Learning equilibrium mean-variance strategy

We study a dynamic mean-variance portfolio optimization problem under the reinforcement learning framework, where an entropy regularizer is introduced to induce exploration. Due to the time–inconsistency involved in a mean-variance criterion, we aim to learn an equilibrium policy. Under an incomplete market setting, we obtain a semi-analytical, exploratory, equilibrium mean-variance policy that turns out to follow a Gaussian distribution. We then focus on a Gaussian mean return model and propose a reinforcement learning algorithm to find the equilibrium policy. Thanks to a thoroughly designed policy iteration procedure in our algorithm, we prove the convergence of our algorithm under mild conditions, despite that dynamic programming principle and the usual policy improvement theorem failing to hold for an equilibrium policy. Numerical experiments are given to demonstrate our algorithm. The design and implementation of our reinforcement learning algorithm apply to a general market setup.     

学习型供应链对供应链应急管理的作用分析

从专注于失败、反对简单化解释、敏锐关注运作过程、注重回应力、遵从专家意见这五个高可靠性组织特征的角度出发,分析了学习型供应链能够有效应对突发事件,从而保证供应链运作的高可靠性。     

MOOCs对高职院校教学的借鉴分析

MOOCs是一种大规模、开放的在线课程学习模式。采用MOOCs教学模式,能够使高职院校共享更多的优质教学资源,为高职院校师生创造接触多元文化的机会,有利于搭建高职院校的自主学习平台,同时也能缓解高职院校师资力量短缺的问题。     

Students' experiences of learning in a third-year management accounting class: Evidence from New Zealand

An extensive body of literature in higher education (for example, Marton and Säljö, 1984; Prosser and Trigwell, 1999) explores learning from the perspectives of students. Säljö (1979) formed the basis of Sharma's (1997) first study exploring accountancy students' conceptions of learning. Using an open-ended questionnaire administered to third-year management accounting students, this paper investigates accountancy students' conceptions of learning, and extends Sharma's (1997) study by examining the relationship between conceptions of and approaches to learning, and more specifically students' contextual experiences of learning in lectures and tutorials. Findings indicate that, while some students seek understanding as an outcome of their learning, the majority perceive learning quantitatively in terms of knowledge acquisition, reproduction and application. A new classification of the locus of responsibility for learning as perceived by students suggests that a more distributed concept of responsibility might result in enhanced learning outcomes.     

同伴互助学习在大学英语网络自主学习模式中互补发展的实证研究

以多媒体网络技术为手段的大学英语网络自主学习模式广泛应用于大学英语教学中。这种模式弥补了传统教学的不足,充分发挥了其信息化的优势,对教学起到了积极的作用.但是在网络自主学习模式的发展过程中也不可避免的产生一系列新的问题。经过对这些问题的深入分析后,提出了同伴互助学习模式和网络自主学习模式的互补发展模式。     

教学做一体化教学模式应用于“校中厂”实训课程的探索与实践

"教学做一体化"是将理论和实践有机地融为一体的教学模式。就教学做一体化教学模式应用于"校中厂"实训课程,从改革教学内容、教学方法、开放实训室等方面进行探讨。     

Fits,misfits and interactions: learning at work,job satisfaction and job‐related well‐being

The resource‐based view (RBV) of the firm has focused attention on the importance of aligning employees' needs with the requirements of the jobs they do. This article focuses on how these needs and requirements interact in terms of learning. It does so in two ways. First, it develops new survey instruments to capture the learning demands of jobs and the learning dispositions of workers and uses them for the first time in a survey of 2,810 employees. Second, it examines how these person and job characteristics correlate with specific aspects of job satisfaction and job‐related well‐being. The results show that although learning alignment is associated with high levels of satisfaction and well‐being, not all learning misalignments are associated with the reverse.     

基于高职“工学结合”课程考试改革的研究与实践

结合高职院校人才培养目标,通过分析传统考试存在的弊端,指出了高职课程考试改革的重要性,提出了"工学结合"课程考试的评价方式,并结合《液压传动与气动技术》课程对考试改革实践效果进行了分析研究。     

Institutionalism and Econometrics: Toward a Meaningful Synthesis

For the last twenty years, the world economy has evolved at a great speed. Every good, capital asset, and knowledge is mobile and induces more competition. Innovation in commodities is a complex process that requires more cooperation. To innovate in the knowledge economy, firms nowadays must establish “win-win situations” for individuals in creating networks. These networks are useful for firms in order to come up with innovative strategies. The building of networks enables the interactions between agents, the environment, and institutions. The interdependence of agents and institutions is not new to evolutionary theory (Commons 1931 Commons, John R. “Institutional Economics.” American Economic Review 21, 4 (1931): 648–657. [Google Scholar]; Veblen 1898 Veblen, Thorstein. “Why Is Economics Not an Evolutionary Sciences?” Quarterly Journal of Economics 12, 2 (1898): 373–397.[Crossref] , [Google Scholar]). However, I argue that institutions must be more flexible than ever before in order to help agents adapt to the modern knowledge economy. On the basis of the role of meso-networks, I propose new long-run specialization and short-run competitiveness that will promote greater efficiency and equality around the world in relation to firms and countries exporting industrial goods into world markets. Within the innovative networks, I analyze the role of two different actors: (i) the “economic leader” who has a long-run strategy and (ii) the “go-between leader” who knows how to diffuse “useful information” to actors to help them innovate in new products, services, or processes.     

Static and dynamic efficiency of pollution control strategies

A great deal of the economic literature on pollution control strategies concentrates on the efficiency of environmental policy instruments. Most analytical studies in this field show that market instruments are more efficient with respect to the cost of pollution abatement of a given number of polluters than non-market instruments. According to several analytical studies, market instruments should also be more efficient with respect to innovation in pollution abatement equipment than non-market instruments. In the empirical literature a great number of case studies exist with estimations of the savings of abatement costs of market instruments in a situation without technological progress. Empirical studies about the impact of environmental policy market instruments on the abatement costs in situations with technological progress are lacking.The purpose of this paper is to fill this gap. The paper deals with an empirical estimation of abatement costs for the emission of SO₂ of coal-fired electricity units in the Netherlands from 1985 to 2000. First, the working of market instruments and non-market instruments (the existing environmental policy of the Dutch government) is simulated in a static situation. Second, we analyse the learning effects of flue gas desulphurization. The efficiency advantage of market instruments turns out to be larger in a situation of technological progress than in a static situation.