Semitractability of optimal stopping problems via a weighted stochastic mesh algorithm

In this paper, we propose a Weighted Stochastic Mesh (WSM) algorithm for approximating the value of discrete‐ and continuous‐time optimal stopping problems. In this context, we consider tractability of such problems via a useful notion of semitractability and the introduction of a tractability index for a particular numerical solution algorithm. It is shown that in the discrete‐time case the WSM algorithm leads to semitractability of the corresponding optimal stopping problem in the sense that its complexity is bounded in order by with being the dimension of the underlying Markov chain. Furthermore, we study the WSM approach in the context of continuous‐time optimal stopping problems and derive the corresponding complexity bounds. Although we cannot prove semitractability in this case, our bounds turn out to be the tightest ones among the complexity bounds known in the literature. We illustrate our theoretical findings by a numerical example.     

基于期权定价理论的风险投资决策

项目评价的传统方法———净现值(NPV)法在应用于风险投资项目时,由于低估了投资价值,往往会使得投资者失去一些有价值的投资机会。结合风险投资的特性,将期权定价理论应用于风险投资决策中,并建立连续及离散两种状态下的决策模型     

树立科技矿政理念改革矿政管理制度——以资源储量消耗计征矿产资源税费

科技矿政理念的基本含义就是努力提高矿政管理的科技含量,遵循地质矿产规律,依靠科技进步显著提升我国矿产资源保护与利用水平.推动科技矿政管理进程,首先要从资源储量管理方面夯实基础,建立健全资源储量实物账户与价值账户.进而改革矿产资源权益分配方式,以资源储量消耗计征矿产资源税费.相应改革矿业权评估制度.     

齐齐哈尔市房地产市场细分优化分析

进行准确的市场细分从而锁定目标市场是齐齐哈尔市房地产企业楼盘畅销的先决条件.作者运用层次细分模型结合系统聚类分析法,对齐齐哈尔房地产市场细分中的细分变量进行了分类和筛选,并针对市场特点得出了具有普遍适用性的细分变量,在进行聚类分析时使用了SPSS,使计算过程更快捷,结果更为清晰、明了.     

基于流程重组的中小型房地产企业文化重塑

房地产企业在对企业进行流程重组的同时,更要强调企业文化与流程的对接。中小型房地产企业应加强优化流程为平台的企业文化重塑,重塑后的企业文化将会有利于房地产企业的业务流程重组科学进行,促进房地产行业的健康发展。     

城市轨道交通对房地产价值影响研究综述

发展城市轨道交通的核心问题是筹集资金,而轨道交通的建设会促进沿线房地产的增值,如何将轨道交通的这种外部效益转化为内部效益是需要进行研究的课题。通过对国内外学者关于轨道交通引起房地产价值增加的研究成果,以及轨道交通与土地利用综合开发的实例论述,结合我国的发展实际与存在问题,提出了基于轨道交通的土地利用、增值与返还策略。     

Investment decision-making under economic policy uncertainty

It is widely established that economic policy uncertainty (EPU) affects investment decisions and performance, yet research in this area has overlooked the direct property investment market. This article seeks to rectify this and proposes a multistage multilevel analytical framework to offer new insights and a richness of findings. Using a news-based measure of EPU in the United Kingdom, and controlling for economic conditions, a national-level analysis reveals some evidence of Granger-Causality between EPU and total returns, indicating that pricing is responsive to uncertainty. These findings suggest that EPU is an important risk factor for direct property investments, with pricing implications. Differences in data and performance measure are important, however, with income returns unresponsive. A micro-level investigation begins to reveal some of the asset-pricing decisions underpinning the national results, indicating investors’ concerns for income streams are consistently high, regardless of varying EPU. Pricing can also cause changes in EPU, such as in the retail and industrial markets (increasingly linked through logistics) reflecting sector-specific stakeholder groups and newsworthy issues. This evidence highlights how important it is for policy-makers to understand the complex and bi-directional relationship, that indecision can undermine investment confidence and cause investment market volatility, in turn raising EPU.     

2009年与2007年“地王”叠出比较

本文通过地价这个主要参数,选择比较具有代表性的时点,比较了2007年和2009年这两个时点上"地王"迭出的现象,重点论述了房地产调控的重要性和必要性。     

上海经济适用房的理性发展和市场走势

经济适用房解决的是中低收入群体的住房困难,而商品房市场主要是为中等收入或高收入群体改善居住条件提供资源,两者在目标客户群上有明显的不同。经济适用房虽然会对附近商品房的价格产生一定影响,但不会对全市整体房价造成很大冲击。