INDIFFERENCE PRICE WITH GENERAL SEMIMARTINGALES

Using duality methods, we prove several key properties of the indifference price π for contingent claims. The underlying market model is very general and the mathematical formulation is based on a duality naturally induced by the problem. In particular, the indifference price π turns out to be a convex risk measure on the Orlicz space induced by the utility function.     

新一代综合宽带接入技术及其发展趋势

阐述了新一代综合宽带接入技术的主要内容及其发展趋势，提出了新一代宽带接入网建设和发展的思路以及设计方案，并总结归纳出了综合带宽接入网的主要技术问题。     

展会活动随机事件的预判和处理

展会活动的组织和实施过程中,随机事件层出不穷,如何准确地对这些随机事件进行预判,并及时采取得当的措施进行防范和处理,是对展会组织者的组织水平和能力的真正考验。基于对这个问题的关注,通过对一些具体问题的分析为业内同行提供一些有益的参考,使得展会的组织更加便利,展会经济活动的效率更高、风险更小。     

Understanding the Implied Volatility Surface for Options on a Diversified Index

This paper describes a two-factor model for a diversified index that attempts to explain both the leverage effect and the implied volatility skews that are characteristic of index options. Our formulation is based on an analysis of the growth optimal portfolio and a corresponding random market activity time where the discounted growth optimal portfolio is expressed as a time transformed squared Bessel process of dimension four. It turns out that for this index model an equivalent risk neutral martingale measure does not exist because the corresponding Radon-Nikodym derivative process is a strict local martingale. However, a consistent pricing and hedging framework is established by using the benchmark approach. The proposed model, which includes a random initial condition for market activity, generates implied volatility surfaces for European call and put options that are typically observed in real markets. The paper also examines the price differences of binary options for the proposed model and their Black-Scholes counterparts. Mathematics Subject Classification: primary 90A12; secondary 60G30; 62P20 JEL Classification: G10, G13     

一种实用的域内标记算法及其公平性

本文从6个方面对WTO有关协定的英文文本的语言特点作了分析,结 合翻译实践经验,对其翻译提出些建设性的意见。     

关于网络行业竞争与接入定价的理论分析

网络行业在引入竞争后,很难再保证其普遍服务目标的实现。本文根据进入者进入情况的不同,从理论上分析了针对不同的情况,管制者应如何设立普遍服务基金及制定相庆的接入价格,使得网络行业在保证普遍服务目标实现的同时,又能有效竞争,提高这些行业的经营效率。     

分形图及图案设计

本文讨论了各种分形图及在图案设计中的应用 ,并提出了利用这些分形图生成图案的一些方法。     

Random Walks and Market Efficiency Tests of Latin American Emerging Equity Markets: A Revisit

The few existing studies on equity price dynamics and market efficiency for Latin American emerging equity markets show conflicting results. This study uses multiple varianceratio and auto-regressive fractionally integrated moving-average tests and new data (U.S. dollar-based national equity indices for the 1987–1997 period) to clarify these results. Documented evidence shows that equity prices in major Latin American emerging equity markets — Argentina, Brazil, Chile and Mexico—follow a random walk, and that they are, generally, weak-form efficient. In sum, therefore, the evidence suggests that international investors in these markets cannot use historical information to design systematically profitable trading schemes because future long-term returns are not dependent on past returns.     

Using the economics of platforms to understand the broadband-based market formation in the New Zealand Ultra-Fast Broadband Network

The government of New Zealand is currently building a nation-wide fibre-optics network, a project known as the Ultra-Fast Broadband (UFB) initiative. The UFB network will cover 75 percent of New Zealanders over 10 years and will cost NZD $1.5 billion to the New Zealand government. The technical and economic characteristics of the new network will have a deep impact on the current landscape of the telecommunications markets. Institutional arrangements are in place for the development of the New Zealand's UFB: a government-owned agency, Crown Fibre Holdings (CFH); private investors who jointly with CFH own the Local Fibre Companies (LFCs) which will operate the UFB; and Retail Service Providers (RSP) that will provide end-user services by purchasing wholesale services to the LFCs. Relying on a normative economics approach that uses recent advances in the theory of platform-based markets with cross-network effects – also known as theory of two-sided platforms – the paper proposes a novel view of the way markets over the UFB will unfold. On one hand, the theory is used to explain the rationale behind regulatory decisions already made and their effect on the development of UFB-based markets for contents and services. Such analysis is followed, on the other hand, by the introduction of a simple taxonomy for the RSPs which provides the framework to argue about the most likely scenarios for service deployment and competition to develop over the UFB. The analytical framework reveals that the UFB ecosystem will be fraught with cross-network externalities which are the basis for regulatory decisions already adopted and the source of particular forms of strategic behavior adopted by the UFB-based market innovators.     

关于高校贫困生问题的思考

20世纪90年代中期以来,高校贫困生人数和比例迅速增长,高校贫困生现象日益突出,高校贫困生已经成为了一个新的引人注目的弱势群体。本文在分析了我国高校贫困生的现状、特点和原因的基础上,从政府、高校以及社会三个层面提出了切实解决贫困生问题的对策。