RELAXED UTILITY MAXIMIZATION IN COMPLETE MARKETS

For a relaxed investor—one whose relative risk aversion vanishes as wealth becomes large—the utility maximization problem may not have a solution in the classical sense of an optimal payoff represented by a random variable. This nonexistence puzzle was discovered by Kramkov and Schachermayer (1999) , who introduced the reasonable asymptotic elasticity condition to exclude such situations. Utility maximization becomes well posed again representing payoffs as measures on the sample space, including those allocations singular with respect to the physical probability. The expected utility of such allocations is understood as the maximal utility of its approximations with classical payoffs—the relaxed expected utility. This paper decomposes relaxed expected utility into its classical and singular parts, represents the singular part in integral form, and proves the existence of optimal solutions for the utility maximization problem, without conditions on the asymptotic elasticity. Key to this result is the Polish space structure assumed on the sample space.     

基于社会表象理论的香港赌片对赴澳门旅游决策影响研究

以澳门为案例地,以20世纪八九十年代在华人地区广为流传的香港赌片为对象,基于社会表象理论研究香港赌片对赴澳门旅游决策所产生的影响。通过对312份调查问卷和12名赴澳游客的访谈分析发现：第一,香港赌片通过反复的表象过程在观众心中形成了鲜明的影视表象,这其中不乏负面符号;第二,在这个过程中,影视表象中积极的符号标记会引起观众对旅游目的地的积极的共感和移情,从而对旅游决策产生积极影响,而消极符号标记则会引起观众对旅游目的地的消极共感和移情,并进一步对旅游决策产生消极影响;第三,由于缺乏与澳门的主动关联和映射,香港赌片在表象过程中对观众赴澳旅游决策地形象的影响十分有限。另外,研究还表明,旅游个体的差异在整个影响过程中的作用不容忽视。     

“集体表象”与立法中的公众参与：另类视角的审视

公众参与立法意义十分重大,但近年来我国公众参与立法的现状不能令人满意。理论界也往往着力从外部制度的建构与完善方面予以探讨,但收效甚微。在立法中的公众参与问题上引入＂心史＂研究的方法,以一种内部视角来深入考察文明早期的人类体验是如何影响当代公众的思维与行为模式,或具有更为重要的理论指导意义。     

Handbook on development policy and management

ABSTRACT

Although the public service logic (PSL) has been an important equipoise to the predominant goods-manufacturing logic, there is potential to broaden its scope. An explicit integration of social context may contribute to an enhanced conceptual understanding of the PSL, at the same time addressing a major challenge in healthcare: disparities among population groups. A ‘representative co-production’ approach is suggested. In such an approach, group representatives’ knowledge and skills are used in evaluating, designing, and delivering services with the purpose of supporting other group members’ value co-creation. A case is provided, demonstrating representative co-production in access to preventive health services.     

1949-1950年苏联对恢复中国在联合国合法席位的贡献——来自中俄双方的档案文献

论述了1949-1950年间苏联不畏美国为首的一批反华势力设置的重重阻力,竭力解决中国联合国代表权问题的艰难历程。苏联政府坚持不懈的努力,不仅在于巩固和发展中苏两党两国人民的友谊,而且在于维护国际正义,提升联合国的威信与影响力。     

Collaborative conceptualisation: towards a conceptual foundation of interoperable electronic product catalogue system design

The maintenance of semantic consistency between numerous heterogeneous electronic product catalogues (EPC) that are distributed, autonomous, interdependent and emergent on the Internet is an unsolved issue for the existing heterogeneous EPC integration approaches. This article attempts to solve this issue by conceptually designing an interoperable EPC (IEPC) system through a proposed novel collaborative conceptualisation approach. This approach introduces collaboration into the heterogeneous EPC integration. It implies much potential for future e-marketplace research. It theoretically answers why real-world EPCs are so complex, how these complex EPCs can be explained and articulated in a product map theory for heterogeneous EPC integration, how a semantic consistency maintenance model can be created to satisfy the three heterogeneous EPC integration conditions and implemented by adopting a collaborative integration strategy on a collaborative concept exchange model, and how this collaborative integration strategy can be realised on a collaboration mechanism. This approach has been validated through a theoretical justification and its applicability has been demonstrated in two prototypical e-business applications.     

SCHUR CONVEX FUNCTIONALS: FATOU PROPERTY AND REPRESENTATION

The Fatou property for every Schur convex lower semicontinuous (l.s.c.) functional on a general probability space is established. As a result, the existing quantile representations for Schur convex l.s.c. positively homogeneous convex functionals, established on for either p= 1 or p=∞ and with the requirement of the Fatou property, are generalized for , with no requirement of the Fatou property. In particular, the existing quantile representations for law invariant coherent risk measures and law invariant deviation measures on an atomless probability space are extended for a general probability space.     

Benchmarking real-valued acts

A benchmarking procedure ranks real-valued acts by the probability that they outperform a benchmark β which may itself be a random variable; that is, an act f is evaluated by means of the functional V(f)=P(fβ). Expected utility is a special case of benchmarking procedure, where the acts and the benchmark are stochastically independent. This paper provides axiomatic characterizations of preference relations that are representable as benchmarking procedures. The key axiom is the sure-thing principle. When the state space is infinite, different continuity assumptions translate into different properties of the probability P.     

DISCONTINUOUS ASSET PRICES AND NON-ATTAINABLE CONTINGENT CLAIMS1

The price of a risky asset § is described by a Markov diffusion with jumps. In general there may be many equivalent martingale measures. Contingent claims which depend on the price of § at some time T may not be attainable, and the market may not be complete. However, using a martingale representation result, the local risk-minimizing strategy is explicitly constructed. This in turn provides a new motivation for the concept of the minimal martingale measure.