Optimal dividend policies for piecewise-deterministic compound Poisson risk models

This paper considers the optimal dividend payment problem in piecewise-deterministic compound Poisson risk models. The objective is to maximize the expected discounted dividend payout up to the time of ruin. We provide a comparative study in this general framework of both restricted and unrestricted payment schemes, which were only previously treated separately in certain special cases of risk models in the literature. In the case of restricted payment scheme, the value function is shown to be a classical solution of the corresponding HJB equation, which in turn leads to an optimal restricted payment policy known as the threshold strategy. In the case of unrestricted payment scheme, by solving the associated integro-differential quasi-variational inequality, we obtain the value function as well as an optimal unrestricted dividend payment scheme known as the barrier strategy. When claim sizes are exponentially distributed, we provide easily verifiable conditions under which the threshold and barrier strategies are optimal restricted and unrestricted dividend payment policies, respectively. The main results are illustrated with several examples, including a new example concerning regressive growth rates.     

Fish Market Segmentation Based on Consumers' Motives,Barriers and Risk Perception in Belgium

This study's objective was to segment Belgian fish consumers based on their motives, perceived barriers, and their risk perception corresponding with fish consumption. Cross-sectional consumer data were collected in November 2004 through a self-administered questionnaire (n = 852). Cluster analysis distinguished between three consumer segments. Uncertain fish consumers indicate strong motives and a low risk perception, but experience some barriers to increase their fish consumption. Fish Lovers do not perceive any risk from eating fish and express strong motives and low barriers. Finally, Concerned fish consumers perceive few barriers, and they score relatively moderate on fish consumption motives, but express some doubts with respect to potential risks from eating fish. Profiling the clusters yields opportunities for targeted marketing strategies and product orientation.     

Customer Perception in the Health Care Sector:

Customer perceptions of quality play a major role in the success or failure of an organization. Their perception also serves to determine their level of satisfaction or dissatisfaction. This paper will discuss those factors that the customer perceives as "quality" factors and how those factors affect satisfaction. The second section of the paper will look at who is (or should be) responsible for implementing and carrying out the goals of a quality improvement program. A case study of a large hospital located in the American Midwest is also presented. Finally, recommendations for the best way to begin a quality improvement program (i.e., measure customer perceptions of quality, involving everyone, and making a real commitment to this program--forever) will be given.     

Real option valuation of public sector R&D investments with a down-and-out barrier option

This paper presents a real options approach for valuing public-sector research and development projects, using a down-and-out barrier option. Specifically, it considers the potential savings to the tax payer for investing in technology to be purchased by a national government. The valuation is performed with stretched trinomial lattices. Government-driven demand for this technology is equated with the underlying asset, and valuation measured in terms of potential government savings. Two variables, volatility of demand for the technology and unit cost, are treated as uncertain. A Monte Carlo simulation is performed to understand the effects of these variables on the valuation. Other variables are estimated, and a parametric analysis is performed to understand the effects of these variables. To illustrate how this approach could be used, the development of a new sensor, to be used in large networks that track greenhouse gas fluxes, is considered as an example.     

对东北亚区域经济合作的再思考

东北亚地区以其特有的地缘和经济互补优势,成为21世纪最具发展潜力的经济合作区域,并成为推动世界经济增长的主要动力。应发掘东北亚发展的潜力,从分析影响区域经济合作的各种有利条件和制约因素入手,切实解决其经济合作中存在的各种障碍,推进贸易自由化,加强区域经济合作与互信,完善东北亚区域合作组织和协调机制,实现东北亚各国均衡发展,以促进区域整体合作目标的实现。     

对经济衰退阴影下蓝色壁垒问题的理性审视

在全球经济衰退的阴影下,贸易保护主义抬头的可能性正在增强,新的贸易冲突难以避免,以SA8000为代表的蓝色壁垒将成为贸易保护主义信手拈来的武器。本文认为我国客观存在劳工权益受到侵犯的问题,我国劳工并未获得与"中国制造"同步增长的权益;在经济衰退的威胁下,我国以劳动密集型产品为主的出口企业面对的不仅仅是订单减少的问题,更要面对新的贸易壁垒——蓝色壁垒,因此应抓住当前机遇,化"危"为"机",促进对外贸易的持续健康发展。     

PUT-CALL SYMMETRY: EXTENSIONS AND APPLICATIONS

Classic put-call symmetry relates the prices of puts and calls at strikes on opposite sides of the forward price. We extend put-call symmetry in several directions. Relaxing the assumptions, we generalize to unified local/stochastic volatility models and time-changed Lévy processes, under a symmetry condition. Further relaxing the assumptions, we generalize to various  asymmetric  dynamics. Extending the conclusions, we take an arbitrarily given payoff of European style or single/double/sequential barrier style, and we construct a conjugate European-style claim of equal value, and thereby a semistatic hedge of the given payoff.     

China's Auto Industry Steps Forward

Last year,the volume of China's auto trade reached US$66.878 bil- lion,of which imports accounted for US$25.982 billion,a year-on- year increase of 24.45 percent;while ex- ports totaled US$40.896 billion,growing by 45.31 percent.The China Association of Automobile Manufacturers(CAAM) predicts that the number of autos sold in 2008 will break the 1 million barrier for the first time in history,representing an increase of about 20 percent.     

如何看待中韩贸易中韩国顺差现象

上世纪90年代中国经济的高速增长和中韩建交为双边贸易提供了新的增长契机。中国加入世贸组织后,双边贸易规模进一步加大。由于韩国对中国的货物贸易顺差呈逐年扩大之势,两国闻的贸易摩擦不断升级。为此,我国应改善产业结构,促进资本和技术密集型产业发展;打造我国品牌经济;成立中韩经济合作委员会。