Modeling complex systems

Empirical observations suggest that linear dynamics are not an adequate representation of ecological systems and that a realistic representation would require adoption of complex nonlinear dynamical systems with characteristics encountered in complex adaptive systems (CAS). Adequate modeling should include and combine elements, such as strategic interactions among economic agents, nonconvexities induced by nonlinear feedbacks, separate spatial and temporal scales and modeling of spatiotemporal dynamics, and allowance of alternative time scales. Ignoring these characteristics might obscure very important features that we observe in reality, such as bifurcations and irreversibilities or hysteresis. As a consequence, the design of policies that do not take CAS characteristics into account might lead to erroneous results and undesirable states of managed economic–ecological systems.     

Akbar's multiculturalism: lessons for diversity management in the 21st century

This paper challenges the hegemony of US‐centric perspectives in the diversity management literature by explaining how non‐Western histories and cultures may provide alternative contexts for understanding and managing diversity. In pursuit of this, the paper describes how Muslim ruler Jalaluddin Muhammad Akbar conceptualized multiculturalism in 16th century India, and how his principles of sulh‐i‐kul, rah‐i‐aql, and rawa‐i‐rozi may be adopted to develop a sociopolitical environment conducive to managing cultural diversity in organizations, an environment currently lacking even in the majority of democratic countries in the world today. Copyright © 2010 ASAC. Published by John Wiley & Sons, Ltd.     

A Bargaining Experiment to Motivate Discussion on Fairness

The author presents a classroom version of the popular research game called the Ultimatum Game. Researchers are placing growing importance on how fairness affects behavior, and this experiment provides a useful, fun, and engaging way in which a day or two of class time can be spent on the topic. The appendix contains all of the materials necessary to conduct this experiment, and the experiment can highlight several items of interest for the instructor. First, different individuals place different subjective weights on concerns for fairness versus money. Second, theories that incorporate concerns for fairness into agents' preferences can often explain behavior better than those that do not. Finally, when it is relatively cheap to purchase fairness (or equality) individuals purchase more of it. The classroom results can motivate discussion of a downward sloping demand curve for fairness.     

Agents as Empirical Macroeconomists: Thomas J. Sargent’s Contribution to Economics*

Thomas J. Sargent has fundamentally changed and, in the words of Art Rolnick, who interviewed him in 2010, “irrevocably transformed” the field of macroeconomics—whether as sole author, as co‐author with collaborators, as an author influenced by others, or as a teacher of the profession, influencing others. This paper is about his contribution to our field. The Nobel Memorial prize to Thomas J. Sargent and Christopher A. Sims has been awarded for the “empirical research on cause and effect in the macroeconomy” or, more broadly, for macroeconometrics. One often likes to distinguish between theorists, on the one hand, and empiricists and econometricians, on the other. Thomas J. Sargent holds a unique position in between. A key theme in a large part of his work has been to put the agents in his model on equal footing with the econometrician who is observing data from the model (i.e., to assume that agents are themselves empirical macroeconomists or macroeconometricians). In this paper, I use this theme to examine his work and his contributions to the study of economics.     

关于股票期现货市场T+0和T+1交易机制的思考

本文从T+0交易与信用交易的内在联系、T+0对投资者的影响、T+0对市场的影响、交易机制改革的出发点四个方面对期现货交易机制进行分析。结论是:T+0是证券市场信用交易的必然产物,T+0和T+1交易机制的制度套利来自于信用交易,而不是股指期货;是否需要取消T+1,从而消除这一制度套利,不能单纯从维护散户交易权利的角度出发,而应当综合考虑对市场和投资者的影响;交易机制改革可行的方法是实行T+0并辅以配套的风险管理措施。     

CBERS-2 CCD遥感图像辐射校正技术

在对CBERS-2卫星CCD遥感图像辐射校正技术进行深入研究的基础上,给出了图像的0级预处理、传感器标定、大气辐射校正、照度校正等技术方法。在0级图像预处理方面,提出了利用测试数据来解决拼接区的辐射失真问题,并提出一种新的条纹检测技术;传感器的标校方面,讨论了底电平和非均匀性的消除方法;大气辐射校正采用回归分析法和直方图法;给出了太阳高度和地形坡度的照度校正方法与技术。     

The effect of monetary policy shocks on stock prices accounting for endogeneity and omitted variable biases

A new high frequency data set is used to estimate the impact of the Fed on the level and volatility of stock prices while accounting for endogeneity and omitted variable biases and potential asymmetries. Results show that after addressing these issues, the effect of policy shocks on the level and volatility of stock returns is higher than previously reported. GARCH findings indicate that the volatility impact is tent-shaped, spiking during policy announcements and declining before and after the release. The level and conditional volatility of stock returns is found to respond asymmetrically to the type of policy shocks (timing versus future path of monetary policy) and the type of policy action (easing versus tightening).     

从图论角度对布点问题求解

在日常生产和生活中,往往有一类问题是关于有限的资源在一定条件下的合理利用问题,且要达到最大的利益或者价值。其中包含站点的位置选址问题,通常我们把这类问题归纳为整数规划中的最优问题,利用MATLAB软件我们可以轻松的得到问题的数值解。但对站点的位置选址问题,我们发现利用图论的理论,从图论角度进行分析和求解,可以更轻松。     

浅析网上证券交易的T+0操作

中国的股市是T+1交易的,本文从T+0的操作方法、T+0盘中底部五种形态的识别、T+0的操作要领和T+0操作的注意事项几个方面探讨了如何让T+1交易变为T+0操作,从而规避风险,达到盈利的目的。     

我国企业境外借壳上市的实证分析与法律规范

随着我国证券市场国际化向纵深方向发展 ,我国企业境外借壳上市的活动日趋增多。本文在对我国企业境外借壳上市进行实证分析的基础上 ,提出了对其进行有效规范的几点管见。