitioners a tool to evaluate whether specific interventions succeed in raising enthusiasm.

cs.SE↗

arXiv2026

Digital Engagement, Income Disparities, and Job Seeking in the United States since 2010

Surveys often record how frequently people use the internet without measuring the infrastructures, skills, and support systems that make digital participation possible. Using the U.S. National Longitudinal Survey of Youth 1997 cohort, we study how internet-use frequency relates to labor income, employment attachment, and job seeking after 2010. The main digital-engagement analysis uses the comparable 2011, 2013, and 2015 waves, with 2017 retained as later labor-market context. Across repeated cross sections, daily internet use consistently marks higher income and stronger employment attachment. Relative to daily use, less-than-daily use is associated with roughly 11 to 20 percent lower income, while nonuse is associated with about 18 to 21 percent lower income in 2011 and 2013. Respondents reporting no internet use are also 13 to 23 percentage points less likely to report full-year work. Job-search estimates reveal a distinct mechanism: active search is governed by employment status, search intensity, and application support, so a frequency item sorts respondents more sharply on durable labor-market attachment than on short-window search. Education accounts for a substantial share of the raw digital gradient, and pooled lagged-outcome and doubly robust transition estimates separate durable stratification from positive adoption margins. The results establish internet-use frequency as an informative behavioral marker of digitally mediated labor-market stratification and clarify why routine use should not be treated as a simple measure of digital access.

cs.CY↗

arXiv2026

Authority-Inference Separation in Agentic Finance: First-Line Control, Blockchain Enforcement, and Replayable Assurance

AI agents can select tools, counterparties, and transaction parameters, yet inference should not itself confer authority to execute a financial action. This study develops and evaluates Authority-Inference Separation (AIS), an intent-centered architecture for bounded agentic finance. AIS treats a financial action intent as the control object: a machine-generated proposal can receive temporary executable authority only after an independent deterministic control plane validates registered agent identity, accountable ownership, mandate and risk-appetite lineage, policy version, state, approvals, and exact economic semantics. Blockchain can then enforce the operational representation of granted authority and record portable settlement evidence, while institutional legitimacy, service delivery, accounting classification, and human accountability remain off-chain obligations. Evaluation combines four-domain instantiation, official BIS and MAS cases, a 48-fixture executable prototype, and a public-ledger observability test. Across 36 synthetic authorization attacks, a direct-agent baseline accepted 36 attack effects, a prompt-policy baseline accepted 20, and AIS accepted none; all three accepted 8/8 admissible fixtures. AIS also rejected 4/4 token replays and 8/8 recipient or rail substitutions, withheld completion in 4/4 service-delivery failures, and populated all 13 defined evidence fields. A test of 1,700 recent Base transactions associated with public x402 facilitator addresses shows that public ledgers can evidence settlement and selected authorization parameters but cannot establish institutional mandate, legal accountability, service delivery, or accounting treatment. AIS and blockchain are therefore complementary: AIS decides whether a specific intent may act, while blockchain can make granted authority bounded, executable, and independently observable.

q-fin.GN↗

arXiv2026

Explainable Deep Learning for Price-Trade Dynamics: From Black-Box Forecasts to Effective Parametric Models

Understanding the joint dynamics of prices and trades is central to market microstructure, where returns and order flow interact through nonlinear and state-dependent mechanisms. Linear models are interpretable but may miss these effects, while deep neural networks improve forecasting at the cost of transparency. We use neural networks as tools for structural discovery rather than only for prediction. A deep feed-forward network is trained on high-frequency returns and signed volumes for large- and small-tick stocks and compared with a linear VAR benchmark. The neural network improves predictive performance, especially for returns, revealing nonlinear dependencies beyond the linear specification. Using Shapley-based explainability, we show that the dominant contributions are concentrated at the most recent lags. Model-implied responses are consistent with conditional averages reconstructed from the data. Unlike empirical averages, however, the neural-network decomposition isolates individual regressor contributions to the aggregate dependence. Lagged signed volume generates sign-preserving and saturating effects, consistent with nonlinear price impact and order-flow persistence. Lagged returns act as state variables: when the previous trade does not move the price, the model predicts continuation in the direction of past order flow, whereas non-zero returns generate attenuation or reversal. Building on these findings, we introduce a parsimonious SHAP-inspired nonlinear parametric model. It reproduces the main return-volume dependencies, outperforms the linear VAR benchmark, and achieves performance comparable to the neural network. A multi-lag extension captures residual longer-memory effects while preserving interpretability. Overall, explainability offers a route from black-box prediction to economically meaningful parametric models of price and trade dynamics.

q-fin.TR↗

arXiv2026

The Axiomatic Trader: Latent Regularity, Information Budgets, and the Canonical Form of a Quantitative Investment System

Systematic trading rests on one article of faith: that regularities found in the past persist. This paper does three things. First, it states that faith as five axioms, each a commonplace practitioners already accept: (A1) a decision may use only what was known when it was made; (A2) what looks like the market changing its rules is the market changing its unobserved state, the machinery being the same in every era; (A3) the future may replay stretches of the past, though not in history's proportions; (A4) states persist for a while, and the dependence they carry eventually dies out; (A5) whatever predictability exists is slight, even for a rule that knows the state. What turns these into axioms is quantification, and the quantities are declared rather than estimated: an invariance defect $\varepsilon_0$, a recurrence bound $Λ$ at a block scale $b$, coherence times $\ell_i$, a signal ceiling $ρ$ and an invariance ratio $κ$. These five declarations are the whole of the premises' empirical content. Second, it proves that the axioms force a five-stage canonical form for a quantitative investment system -- a declared representation, a capacity-bounded shrunk ensemble, contiguous purged block evaluation aggregated by $\mathrm{CVaR}_{1/Λ}$, a budgeted and deflated search, robust fractional Kelly sizing -- each stage necessary: a procedure omitting it does strictly worse under a law the axioms admit. Third, it tests the axioms where they are falsifiable, each only at its declared constants, on real market series: no axiom is so far overturned; what the data reject are particular declarations, the conservative $κ= 1$ and the exponential decay instance among them.

cs.LG↗

arXiv2026

Pricing the DeFi Tail: Do Protocols or Depositors Price Operational Risk?

Similar to banks, DeFi protocols expose depositors to operational risk (USD 9.45 billion across 1,075 events since 2020). Unlike banks, they are not required to hold capital against it. A protocol may maintain a buffer voluntarily. Absent one, the risk falls on the depositor, who should then demand a risk premium in the supply yield. I quantify the underlying tail on one benchmark, a per-sector Basel loss-distribution approach fitted to a new operational risk event dataset, and test both margins against it. Tails in the four core sectors are no heavier than the Moscadelli banking band $[0.85, 1.39]$. Bridge, Derivatives, and the residual Other sector exhibit cyber-loss-level tails ($\hatξ\approx 1.6$), with point estimates past the infinite-mean boundary. The Lending tail implies a $\mathrm{VaR}_{99.9}$ capital buffer of 18% of TVL and of the ten largest Lending venues, the four holding a buffer cover on average 5% of it. Under market discipline, depositors should demand a higher yield in compensation where a venue does not maintain a buffer. I find that venues without a buffer pay a higher premium than those with (a 125-bps gap in medians): evidence the market discriminates in the right direction. However, the premium falls far short of an adequately priced tail. This unpriced tail falls disproportionately on the retail depositor, who sees only the posted rate but lacks the information and skills to price it. Because these products are not bank-regulated, I recommend disclosure over capital mandates: protocols, and any service providers that front access to it, should publish standardized losses, existing capital buffers and tail coverage.

q-fin.RM↗

arXiv2026

Single- and Multilevel Quadrature with Error Control for Fourier Pricing under the Rough Heston Model

Unlike the classical Heston model, Fourier pricing under the rough Heston model requires solving a fractional Riccati equation at every quadrature point. Since the required resolution varies with model parameters and quadrature point, a single uniform time discretization can be inefficient. We develop single- and multilevel Gauss-Laguerre quadrature methods that balance the time discretization and Fourier quadrature errors. Both methods scale the laguerre weight to the estimated Fourier integrand decay. The single-level method allocates a prescribed tolerance between the two errors. The multilevel method splits the integrand into a level-zero term and level differences, selecting quadrature points separately at each level. Suppose that the Fourier integrand discretization error is $O(Δt^p)$, that evaluating the characteristic function once costs $O(Δt^{-β})$, and that the algebraic Gauss-Laguerre quadrature error is $O(N^{-s_{SL}/2})$, where $s_{SL}$ is the smoothness index. Under this estimate and assumptions on the regularity and decay of level differences, we prove that the proposed single-level method requires $O(ε^{-(β/p+2/s_{SL})})$ computational work to achieve accuracy $ε$, whereas the proposed multilevel method requires $O(ε^{-β/p})$ computational work. We also study root-exponential Gauss-Laguerre error models for practical multilevel quadrature allocation. Numerical experiments support the observed fractional Riccati and Fourier integrand convergence rates and root-exponential quadrature behavior, and show substantial reductions in quadrature cost from the proposed scaling. The multilevel method provides clear computational savings over the single-level method. We further benchmark the multilevel fractional Riccati method against the BL2 Markovian approximation and report lower total CPU time in the tested configurations.

q-fin.CP↗

arXiv2026

Inferring Affective Consciousness in an Artificial Agent: A Case Study

Creatures that display 'hedonic place preference behaviour' are thought by many scientists to experience feelings, on the assumption that their attraction to pleasure-producing substances which lack nutritional value (e.g. cocaine, morphine) cannot easily be attributed to unconscious instinctual behaviour. In this paper, we discuss how a simple artificial agent that instantiates attributes of an affective system engaging in felt uncertainty about its intrinsic needs in relation to environmental resources can similarly display hedonic place preference behaviour -- through an apparently subjective form of information processing -- while simultaneously being entirely deter-ministic. We outline some implications of this artificially engineered behaviour for our understanding of the physical basis of consciousness and the experience of free will.

cs.AI↗

arXiv2026

Large-scale spatial variable gene atlas for spatial transcriptomics

Spatial variable genes (SVGs) reveal critical information about tissue architecture, cellular interactions, and disease microenvironments. As spatial transcriptomics (ST) technologies proliferate, accurately identifying SVGs across diverse platforms, tissue types, and disease contexts has become both a major opportunity and a significant computational challenge. Here, we present a comprehensive benchmarking study of 20 state-of-the-art SVG detection methods using human slides from STimage-1K4M, a large-scale resource of ST data comprising 662 slides from more than 18 tissue types. We evaluate each method across a range of biologically and technically meaningful criteria, including recovery of pathologist-annotated domain-specific markers, cross-slide reproducibility, scalability to high-resolution data, and robustness to technical variation. Our results reveal marked differences in performance depending on tissue type, spatial resolution, and study design. Beyond benchmarking, we construct the first cross-tissue atlas of SVGs, enabling comparative analysis of spatial gene programs across cancer and normal tissues. We observe similarities between pairs of tissues that reflect developmental and functional relationships, such as high overlap between thymus and lymph node, and uncover spatial gene programs associated with metastasis, immune infiltration, and tissue-of-origin identity in cancer. Together, our work defines a framework for evaluating and interpreting spatial gene expression and establishes a reference resource for the ST community.

stat.AP↗

arXiv2026

Smoothed Picard Hamiltonian Monte Carlo

We develop a new low-accuracy sampler, called \emph{smoothed Picard Hamiltonian Monte Carlo}, which combines Gaussian smoothing, Picard iteration, and higher-order discretization. For a log-concave target $π\propto \exp(-V)$ in dimension $d$ satisfying $0 \prec αI \preceq \nabla^2 V \preceq βI$, with condition number $κ:= β/α$, smoothed Picard HMC returns a sample with $\sqrt α\,W_2(\cdot,π) \le \varepsilon$ using $\widetilde O(κ^2 + κ^{7/6} d^{1/6}/\varepsilon^{1/3})$ gradient queries. We also prove stronger $W_q$ bounds, and then develop an algorithmic framework, the recursive warm start generator, to upgrade these $W_q$ bounds to stronger divergence guarantees. This produces a warm start for the proximal bouncy particle sampler, introduced in a companion work, leading to a high-accuracy log-concave sampler with complexity $\widetilde O((κ^{7/6} d^{1/6} + κ^{1/2} d^{1/4})\mathrm{polylog}(1/\varepsilon))$.

math.ST↗

arXiv2026

Improved $\ell_0$-Isoperimetry for Convex Bodies via Mass Transport

We study $\ell_0$ isoperimetry for a convex body $K\subset \mathbb{R}^n$, $n\ge2$. For a Borel set $S\subset K$, let $\partial_0^K S$ be the set of points in $K \setminus S$ that can be reached from $S$ by changing at most one coordinate (i.e. the $\ell_0$ boundary of $S$). Suppose that, for some unconditional convex body $Q \subset \mathbb{R}^n$, numbers $r,R>0$, and possibly different centers $x_0,y_0$, \[ x_0+rQ \subset K\subset y_0+RQ. \] Writing $s=\text{vol}(S)/\text{vol}(K)$, we prove that whenever $0 0$ is an absolute constant. Consequently, the associated $\ell_0$-isoperimetric coefficient is at least $cr/(n^2R)$. Previous direct lower bounds were only known for $\ell_2$ and $\ell_\infty$ regularity whereas our lower bound holds directly for any $Q$-regularity, where $Q$ is an unconditional convex body. Compared to $\ell_2$ and $\ell_\infty$ regularity, our lower bound result improves upon the previously best known lower bounds, for any $s$, by a factor of $n$. As an application of our result, we give improved mixing time bounds for the Coordinate Hit and Run walk (CHAR). Our proof of the lower bound is based on a modification of the method of canonical paths applied to a continuous Hamming graph over our convex body. Our construction of canonical paths can be viewed as a suitable coordinate discretization of certain mass transport maps from $S$ to $S^c$. We also give complementary upper-bounds for any $Q$-regularity, with an overall factor of $n$ gap between the two.

math.FA↗

arXiv2026

Orientations without transitive arcs for cubic graphs and phylogenetic networks

An $st$-orientation of an undirected graph $G$ is an acyclic digraph with a single source $s$ and a single sink $t$ that can be obtained from $G$ by assigning a direction to each edge. The classical problem of deciding if an undirected graph $G$ has an $st$-orientation can be solved efficiently. On the other hand, deciding if an $st$-orientation of $G$ exists that does not have any transitive arc is NP-complete, even if each vertex of $G$ has degree at most four. Here we show that this last decision problem remains NP-complete if $G$ is cubic, which settles an open question by Binucci et al. (2025). We obtain NP-completeness for two variants of the problem: (i) $s$ and $t$ are fixed and given as part of the input and (ii) $s$ and $t$ can be chosen freely. We then use these results to investigate the computational complexity of a problem that arises in computational evolution. Specifically, we show that the problem of deciding if an unrooted binary phylogenetic network has an orientation as a rooted binary phylogenetic network without any shortcuts (the analog of a transitive arcs in phylogenetics) is NP-complete. Our results connect the two (mostly) distinct research areas of orienting undirected graphs and orienting unrooted phylogenetic networks.

cs.CC↗

arXiv2026

A complete characterization of sequential testability and change detectability in i.i.d. models

We give a necessary and sufficient condition for the existence of power-one sequential tests in an i.i.d. composite testing problem. A level-$α$ test with power one against every alternative exists if and only if the alternatives are separated from the null by a countable family of finite-block events. We provide other equivalent conditions using randomized fixed-sample tests, bounded finite-block scores, e-processes, reduced-filtration test supermartingales, and a countable cover whose finite-block weak-$*$ closed convex hulls are positively separated in total variation. As a bonus, the constructive proof yields tests have pointwise expected sample size $O_Q(\log(1/α))$. Exactly the same conditions also characterize i.i.d.\ change detectability under optional-horizon average-run-length control: for every $η>0$, they are equivalent to an alarm family $(T_γ)_{γ\ge1}$ satisfying $\Prob_{P^\infty}(T_γ\leσ)\le \E_{P^\infty}σ/γ$ for every null law and every stopping time $σ$. In fact, when these conditions hold, we can construct a single e-detector such that every null-law average run length lies between $γ$ and $(1+η)γ+1$, and having robust Lorden delay $O_Q(\logγ)$.

math.ST↗

arXiv2026

Sharp Structure-Agnostic Minimax Risk for Partial Linear Models

We characterize the sharp structure-agnostic minimax risk for coefficient estimation in the partial linear model when the outcome and treatment nuisances are learned by two distinct black-box learners, which resolves the open problem in double machine learning posed by Gu (2025). For each nuisance $q\in\{μ,π\}$, we characterize the available learner by an approximation-error budget $a_q$ and a stochastic-error budget $s_q$, with the latter controlled through localized Rademacher complexity. Writing $\mathcal E_n$ for the minimax mean-squared error, we show that \[\mathcal E_n\asymp1\wedge\left\{\frac1n+\left(a_μa_π+\min\left\{a_πs_μ+s_π^2,\,a_μs_π+s_μ^2\right\}\right)^2\right\}.\] The main new ingredient is a novel lower bound for the general two-learner problem. Our proof constructs four finite-mixture testing experiments using orthogonal code functions. Across these experiments, the hidden perturbations are placed outside both learner classes, outside only the treatment learner class, outside only the outcome learner class, or inside both learner classes. These four configurations capture, respectively, the interaction between the two approximation errors, the two asymmetric interactions between one learner's approximation error and the other learner's learning error, and the joint estimation difficulty of learning both nuisances. Combining the four resulting lower bounds yields the displayed rate, which matches the latest upper bound in Gu (2026). Our result shows that standard double machine learning can overstate the intrinsic difficulty of target estimation and provides a target-specific principle for learner selection: approximation error and stochastic complexity must be jointly balanced across the two nuisance learners rather than optimized separately.

cs.LG↗