PhD studentship: Developing Computational Foundations of Fair and Stable Decentralised Markets

Award details

Many markets function without a central auctioneer, instead relying on decentralised interactions between participants in environments characterised by bilateral negotiation and limited information exchange. This project will investigate the computational foundations of such decentralised trading. It will combine tools from algorithmic game theory, decentralised computing, and machine learning to explain how stable and equitable outcomes can arise, or fail to arise, when agents interact strategically in different informational environments.

A primary aim is to develop decentralised algorithms that capture the best-response dynamics of market participants and to establish theoretical guarantees for when, and how quickly, they converge to stable outcomes. This path will explore the trade-offs between fairness and efficiency, while also analysing how markets can degrade under selfish or adversarial behaviour through concepts such as the price of anarchy. To complement the theoretical work, there is scope for using machine learning (such as reinforcement learning) and numerical simulations to investigate behaviour in more complex environments.

The student will gain expertise in algorithmic game theory, complexity analysis, market design, and machine learning. They will join a cross disciplinary research environment at the intersection of computer science and economics, with potential opportunities for collaboration in both academia and industry (e.g. financial markets, commodity markets, and digital marketplaces). The project provides training in both rigorous mathematical analysis and computational experimentation, equipping the student with a broad skillset relevant to academia, industry, and policy.

Award value

Stipend: roughly £22,780.00 per annum, subject to increase

Bench Fees: £1,000.00 per annum

Tuition fees: covered in full for home/overseas students

Eligibility criteria

1. Eligible candidates will have a background in computer science. Experience in relevant areas such as algorithmic game theory, algorithmic design, complexity theory, or a strong mathematical background preferred.
2. This PhD opportunity is available to students who have completed, or are currently completing, a postgraduate taught masters or research masters.
3. Prior programming experience (e.g., Julia, Python, or C++) is advantageous, but candidates without will also be considered.

Application process

Applicants are encouraged to contact Dr Edwin Lock (edwin.lock@kcl.ac.uk) before formally submitting their application, including a summary of their academic background, research interests, and any relevant previous experience.

Once you have spoken with Dr Lock and you are both happy to proceed, please follow the formal application process below.

Formal Application

To be considered for the position, candidates must apply through the King’s Apply online application system. Full details are available on the Department of Informatics website.

When applying, please select:

• Programme: Computer Science Research MPhil/PhD (Full-time)
• Supervisor: Dr Edwin Lock
• Project title: Include this in your application and all correspondence

In the Funding section of the form:

1. Select Option 5 – “I am applying for a funding award or scholarship administered by King’s College London.”
2. Enter the following code exactly as written in the ‘Award Scheme Code or Name’ box: 827

Selection process

The selection process will include a review of application documents, followed by an interview for shortlisted candidates. Applicants who are successful at interview will receive an offer in due course.

Contact Details

Dr Edwin Lock (edwin.lock@kcl.ac.uk)