A Note On Utility Maximization Under Partial Observations1

Using ideas from stochastic filtering theory and a martingale representation result of Jacod, we discuss problems of utility maximization in “dynamically incomplete” financial markets under partial observations.     

一种稳健的混合范数约束的波束综合算法

在阵列信号处理中为抑制噪声和干扰,一般都要求波束有比较低的旁瓣和零陷,同时,需要具有良好的稳健性。为此,提出了一种新的混合范数约束的波束综合算法。该算法运用稀疏表示方法,对波束的主瓣和旁瓣分别使用不同的范数约束,同时对波束的零点和敏感度因子进行约束,用MATLAB(Matrix Laboratory)的凸优化工具包进行求解。仿真实验表明,设计得到的波束具有更低的旁瓣和零陷,最高旁瓣电平约为-28 dB,而最低零陷深度可达-50 dB;算法求解过程简单,与现有算法相比能够容忍较大的幅相误差,具有良好的稳健性;同时,阵列效率与经典算法相比提高了8 dB左右。     

Asian Women Managers: Participation,Barriers and Future Prospects

The economies of Asia have undergone a significant transformation over the past five decades as they moved from being primarily agrarian societies to more modern industrial states. What have these changes meant for women and, in particular, their position and progress in management? This contribution brings together the findings of the eight case studies presented in this collection. Using an explanatory model that incorporates individual, organizational and societal level analysis, women were found to be under-represented in management and faced considerable barriers in gaining management positions. Organizational factors underpinned many of these barriers but a range of cultural attributes contributed to this discrimination. Legislative changes were seen as one avenue to improve women's careers as were women's increased education levels, the changing approaches to human resource management, and a growing awareness of the inefficiencies and sub-optimal levels of organizational performance created by gender discrimination. This contribution concludes, however, that until there are major shifts in the role perceptions of women by individuals, organizations and society it is likely that change will occur only gradually and women will remain disadvantaged and under-represented in management     

Making an Album: Rap Performance and a ‘CD Track Listing’ as Performance Writing in The Beat of Boyle Street Music Programme

Abstract

This paper uses performance as a means of conceptualizing and writing leisure research. This research reports on a three‐year arts‐based ethnographic study of a music‐making programme conducted with Aboriginal young people in Edmonton, Canada, and explores young people's rap music performances. I especially make note of how the research narrative may be represented as a kind of performance text – in this case, as a CD track listing. I contend that this type of representational performance writing offers an accessible and compelling way of retelling the stories of the people involved in the research. Performance writing additionally calls attention to issues of what leisure researchers choose to include in written representations of our studies, how we listen, and how we respond to the performances voiced through research practices.     

‘I go to dance,right?’: representation/sensation on the gendered dance floor

This article explores a group of young adults’ experiences of social dancing in the Eastside of Vancouver, BC, Canada. Drawing from critical and feminist qualitative methodological approaches as well as dance studies, the ethnography research privileges participants’ embodied knowledge of dancing in particular nightlife settings--small alternative spaces, rather than the city’s more mainstream, big business dance clubs. Dance’s double-bind, as both embodied and representational practice is evidenced through participants’ expressed negotiations of sexuality on the dance floor. Women participants, in particular, stress that though there may be an (implied) audience that constitutes their performance, gender performances in their nightlife leisure spaces are not synonymous with a desire for heterosexual relationships.     

Representations of a Destination City Break. Analysis Based on Free Associations

The article demonstrates the interest in using social representations as a tool of analysis in the representation of city breaks for two generational cohorts. The main objective of this study is to identify and to compare social representations of a city break for Generation X and for Baby Boomers. The article is based on a review of the generational segmentation and the social representation literature. The results indicate no difference between both generations for strong and numerous associations but a difference for architectural and historical aspects for Baby Boomers and experiential activities for Generation X. Theoretical and managerial implications are discussed before the article concludes with limitations and directions for future research.     

Social Thinking about Collective Risk: How Do Risk‐related Practice and Personal Involvement Impact Its Social Representations?

The study investigates the effects of personal involvement in a collective risk on the structure of its social representation, and how those effects depend on risk‐related experience. The paper reports an empirical study conducted within the structural approach to the Social Representations Theory. We tested the effects of risk‐related practice (earthquake experience) and of personal involvement in risk on the structure of its social representation. The results showed that the social representation was normative in nature, but became more practically oriented in the group who experienced earthquake. A normative representation is useful in judging risk's attributes; instead, a more functional, or a more practically oriented representation is expected to enable the use of more diversified risk‐related information especially for practical purposes (risk mitigation behaviour). Similarly, the social representation of participants who were highly involved in seismic risk was more structured and more practically oriented. However, this was true only if they possessed risk‐related experience, either through collective (risk culture) or live earthquake experience. Based on these results, a suggestion is made on how to increase the efficiency of prevention campaigns that aim at encouraging collective risk‐mitigation conduct.     

Premiums and reserves,adjusted by distortions

The net premium principle is considered to be the most genuine and fair premium principle in actuarial applications. However, actuarial due diligence requires additional caution in pricing of insurance contracts to avoid, for example, at least bankruptcy of the insurer. This paper addresses the distorted premium principle from various angles. Distorted premiums are typically computed by underweighting or ignoring low, but overweighting high losses. Dual characterizations, which are elaborated in a first part of the paper, support this interpretation. The main contribution consists in an opposite point of view—an alternative characterization—which leaves the probability measure unchanged, but modifies (increases) the outcomes instead in a consistent way. It turns out that this new point of view is natural in actuarial practice,as it can be used for premium calculations, but equally well to determine the reserve process in subsequent years in a time consistent way.     

保险代理人代填投保单的法律后果认定--来自英国Newsholme判例的改革启示

关于保险代理人代填投保单由投保人签名的法律后果,我国《保险法解释(二)(征求意见稿)》与英国Newsholme判例的规定大致相同,即采取以签名判断投保人存在过失的“一刀切”方式.而后者自确立以来引发了不少损害投保人利益的问题,在近年英国保险法改革中逐渐得到修正.我国保险法完善应借鉴英国作法,要求法院结合具体案件采取“合理注意”的灵活判断标准,防止发生类似Newsholme案的不公结果.     

Nash equilibria of games when players’ preferences are quasi‐transitive

Much of game theory is founded on the assumption that individual players are endowed with preferences that can be represented by a real‐valued utility function. However, in reality human preferences are often not transitive. This is especially true for the indifference relation, which can lead an individual to make a series of choices which in their totality would be viewed by the same individual as erroneous. There is a substantial literature that raises intricate questions about individual liberty and the role of government intervention in such contexts. The aim of this paper is not to go into these ethical matters but to provide a formal structure for such analysis by characterizing games where individual preferences are quasi‐transitive. The paper identifies a set of axioms which are sufficient for the existence of Nash equilibria in such “games.”