Adapting financial rationality: Is a new paradigm emerging?

We discuss the implications of an alternative to the efficient market hypothesis (EMH) the adaptive market hypothesis (AMH). The AMH advances a theoretical basis for a new financial paradigm which can better model such phenomena as the recent financial crisis. The AMH regards the financial market order as evolving, tentative and defined by creative destruction in which trading strategies are introduced, mutate to survive, or face abandonment. The concept of investor rationality is less helpful than the distinction between investment strategies which are more or less well adapted to the prevailing market environment. We outline how a more systematic and grounded basis for behavioural finance can be developed in line with the latter approach. Based on this we develop testable hypotheses allowing the AMH to be distinguished from the EMH. Finally, we discuss how the AMH can aid our understanding of important issues in finance. A central insight is that in the survival of richest, as opposed to fittest, implied by the AMH there is much room for misallocation of resources as price and value uncouple. In this shifting financial market order the regulatory State features as a further market in which the vote market verifies or disrupts market conditions.     

商业经济视角下我国体育产业面临问题及发展方向探讨

以商业经济视角,对我国体育产业的发展存在的突出问题以及未来发展方向进行了初步探讨。研究认为,我国体育产业发展迎来了千载难逢的历史性契机和机遇。中国的体育产业是"朝阳产业"、"低碳经济"中最具成长的基础产业。体育赛事表演和体育健身娱乐,是体育产业的两大核心内容。休闲娱乐化是中国体育产业的未来发展方向。     

YAWL语言及其系统的初步研究

工作流和工作流管理系统的合理应用可大大提高办公自动化的程度,而现有的工作流系统在支持工作流基本模式上存在一定的缺陷。一种新出现的YAWL语言较好地支持了工作流现有的基本模式,文章就YAWL语言及其系统的执行方法进行了初步的研究。     

Metatheory as the key to understanding: Schumpeter after Shionoya

In his recent book, Yuichi Shionoya departs from previous Schumpeterianstudies. He sets out to reconstruct Schumpeter's metatheoreticalframework, which he argues is the key to a correct interpretationof his substantive writings. The centrepiece of this projectis the thesis that Schumpeter has a coherent methodologicalposition—instrumentalism—which consistently underpinshis theoretical work. The present paper examines this thesis,and in so doing paves the way for an alternative hypothesison Schumpeter. This hypothesis is based on Tony Lawson's workon the philosophy of economics.     

供应链视角下餐饮O2O模式的配送路径优化

O2O最后一公里配送往往需要综合考虑时间和成本的关系,研究平台对订单的分配和路径优化对提升O2O供应链的整体效率和产业链升级具有十分重要的意义。从餐饮商家和O2O平台两个主要参与者出发对物流配送系统进行研究,提出了适合于O2O餐饮供应链的配送网络,并考虑道路阻塞、最大里程数等约束,搭建了上层模型最短时间、下层模型最低成本的双层规划模型,进而通过NSGA-Ⅱ算法求得可行解,最后验证了算法的可行性,为进一步研究O2O配送提供了新的解决思路。     

多维视角下知识分子的艰难行走——解读方方的《乌泥胡年谱》

方方的《乌泥胡年谱》通过不同的视角刻画了特定时代特定政治背景下知识分子的艰难行走。他视角是广角镜头,照出了知识分子的悲剧群像,内心独白是个体心态及命运写照,看出了知识分子人格萎缩的渐变过程,＂我＂视角浓缩了宏大的时空,将过去与未来衔接在一起,给读者深层的启发与感悟。     

The weak human and the saving grace of the welfare state: German pupils’ perception of future social change and drivers of change

Social change has often been seen as a desired goal of critical pedagogy. Interestingly; there is little research about how pupils in Germany perceive the concept of social change and what drives social change. This article presents the outcome of a three year long research project that aimed to analyse how a sample of German pupils makes sense of social change and what forces drive social change in society through future narratives (written assignments and interviews). The study finds that pupils have an implicit and explicit understanding of politics and the state as a driving force, but that this is challenged by external drivers such as the global economy/technology and internal drivers such as human self-interest/egoism and insecurity/fear. In this study, the pupils often describe the present economy as being organised and the future economy to become more and more disorganised. Using future narratives in critical pedagogy can be a way to work more closely with the students and their perceptions of social change and drivers of change.     

Marketing resources and performance of exhibitor firms in trade shows: A contingent resource perspective

In spite of the fundamental nature of trade shows as venues for working on webs of vertical and horizontal relationships, the extant trade show literature neglected relationship and network context factors. Specifically, previous studies attributed superior trade show performance to internal resource conditions and hence failed to address the moderating influence of important contexts such as relationship assets and knowledge assets. This study adopts the contingent resource perspective and extends the literature by proposing that the main effect of trade show resources on trade show performance is contingent upon the firm's internal knowledge assets and its external relationship assets. Overall, the empirical evidence supports the contingency models. One major managerial implication for exhibitor managers is the need to adjust allocation of its trade show marketing resources according to market-based assets it possesses.     

环境艺术教育表现课程体系建构研究

环境艺术设计专业对设计表现类课程是有一定要求的,近年来,由于个人电脑的普及,该课程体系受到一定程度的冲击,从整体上对专业教学造成一定的影响。本文从设计发展的历史及学科构建的角度出发,阐述了设计表现类课程体系的重要性和必要性以及表现类课程体系的内容。     

Huntington's disease,critical illness insurance and life insurance

We describe briefly a model of Huntington's disease (HD), a highly penetrant, dominantly inherited, fatal neurological disorder. Although it is a single-gene disorder, mutations are variable in their effects, depending on the number of times that the CAG trinucleotide is repeated in a certain region of the HD gene. The model covers: (a) rates of onset, depending on CAG repeat length as well as age; (b) post-onset rates of mortality; and (c) the distribution of CAG repeat lengths in the population. Using these, we study the critical illness and life insurance markets. We calculate premiums based on genetic test results that disclose the CAG repeat length, or more simply on a family history of HD. These vary widely with age and policy term; some are exceptionally high, but in a large number of cases cover could be offered within normal underwriting limits. We then consider the possible costs of adverse selection, in terms of increased premiums, under various possible moratoria on the use of genetic information, including family history. These are uniformly very small, because of the rarity of HD, but do show that the costs would be much larger in relative terms if family history could not be used in underwriting. We point out some difficulties involved in applying a moratorium that recognises simply a dichotomy between ‘carriers’ and ‘non-carriers’ of any mutation in a gene when these mutations are, in fact, very variable in their effects. These complexities suggest that restrictions on the disclosure, rather than on the use, of genetic information, if it became established as a principle, could deprive insurers of information needed for risk management even if not used in underwriting.