Multi-Agent Reinforcement Learning for Market Making: Competition without Collusion

Algorithmic collusion has emerged as a central question in AI: Will the interaction between different AI agents deployed in markets lead to collusion? More generally, understanding how emergent behavior, be it a cartel or market dominance from more advanced bots, affects the market overall is an important research question. We propose a hierarchical multi-agent reinforcement learning framework to study algorithmic collusion in market making. The framework includes a self-interested market maker (Agent~A), which is trained in an uncertain environment shaped by an adversary, and three bottom-layer competitors: the self-interested Agent~B1 (whose objective is to maximize its own PnL), the competitive Agent~B2 (whose objective is to minimize the PnL of its opponent), and the hybrid Agent~B$^\star$, which can modulate between the behavior of the other two. To analyze how these agents shape the behavior of each other and affect market outcomes, we propose interaction-level metrics that quantify behavioral asymmetry and system-level dynamics, while providing signals potentially indicative of emergent interaction patterns. Experimental results show that Agent~B2 secures dominant performance in a zero-sum setting against B1, aggressively capturing order flow while tightening average spreads, thus improving market execution efficiency. In contrast, Agent~B$^\star$ exhibits a self-interested inclination when co-existing with other profit-seeking agents, securing dominant market share through adaptive quoting, yet exerting a milder adverse impact on the rewards of Agents~A and B1 compared to B2. These findings suggest that adaptive incentive control supports more sustainable strategic co-existence in heterogeneous agent environments and offers a structured lens for evaluating behavioral design in algorithmic trading systems.

See, Think, Act: Online Shopper Behavior Simulation with VLM Agents

LLMs have recently demonstrated strong potential in simulating online shopper behavior. Prior work has improved action prediction by applying SFT on action traces with LLM-generated rationales, and by leveraging RL to further enhance reasoning capabilities. Despite these advances, current approaches rely on text-based inputs and overlook the essential role of visual perception in shaping human decision-making during web GUI interactions. In this paper, we investigate the integration of visual information, specifically webpage screenshots, into behavior simulation via VLMs, leveraging OPeRA dataset. By grounding agent decision-making in both textual and visual modalities, we aim to narrow the gap between synthetic agents and real-world users, thereby enabling more cognitively aligned simulations of online shopping behavior. Specifically, we employ SFT for joint action prediction and rationale generation, conditioning on the full interaction context, which comprises action history, past HTML observations, and the current webpage screenshot. To further enhance reasoning capabilities, we integrate RL with a hierarchical reward structure, scaled by a difficulty-aware factor that prioritizes challenging decision points. Empirically, our studies show that incorporating visual grounding yields substantial gains: the combination of text and image inputs improves exact match accuracy by more than 6% over text-only inputs. These results indicate that multi-modal grounding not only boosts predictive accuracy but also enhances simulation fidelity in visually complex environments, which captures nuances of human attention and decision-making that text-only agents often miss. Finally, we revisit the design space of behavior simulation frameworks, identify key methodological limitations, and propose future research directions toward building efficient and effective human behavior simulators.

Customer-R1: Personalized Simulation of Human Behaviors via RL-based LLM Agent in Online Shopping

Simulating step-wise human behavior with Large Language Models (LLMs) has become an emerging research direction, enabling applications in various practical domains. While prior methods, including prompting, supervised fine-tuning (SFT), and reinforcement learning (RL), have shown promise in modeling step-wise behavior, they primarily learn a population-level policy without conditioning on a user's persona, yielding generic rather than personalized simulations. In this work, we pose a critical question: how can LLM agents better simulate personalized user behavior? We introduce Customer-R1, an RL-based method for personalized, step-wise user behavior simulation in online shopping environments. Our policy is conditioned on an explicit persona, and we optimize next-step rationale and action generation via action correctness reward signals. Experiments on the OPeRA dataset emonstrate that Customer-R1 not only significantly outperforms prompting and SFT-based baselines in next-action prediction tasks, but also better matches users' action distribution, indicating higher fidelity in personalized behavior simulation.

SpikingMamba: Towards Energy-Efficient Large Language Models via Knowledge Distillation from Mamba

Large Language Models (LLMs) have achieved remarkable performance across tasks but remain energy-intensive due to dense matrix operations. Spiking neural networks (SNNs) improve energy efficiency by replacing dense matrix multiplications with sparse accumulations. Their sparse spike activity enables efficient LLMs deployment on edge devices. However, prior SNN-based LLMs often sacrifice performance for efficiency, and recovering accuracy typically requires full pretraining, which is costly and impractical. To address this, we propose SpikingMamba, an energy-efficient SNN-based LLMs distilled from Mamba that improves energy efficiency with minimal accuracy sacrifice. SpikingMamba integrates two key components: (a) TI-LIF, a ternary-integer spiking neuron that preserves semantic polarity through signed multi-level spike representations. (b) A training-exclusive Smoothed Gradient Compensation (SGC) path mitigating quantization loss while preserving spike-driven efficiency. We employ a single-stage distillation strategy to transfer the zero-shot ability of pretrained Mamba and further enhance it via reinforcement learning (RL). Experiments show that SpikingMamba-1.3B achieves a 4.76$\times$ energy benefit, with only a 4.78\% zero-shot accuracy gap compared to the original Mamba, and achieves a further 2.55\% accuracy improvement after RL.

CoT Vectors: Transferring and Probing the Reasoning Mechanisms of LLMs

Chain-of-Thought (CoT) prompting has emerged as a powerful approach to enhancing the reasoning capabilities of Large Language Models (LLMs). However, existing implementations, such as in-context learning and fine-tuning, remain costly and inefficient. To improve CoT reasoning at a lower cost, and inspired by the task vector paradigm, we introduce CoT Vectors, compact representations that encode task-general, multi-step reasoning knowledge. Through experiments with Extracted CoT Vectors, we observe pronounced layer-wise instability, manifesting as a U-shaped performance curve that reflects a systematic three-stage reasoning process in LLMs. To address this limitation, we propose Learnable CoT Vectors, optimized under a teacher-student framework to provide more stable and robust guidance. Extensive evaluations across diverse benchmarks and models demonstrate that CoT Vectors not only outperform existing baselines but also achieve performance comparable to parameter-efficient fine-tuning methods, while requiring fewer trainable parameters. Moreover, by treating CoT Vectors as a probe, we uncover how their effectiveness varies due to latent space structure, information density, acquisition mechanisms, and pre-training differences, offering new insights into the functional organization of multi-step reasoning in LLMs. The source code will be released.

UST-SSM: Unified Spatio-Temporal State Space Models for Point Cloud Video Modeling

Point cloud videos capture dynamic 3D motion while reducing the effects of lighting and viewpoint variations, making them highly effective for recognizing subtle and continuous human actions. Although Selective State Space Models (SSMs) have shown good performance in sequence modeling with linear complexity, the spatio-temporal disorder of point cloud videos hinders their unidirectional modeling when directly unfolding the point cloud video into a 1D sequence through temporally sequential scanning. To address this challenge, we propose the Unified Spatio-Temporal State Space Model (UST-SSM), which extends the latest advancements in SSMs to point cloud videos. Specifically, we introduce Spatial-Temporal Selection Scanning (STSS), which reorganizes unordered points into semantic-aware sequences through prompt-guided clustering, thereby enabling the effective utilization of points that are spatially and temporally distant yet similar within the sequence. For missing 4D geometric and motion details, Spatio-Temporal Structure Aggregation (STSA) aggregates spatio-temporal features and compensates. To improve temporal interaction within the sampled sequence, Temporal Interaction Sampling (TIS) enhances fine-grained temporal dependencies through non-anchor frame utilization and expanded receptive fields. Experimental results on the MSR-Action3D, NTU RGB+D, and Synthia 4D datasets validate the effectiveness of our method. Our code is available at https://github.com/wangzy01/UST-SSM.

Recognizing Actions from Robotic View for Natural Human-Robot Interaction

Natural Human-Robot Interaction (N-HRI) requires robots to recognize human actions at varying distances and states, regardless of whether the robot itself is in motion or stationary. This setup is more flexible and practical than conventional human action recognition tasks. However, existing benchmarks designed for traditional action recognition fail to address the unique complexities in N-HRI due to limited data, modalities, task categories, and diversity of subjects and environments. To address these challenges, we introduce ACTIVE (Action from Robotic View), a large-scale dataset tailored specifically for perception-centric robotic views prevalent in mobile service robots. ACTIVE comprises 30 composite action categories, 80 participants, and 46,868 annotated video instances, covering both RGB and point cloud modalities. Participants performed various human actions in diverse environments at distances ranging from 3m to 50m, while the camera platform was also mobile, simulating real-world scenarios of robot perception with varying camera heights due to uneven ground. This comprehensive and challenging benchmark aims to advance action and attribute recognition research in N-HRI. Furthermore, we propose ACTIVE-PC, a method that accurately perceives human actions at long distances using Multilevel Neighborhood Sampling, Layered Recognizers, Elastic Ellipse Query, and precise decoupling of kinematic interference from human actions. Experimental results demonstrate the effectiveness of ACTIVE-PC. Our code is available at: https://github.com/wangzy01/ACTIVE-Action-from-Robotic-View.

Shop-R1: Rewarding LLMs to Simulate Human Behavior in Online Shopping via Reinforcement Learning

Large Language Models (LLMs) have recently demonstrated strong potential in generating 'believable human-like' behavior in web environments. Prior work has explored augmenting training data with LLM-synthesized rationales and applying supervised fine-tuning (SFT) to enhance reasoning ability, which in turn can improve downstream action prediction. However, the performance of such approaches remains inherently bounded by the reasoning capabilities of the model used to generate the rationales. In this paper, we introduce Shop-R1, a novel reinforcement learning (RL) framework aimed at enhancing the reasoning ability of LLMs for simulation of real human behavior in online shopping environments Specifically, Shop-R1 decomposes the human behavior simulation task into two stages: rationale generation and action prediction, each guided by distinct reward signals. For rationale generation, we leverage internal model signals (e.g., logit distributions) to guide the reasoning process in a self-supervised manner. For action prediction, we propose a hierarchical reward structure with difficulty-aware scaling to prevent reward hacking and enable fine-grained reward assignment. This design evaluates both high-level action types and the correctness of fine-grained sub-action details (attributes and values), rewarding outputs proportionally to their difficulty. Experimental results show that our method achieves a relative improvement of over 65% compared to the baseline.

PPAAS: PVT and Pareto Aware Analog Sizing via Goal-conditioned Reinforcement Learning

Device sizing is a critical yet challenging step in analog and mixed-signal circuit design, requiring careful optimization to meet diverse performance specifications. This challenge is further amplified under process, voltage, and temperature (PVT) variations, which cause circuit behavior to shift across different corners. While reinforcement learning (RL) has shown promise in automating sizing for fixed targets, training a generalized policy that can adapt to a wide range of design specifications under PVT variations requires much more training samples and resources. To address these challenges, we propose a \textbf{Goal-conditioned RL framework} that enables efficient policy training for analog device sizing across PVT corners, with strong generalization capability. To improve sample efficiency, we introduce Pareto-front Dominance Goal Sampling, which constructs an automatic curriculum by sampling goals from the Pareto frontier of previously achieved goals. This strategy is further enhanced by integrating Conservative Hindsight Experience Replay, which assigns relabeled goals with conservative virtual rewards to stabilize training and accelerate convergence. To reduce simulation overhead, our framework incorporates a Skip-on-Fail simulation strategy, which skips full-corner simulations when nominal-corner simulation fails to meet target specifications. Experiments on benchmark circuits demonstrate $\sim$1.6$\times$ improvement in sample efficiency and $\sim$4.1$\times$ improvement in simulation efficiency compared to existing sizing methods. Code and benchmarks are publicly available at https://github.com/SeunggeunKimkr/PPAAS

Vision Generalist Model: A Survey

Recently, we have witnessed the great success of the generalist model in natural language processing. The generalist model is a general framework trained with massive data and is able to process various downstream tasks simultaneously. Encouraged by their impressive performance, an increasing number of researchers are venturing into the realm of applying these models to computer vision tasks. However, the inputs and outputs of vision tasks are more diverse, and it is difficult to summarize them as a unified representation. In this paper, we provide a comprehensive overview of the vision generalist models, delving into their characteristics and capabilities within the field. First, we review the background, including the datasets, tasks, and benchmarks. Then, we dig into the design of frameworks that have been proposed in existing research, while also introducing the techniques employed to enhance their performance. To better help the researchers comprehend the area, we take a brief excursion into related domains, shedding light on their interconnections and potential synergies. To conclude, we provide some real-world application scenarios, undertake a thorough examination of the persistent challenges, and offer insights into possible directions for future research endeavors.