Paper:
Aggressive Sampling for Multi-class to Binary Reduction with Applications to Text Classification
We address the problem of multi-class classification in the case where the number of classes is very large. We propose a double sampling strategy on top of a multi-class to binary reduction strategy, which transforms the original multi-class problem into a binary classification problem over pairs of examples. The aim of the sampling strategy is to overcome the curse of long-tailed class distributions exhibited in majority of large-scale multi-class classification problems and to reduce the number of pairs of examples in the expanded data. We show that this strategy does not alter the consistency of the empirical risk minimization principle defined over the double sample reduction. Experiments are carried out on DMOZ and Wikipedia collections with 10,000 to 100,000 classes where we show the efficiency of the proposed approach in terms of training and prediction time, memory consumption, and predictive performance with respect to state-of-the-art approaches.

Review:
This paper presents a learning reduction for extreme classification, multiclass classification where the output space ranges up 100k different classes. 
Many approaches to extreme classification rely on inferring a tree structure among the output labels, as in the hierarchical softmax, so that only a logarithmic number of binary predictions need to be made to infer the output class, or a label embedding approach that can be learned efficiently through least-squares or sampling. The authors note the problems with these approaches: the inferred latent tree may not be optimal and lead to cascading errors, and the label embedding approach may lead to prediction errors when the true label matrix is not low-rank.
An alternative approach is to reduce extreme classification to pairwise binary classification. The authors operate in the second framework and present a scalable sampling based method with theoretical guarantees as to its consistency with the original multiclass ERM formulation.
Experiments on 5 text datasets comparing a number of competing approaches (including standard one-vs-all classification when that is computationally feasible) show that the method is generally superior in terms of accuracy and F1 once the number of classes goes above 30k, and trains faster while using far less memory, although suffers somewhat in terms of prediction speed.
The Aggressive Double Sampling reduction is controlled by two parameters, one of which controls the frequency of sampling each class, which is inversely proportional to the empirical class frequency in order to avoid entirely missing classes in the long tail. The second parameter sets the number of adversarial examples to draw uniformly. This procedure is repeated to train the final dyadic classifier.
At prediction time, inference is complicated by the fact that generating pairwise features with all possible classes is intractable. A heuristic is used to identify candidate classes by making an input space centroid representation of each class as the average of vectors in the class, with prediction being carried out by a series of pairwise classifications with only those candidates.
Theoretical analysis of the reduction is complicated by the fact that the reduction from multi-class to dyadic binary classification changes a sum of independent random variables into a sum of random variables with a particular dependence structure among the dyadic examples. The other complication is caused by the oversampling of rare classes, shifting the empirical distribution. The proof involves splitting the sum of dependent examples into several sums of independent variables based on the graph structure induced by the example construction, and using the concentration equalities for partially dependent variables introduced by Janson. Although the finite-sample risk bound is biased by the ratios between the true class probabilities and the oversampled ones, these biases decrease linearly with the size of the sampled and re-sampled training sets. The analysis appears sound but I have not verified the proof in detail.
Overall, this paper presents a strong method for extreme classification, with small memory and computational requirements and superior performance on especially the largest datasets. The binary reduction algorithm appears theoretically sound, interesting, and useful to practitioners.