Papers › Nested Expectations with Kernel Quadrature

Nested Expectations with Kernel Quadrature

25 Feb 2025arXiv:2502.18284archive 2025-07-28

Zonghao Chen, Masha Naslidnyk, François-Xavier Briol

This paper considers the challenging computational task of estimating nested expectations. Existing algorithms, such as nested Monte Carlo or multilevel Monte Carlo, are known to be consistent but require a large number of samples at both inner and outer levels to converge. Instead, we propose a novel estimator consisting of nested kernel quadrature estimators and we prove that it has a faster convergence rate than all baseline methods when the integrands have sufficient smoothness. We then demonstrate empirically that our proposed method does indeed require fewer samples to estimate nested expectations on real-world applications including Bayesian optimisation, option pricing, and health economics.

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