瓶颈道路使用收费理论及模型

拥挤道路使用收费作为现代城市交通需求管理的有效措施在理论上和实践上都具有十分重要的意义。文中以经典瓶颈模型为基础,首先在固定用户情况下讨论了不收费平衡;进而讨论了用户有需求,容量任意情况下的不收费平衡和收费平衡;最后讨论了用户有需求,容量最优情况下的收费平衡和不收费平衡,这对进一步研究道路使用收费有一定的借鉴意义。     

北京市建设地下公共交通的探讨

北京近十年来将地铁作为解决交通的主要措施,取得了巨大成绩,一定程度缓解了市民的出行难题.但是随着地铁线路的加密和增加,建设难度和运营补贴迅速加大,已凸显出“力不从心”之态.笔者提出在北京发展和建设城市地下公共交通的设想,并对其可行性及优势进行了分析,地下公共交通可与大运量的地铁骨干交通和地面公共交通共同组成立体交通系统,可加快解决和改善北京交通拥堵现状.     

城市交通拥堵的定量化研究——以西安市为例

文章从城市道路交通网络的典型结构布局入手,提出衡量交通拥堵的定量化指标——交通拥堵影响因子,以西安市城市道路交通网络中出现的交通拥堵为例,选取符合文章研究目的的相关路段进行实证分析。     

城市交通拥挤收费的问题研究

在分析国外交通拥挤收费成功经验基础上,对实施交通拥挤收费的必要交通条件进行了归纳,并指出我国实行拥挤收费所面临的特有的困难,这其中包括收费制度难确定,实施成本较高,现阶段公交系统不能提供有效支撑,公众难以接受等。故本文认为在上述问题未解决之前,实施拥挤收费并不能取得良好效果。     

城市道路拥挤定价中的交通需求分析

交通拥挤是许多城市面临的严峻挑战，路网扩张作为传统战略对减少交通拥挤作用不大，城市道路交通拥挤定价逐渐成为有吸引力的交通管理措施。本文探讨了拥挤收费政策对交通需求的影响，采用多项logit(MNL)模型和广义选择logit(GNL)模型分析拥挤收费导致出行者效用函数变化所引起的交通需求结构的变化，给出了交通需求关于拥挤收费标准的弹性计算公式．为拥挤定价政策下的城市交通规划提供需求分析技术。     

一般需求函数下两级供应链定价博弈研究

研究需求函数为一般需求函数D=f（p）时,供应链中制造商和零售商不合作定价、合作定价的供应链利润。找出了两个充要条件,证明了在制造商和零售商之间不合作定价博弈存在纳什均衡时,该纳什均衡状态的供应链利润劣于合作定价的供应链利润。文中并且给出两个典型需求函数的例子：线性需求函数和柯布一道格拉斯需求函数。分别证明了它们均满足该两个充要条件,印证了所得结论。     

基于瓶颈指数的旅游产品制造企业生产物流瓶颈问题研究

首先分析了旅游产品制造企业物流瓶颈的多态性问题,提出了迟钝型和敏锐型瓶颈的概念,构建了旅游产品制造企业生产物流瓶颈的动态预测模型,还提出了瓶颈漂移的预测方法。最后以唐龙陶瓷旅游产品制造企业的装配车间为例,证明本研究能够较准确的预测旅游产品制造企业生产物流瓶颈漂移的趋势,实现有效的监控。     

Pricing competition with inventory considerations in a hazard rate-prone market of durables

This paper addresses Bertrand-type pricing competition between two firms producing partially differentiated durables over a finite planning horizon. The demand for durables, characterized by increasing returns of scale to a price reduction, is led by the hazard rate. While the effect of inventories on pricing of non-durables is widely recognized, the management and marketing literature typically overlooks this effect in regard to horizontally competing firms for durables. In this paper we show that the pricing trajectory of durables may significantly alter when inventory dynamics are accounted for. In particular, the price may hike upwards before dropping; gradually grow; or even stay at the same level over the entire product life while it would only decline if inventories and related costs are disregarded. Furthermore, the well-known, optimal pricing strategy of following the pattern of sales does not necessarily confirm even for symmetric equilibria when the competing firms have either an inventory surplus or shortage.     

产品定价的排队博弈分析

产品定价是企业经营决策的重要内容之一,利用排队博弈的方法分析企业定价策略是最近几年发展起来的一种新思想。本文研究了在双寡头竞争的市场条件下,企业产品最优定价的排队博弈模型,分析了产品价格与成本、质量和交易等待成本之间的关系,推导出最优定价策略的纳什均衡解。最后给出了一家企业的产品最优定价实例。     

Pricing and optimality with default spreads

In this paper we study the asset pricing and individual optimality problem in a two period incomplete markets economy where default is allowed but there are utility penalties and collateral requirements.     

股票基本定价与定价模型的选择

现代市场经济发展的主要方面之一是金融发展。在发达的市场经济条件下,每个国家、企业和个人的经济活动都离不开金融。人们从事金融活动的欲望越强烈,社会资本积累的速度就越快。尤其在资本总量一定的情况下,金融活动越活跃,货币与资本市场越发达,资金的使用效率就越高。经济发展水平高,人们对投资与储蓄的要求就会多样化,从而也会促进金融工具创新的多样化,导致融资方式和融资渠道多样化,而金融的发展,又可以加速经济     

Options as a Marketing Tool: Pricing a Promotional Scheme for a Product with a Secondary Market

Adding options to durable products allows new opportunities for manufacturers and retailers in markets with a secondary market to create better segmentation schemes, provide creative means to differentiate their products and services, and increase the value they offer consumers. This raises the need for sellers to properly price such options. This work presents a few examples of incentive programs for the car industry, develops models and calculates their cost to the seller, demonstrating the applicability of the proposed methodology. Our numerical results indicate that such options are surprisingly inexpensive for car manufacturers and dealers. Copyright © 2015 John Wiley & Sons, Ltd.     

Pricing European continuous-installment currency options with mean-reversion

In this paper, we consider European continuous-installment currency option under the mean-reversion environment. Specifically, we provide efficient pricing formula of installment currency put option via a partial differential equation (PDE) approach when the exchange rate follows the mean reverting lognormal model. Using the Mellin transform techniques, we derive the integral equation representation for the optimal stopping boundary from the PDE for pricing of the option. To verify the efficiency and accuracy of our approach, we provide computational results with the least square Monte Carlo method proposed by Longstaff and Schwartz (2001). We also present some numerical examples to examine the characteristics of the optimal boundaries and prices.     

Asset Pricing with Observable Stochastic Discount Factors

The stochastic discount factor model provides a general framework for pricing assets. By specifying the discount factor suitably it encompasses most of the theories currently in use, including CAPM and consumption CAPM. The SDF model has been based on the use of single and multiple factors, and on latent and observed factors. In most situations, and especially for the term structure, single factor models are inappropriate, whilst latent variables require the somewhat arbitrary specification of generating processes and are difficult to interpret. In this paper we survey the principal different implementations of the SDF model for bonds, equity and FOREX and propose a new approach. This is based on the use of multiple factors that are observable and modelling the joint distribution of excess returns and the factors using a multi–variate GARCH–in–mean process. We argue that in general single equation and VAR models, although widely used in empirical finance, are inappropriate as they do not satisfy the no–arbitrage condition. Since risk premia arise from conditional covariation between the returns and the factors, both a multi–variate context and having conditional covariances in the conditional mean process, is essential. We explain how apparent exceptions, such as the CIR and Vasicek models, in fact meet this requirement — but at a price. We explain our new approach, discuss how it might be implemented and present some empirical evidence, mainly from our own researches. Partly, to enable comparisons to be made, the survey also includes evidence from recent empirical work using more traditional approaches.     

Pricing vulnerable options with stochastic liquidity risk

In this paper, we consider vulnerable options with stochastic liquidity risk. We employ liquidity-adjusted pricing models to describe the underlying stock price and option issuer’s assets. In addition, the correlation between these assets is stochastic, depending on the market liquidity measures. In the proposed framework, we derive closed forms of vulnerable European options with stochastic liquidity risk and then use them to illustrate the effects of stochastic liquidity risk on vulnerable option prices. Numerical results show that the effects of liquidity risk on the prices of out-of-the-money options or the options with a short maturity are not negligible.     

突破中国式寿命的瓶颈

企业文化,不只是一个口号,一个标语,或者是做一个形式。企业文化的形成是一个漫长的过程,是企业理念和价值观的聚合。天士力提出了三个百年理论:百年企业,百年育人,百年品牌。     

Pricing the cloud: a QoS-based auction approach

ABSTRACT

Cloud computing is an evolutionary technology that offers on-demand resources and elastic services through the Internet. Most providers adopt fixed-price mechanisms (e.g. pay-as-you-go). However, a few providers have recently employed auction-like approaches to price cloud services. Meanwhile, cloud consumers pay more attention to Quality of Service (QoS) such as availability, which measures how well a service is performed. This paper proposes a novel auction approach that can efficiently allocate resources according to customers’ QoS preferences. The QoS-based pricing can generate more revenue than a fixed-price strategy. This research lies at the intersection of cloud computing, economics, and information systems.     

Pricing external barrier options in a regime-switching model

External barrier options are two-asset options where the payoff is defined on one asset and the barrier is defined on another asset. In this paper, we derive the Laplace transforms of the prices and deltas for the external single and double barrier options where the underlying asset prices follow a regime-switching model with finite regimes. The derivation is made possible because we can obtain the joint Laplace transform of the first passage time of one asset value and the value of the other asset. Numerical inversion of the Laplace transforms is used to calculate the prices of external barrier options.     

服从多种形式跳过程的期权定价模型

股票价格过程包含跳跃和扩散两种随机运动，其中跳跃是重大信息到达对股票价格的冲击。本文将引起股票价格跳跃的重大信息按照相对重要程度分为l类，建立了多种形式跳的股票价格过程，运用无风险证券、股票和期权复制其他期权的方法，推导出期权价值方程和欧式期权定价公式，给出了引起股票价格跳跃的不可观测参数的确定方法。     

带Poisson跳的Black-Scholes模型的期权定价

主要讨论欧式期权的定价公式。首先给出一个B-S期权定价公式的简化方法,使具有一般微积分知识的读者就能理解;并假定股票价格过程遵循带Poisson跳的扩散过程,在股票预期收益率、波动率和无风险利率均为时间函数的情况下,得到欧式期权定价公式和买权与卖权之间的平价关系。