Reinforcement Learning

Asymptotic Theory for IV-Based Reinforcement Learning with Potential Endogeneity

In the standard data analysis framework, data is collected (once for all), and then data analysis is carried out. However, with the advancement of digital technology, decision-makers constantly analyze past data and generate new data through their …

Hierarchical AI Multi-Agent Fundamental Investing: Evidence from China’s A‑Share Market

We present a multi-agent, AI-driven framework for fundamental investing that integrates macro indicators, industry-level and firm-specific information to construct optimized equity portfolios. The architecture comprises: (i) a Macro agent that …