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Creators/Authors contains: "Misra, Kanishka"

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  1. Discourse particles are crucial elements that subtly shape the meaning of text. These words, often polyfunctional, give rise to nuanced and often quite disparate semantic/discourse effects,as exemplified by the diverse uses of the particle *just* (e.g., exclusive, temporal, emphatic). This work investigates the capacity of LLMs to distinguish the fine-grained senses of English *just*, a well-studied example in formal semantics, using data meticulously created and labeled by expert linguists. Our findings reveal that while LLMs exhibit some ability to differentiate between broader categories, they struggle to fully capture more subtle nuances, highlighting a gap in their understanding of discourse particles. 
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    Free, publicly-accessible full text available January 1, 2026
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    Motivated by their increasing prevalence, we study outcomes when competing sellers use machine learning algorithms to run real-time dynamic price experiments. These algorithms are often misspecified, ignoring the effect of factors outside their control, for example, competitors’ prices. We show that the long-run prices depend on the informational value (or signal-to-noise ratio) of price experiments: if low, the long-run prices are consistent with the static Nash equilibrium of the corresponding full information setting. However, if high, the long-run prices are supra-competitive—the full information joint monopoly outcome is possible. We show that this occurs via a novel channel: competitors’ algorithms’ prices end up running correlated experiments. Therefore, sellers’ misspecified models overestimate the own price sensitivity, resulting in higher prices. We discuss the implications on competition policy. 
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