We propose a lending protocol with far fewer risks than existing pool-based lending protocols (e.g., Aave, Compound). In our protocol, lenders and borrowers embody the spirit of decentralization by making competing interest-rate offers, resulting in the discovery of the prevailing interest rate through tâtonnement-like dynamics as opposed to taking rates partly determined by a central authority (e.g., Aave, Federal Reserve). We eliminate the risk of manipulation by creating loans with a fixed interest rate throughout the loan---like US Treasury bills. In particular, we further derive performance guarantees probabilities of repayment shortfall and liquidation by modeling the value of the collateral as a random walk, thus allowing participants to more efficiently manage their risk. To do so, we use characteristic functions and Fourier inversion to derive exact integral representations of the liquidation and repayment shortfall probabilities under the most general assumptions. We illustrate empirically this method by using Bitcoin as collateral and fitting its historical prices to Gaussian, Student-$t$, and symmetric stable Paretian distributions.
Jinquan Zheng, Jia Yuan, Jiacheng Yao East China Normal University, Chenyang Gu East China Normal University, Pujun Zheng East China Normal University, Guoxiu He East China Normal University
Large language models (LLMs) used for multiple-choice and pairwise evaluation tasks often exhibit selection bias due to non-semantic factors like option positions and label symbols. Existing inference-time debiasing is costly and may harm reasoning, while pointwise training ignores that the same question should yield consistent answers across permutations. To address this issue, we propose Permutation-Aware Group Relative Policy Optimization (PA-GRPO), which mitigates selection bias by enforcing permutation-consistent semantic reasoning. PA-GRPO constructs a permutation group for each instance by generating multiple candidate permutations, and optimizes the model using two complementary mechanisms: (1) cross-permutation advantage, which computes advantages relative to the mean reward over all permutations of the same instance, and (2) consistency-aware reward, which encourages the model to produce consistent decisions across different permutations. Experimental results demonstrate that PA-GRPO outperforms strong baselines across seven benchmarks, substantially reducing selection bias while maintaining high overall performance. The code is available on github (https://github.com/ECNU-Text-Computing/PA-GRPO).
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cs.CL
Proceedings of the 64th Annual Meeting of the Association for Computational Linguistics (Volume 1: Long Papers) · 2026 · 正式发表