Lin William Cong

Aviv Yaish, Nir Chemaya, Dahlia Malkhi et al.

Inequality measures such as the Gini coefficient are used to inform and motivate policymaking, and are increasingly applied to digital platforms. We analyze how measures fare in pseudonymous settings that are common in the digital age. One key challenge of such environments is the ability of actors to create fake identities under fictitious false names, also known as ``Sybils.'' While some actors may do so to preserve their privacy, we show that this can hamper inequality measurements: it is impossible for measures satisfying the literature's canonical set of desired properties to assess the inequality of an economy that may harbor Sybils. We characterize the class of all Sybil-proof measures, and prove that they must satisfy relaxed version of the aforementioned properties. Furthermore, we show that the structure imposed restricts the ability to assess inequality at a fine-grained level. We then apply our results to prove that popular measures are not Sybil-proof, with the famous Gini coefficient being but one example out of many. Finally, we examine dynamics leading to the creation of Sybils in digital and traditional settings.

Lin William Cong, Guangyan Gan, Hanzhang Qin et al.

We study reinforcement learning (RL) in multi-dimensional continuous state and action spaces with one-sided feedback, where the agent receives partial observations of the state and obtains reward information for only a subset of the state-action space at each time step. This setting introduces substantial challenges in both learning efficiency and privacy preservation. To address these challenges, we propose POOL, a novel privacy-preserving RL algorithm. We conduct a comprehensive theoretical analysis of POOL, deriving a sample complexity bound that matches the known lower bounds for non-private RL. Here, E_rho denotes the privacy parameter, H is the time horizon, and alpha is the optimality-gap parameter. Our findings show that it is possible to enforce strong privacy guarantees while maintaining high learning efficiency, marking a significant step toward practical, privacy-aware RL in multi-dimensional environments with one-sided feedback.

Yichen Guo, Kai Tang, Fenglai Lin et al.

Despite the impressive capabilities of Large Vision-Language Models (LVLMs), they remain susceptible to hallucination, generating content inconsistent with the input image. Recent studies attribute this to the dominance of language priors over visual inputs and employ contrastive decoding methods to mitigate this dominance, but the mechanistic origin remains unexplored. We investigate the information flow through each transformer layer and find that attention modules consistently aggregate visual evidence, while FFN modules at critical layers act as the source of language priors. These priors can override visual evidence, causing correct predictions in intermediate layers to drift toward incorrect outputs. Based on this insight, we propose FADE (FFN Attenuation for DEcoding), a training-free method that attenuates FFN outputs to reduce language-prior dominance. Evaluations on POPE, CHAIR, and MME benchmarks across LLaVA-1.5, mPLUG-Owl2, and InstructBLIP show that FADE effectively mitigates hallucinations while preserving inference efficiency.

Tinghao Wang, Yichen Guo, Rui Huang et al.

Multimodal large language models (MLLMs) have achieved strong multimodal reasoning capabilities, but their efficiency is limited by the large number of visual tokens, which introduces substantial computational overhead. Visual token pruning offers a natural solution, yet existing methods are imperfect: attention-based criteria tend to retain redundant tokens, while diversity-based criteria are often agnostic to user instructions. Even methods that combine multiple criteria still lack a principled formulation of the intrinsic objective of token pruning. In this paper, we revisit visual token pruning from a first-principles perspective and formulate it as constructing Token Optimal Preservation Sets. Through a top-down information-theoretic analysis, we identify three fundamental principles for effective token selection: Task Relevance, Information Coverage, and Semantic Diversity. Based on these principles, we propose TOPS, a training-free and model-agnostic pruning module that can be applied to various MLLMs. Extensive experiments on 7 MLLM backbones and 14 benchmarks demonstrate that TOPS outperforms prior methods under diverse pruning settings. Notably, on LLaVA-NeXT, TOPS removes 77.8% of visual tokens while preserving 100.0% and 100.6% performance on its 7B and 13B models, respectively, suggesting that pruning redundant visual tokens can sometimes mitigate hallucination and inspire future lightweight MLLM design.

Lin William Cong, Guanhao Feng, Jingyu He et al.

We introduce a new class of tree-based models, P-Trees, for analyzing (unbalanced) panel of individual asset returns, generalizing high-dimensional sorting with economic guidance and interpretability. Under the mean-variance efficient framework, P-Trees construct test assets that significantly advance the efficient frontier compared to commonly used test assets, with alphas unexplained by benchmark pricing models. P-Tree tangency portfolios also constitute traded factors, recovering the pricing kernel and outperforming popular observable and latent factor models for investments and cross-sectional pricing. Finally, P-Trees capture the complexity of asset returns with sparsity, achieving out-of-sample Sharpe ratios close to those attained only by over-parameterized large models.

Lin William Cong, Ke Tang, Jingyuan Wang et al.

We predict asset returns and measure risk premia using a prominent technique from artificial intelligence -- deep sequence modeling. Because asset returns often exhibit sequential dependence that may not be effectively captured by conventional time series models, sequence modeling offers a promising path with its data-driven approach and superior performance. In this paper, we first overview the development of deep sequence models, introduce their applications in asset pricing, and discuss their advantages and limitations. We then perform a comparative analysis of these methods using data on U.S. equities. We demonstrate how sequence modeling benefits investors in general through incorporating complex historical path dependence, and that Long- and Short-term Memory (LSTM) based models tend to have the best out-of-sample performance.

Sean Cao, Lin William Cong, Meng Han et al.

Business transactions by public firms are required to be reported, verified, and audited periodically, which is traditionally a labor-intensive and time-consuming process. To streamline this procedure, we design FutureAB (Future Auditing Blockchain) which aims to automate the reporting and auditing process, thereby allowing auditors to focus on discretionary accounts to better detect and prevent fraud. We demonstrate how distributed-ledger technologies build investor trust and disrupt the auditing industry. Our multi-functional design indicates that auditing firms can automate transaction verification without the need for a trusted third party by collaborating and sharing their information while preserving data privacy (commitment scheme) and security (immutability). We also explore how smart contracts and wallets facilitate the computerization and implementation of our system on Ethereum. Finally, performance evaluation reveals the efficacy and scalability of FutureAB in terms of both encryption (0.012 seconds per transaction) and verification (0.001 seconds per transaction).