复合实物期权研究述评

综述了国内外复合期权理论、方法及应用的最新研究成果,介绍了复合期权模型在金融资产和实物资产价值评估、公司金融领域等的具体应用。对多期复合期权模型在序列决策方面所具有的优势与应用前景、研究难点及相应的解决方案展开了深入的讨论。     

Economic Impacts of the Possible China–US Trade War

This article uses a multi-country global general equilibrium (GE) model to numerically simulate the effects of possible China–US trade wars. We introduce an endogenous trade imbalance structure with trade cost into the model which helps to explore both tariff and non-tariff trade war effects. Our simulation results show that China will be significantly hurt by the China–US trade war, but negative impacts are affordable. The US can gain under unilateral sanction measures to China, but will lose if China takes retaliation measures. Comparing the effects under mutual trade war, China will lose more than the US. Introducing non-tariff barrier trade wars will intensify the negative effects, and comparatively negative effects to China are larger than to the US. Mexico’s involvement in trade war with the US will strengthen the negative effects and comparatively hurt the US more. Under non-cooperative and cooperative Nash bargaining equilibrium, the US can gain more than China in trade war negotiation, which means the US has stronger bargaining power than China. Additionally, trade wars between China and the US will hurt most countries and the world especially in GDP and manufacturing employment, but benefit their welfare and trade.     

FLAC-2D在双连拱隧道施工过程中的应用

在扼要阐述FLAC-2D的基础上,结合工程实例,以某双连拱隧道为工程背景,借助于应用软件FLAC-2D对施工过程进行了比较精确的数值分析。分析计算结果为实际施工提供了理论指导和参考。     

Risk-sharing and Growth: The Role of Precautionary Savings in the "Education" Model

While the "risk amelioration" literature suggests that risk-sharing channels savings into risky but productive technologies and hence favours growth, models focused on precautionary savings reverse this conclusion. We solve, by means of numerical techniques, a model based on human capital accumulation through education, and find that the increase in precautionary savings makes labour more productive in the goods sector and draws resources from education, which is the "growth leading" activity. Hence, we establish a result favourable to financial integration, even in a model where precautionary savings play an important role.     

基于双尺度理论优化混凝土力学性能的研究

为了实现混凝土抗压强度及弹性模量的精细化数值计算,基于双尺度理论建立了混凝土双尺度数值模型.该理论以有限元方法为载体,通过正交试验对混凝土抗压强度和弹性模量的影响因素进行了分析,并进行了力学试验验证.研究结果表明:1)双尺度理论在混凝土数值模拟中的应用具有可行性,运用该方法的数值结果与试验结果差值在4.22％之内;2)...     

A Theoretic Analysis of Extent of Lender Participation in a Participating Mortgage

A participating mortgage is a loan in which a lender accepts a below-market coupon rate in return for a share (participation) in the cash flows generated by income-producing real property. The cash flows provided by participation are classified as contingent interest and are intended to compensate the lender for additional risk exposure as well as the reduction in coupon rate. In this paper, we present a partial equilibrium wealth-maximizing model to estimate the extent of lender participation and an analysis of the factors affecting it. The results of formal comparative statics analysis show that the lender's percentage participation is, in general, positively related to changes in the loan-to-value ratio and threshold cash flows above which participation is payable. Among yet other results, a change in the contracted loan life has an ambiguous effect on the lender's percentage participation. Then, in an effort to resolve ambiguities in the comparative statics results, we employ a numerical procedure in conducting sensitivity analyses. This allows us to estimate percentage participation levels, and their elasticities, under various assumptions regarding the underlying factors. JEL Classification: G21, C65     

离心式血液泵水力特性设计及其试验研究

借助商业软件NREC开展离心式血液泵的水力特性设计,其设计流量为5 L/min,设计转速为5000 r/min,得到离心叶轮和蜗壳的三维结构设计方案,并针对其全通道网格进行设计工况下三维流场的定常数值模拟研究.对其溶血性指标进行分析,发现离心式血液泵中95％ 区域切应力小于150 Pa,最大切应力小于500 Pa,满足人体对血液泵溶血性的要求.搭建离心式血液泵流量-压升特性试验测试平台,以质量分数为0.06％ 的黄原胶溶液为流动介质进行试验研究,试验结果显示在设计转速下的实际体积流量偏大于设计流量,整体压升在6550 Pa左右.     

显示设备固定结构在高铁既有站的应用研究

研究一种高铁既有车站站台层的L ED显示设备安装固定结构的应用.这种抱柱式站台显示屏固定结构通过将L ED显示屏固定于站台层两支撑立柱之间,解决了高铁线路中一些老式铁路既有车站运行班次多、运营状态不允许长时间站台施工和不能破坏站台钢筋混凝土结构的问题.基于三维建模和数值仿真对这种设备固定结构进行一系列静力学结构分析,包括在极端工况环境下的静态应力、应变和位移分析,结果安全有效,安装作业符合现场施工要求,实现了此类高铁既有站站台结构上L ED显示设备的安装和使用.为了研究这种抱柱式站台显示屏固定结构的工作可靠性,应用数值分析软件对结构模型进行预应力模态分析,在风荷载作用下分析各阶频率下结构的变形程度以及对地震灾害的预防影响,从而验证了这种L ED显示设备固定结构在铁路信息显示技术上,特别是在高铁既有车站上应用的有效性及其应用价值.     

双离合自动变速器电控电动换挡执行机构仿真优化与试验对比

为了提高双离合变速器在车辆上的换挡品质,提升电气化换挡执行机构的工作效率,给出执行机构性能与换挡品质评价准则;通过两种不同双离合变速器电控电动执行机构的工作原理与性能分析,基于MATLAB数值仿真方法优化出最高效率进行试验.基于车辆6个维度的换挡工况对二者所搭载的变速器分别进行试验与CAN线数据采集,对比研究两种机构优缺点,通过雷达图的方式进行优劣说明.结果表明,两种执行机构传动效率可达70％且换挡品质相当.可见Tip in tip out工况对二者要求最为严格.