Has Inflation Persistence Changed under EMU?

This paper analyzes the persistence of inflation in the euro area and, in particular, whether the persistence properties have changed since the start of European Monetary Union(EMU). For that purpose, we compare pre‐ and post‐EMU inflation persistence, use rolling‐window estimates of persistence, and apply tests specifically designed to detect break dates near the end of the sample period. In contrast to previous research, we find that inflation persistence has fallen significantly since the start of EMU. Persistence of consumer price inflation, which is central to the European Central Bank's policy mandate, has fallen more than the persistence of deflator inflation. The drop in inflation persistence is consistent with the results from a simulated small New Keynesian model with a shift toward a more aggressive monetary policy stance.     

ROBUST BOUNDS FOR FORWARD START OPTIONS

We consider the problem of finding a model‐free upper bound on the price of a forward start straddle with payoff . The bound depends on the prices of vanilla call and put options with maturities T₁ and T₂ , but does not rely on any modeling assumptions concerning the dynamics of the underlying. The bound can be enforced by a super‐replicating strategy involving puts, calls, and a forward transaction. We find an upper bound, and a model which is consistent with T₁ and T₂ vanilla option prices for which the model‐based price of the straddle is equal to the upper bound. This proves that the bound is best possible. For lognormal marginals we show that the upper bound is at most 30% higher than the Black–Scholes price. The problem can be recast as finding the solution to a Skorokhod embedding problem with nontrivial initial law so as to maximize .     

Pet‐related consumption as a consumer identity constructor

The objective of this paper was to analyse how pet‐related consumption can be connected to consumer identity construction. This objective is based on the idea that consumers use symbolic meanings from possessions to construct and communicate their identities. Objects of attachment have especially been found to be closely connected to the formation of consumer identity. Furthermore, it is often assumed that consumers struggle to maintain a true sense of self or personal identity while retaining a feeling of belonging and social identity. This may be portrayed through layers of identity, which are composed of personal identity, social identity and other people. Empirical research was conducted using focus groups to create individual collages. The findings indicated that pet‐related consumption was used in the following six ways to construct consumer identity: ‘character developer’, ‘source of well‐being’, ‘means to connect’, ‘status communicator’, ‘object of devotion’ and ‘intermediary’, all of which found their places in the layers of identity. Each of these ways of using pet‐related consumption was paired with one other so that the extremes formulated three dimensions in a consumers' identity construction: the personal dimension, the social dimension and the dimension of emotional attachment. In conclusion, it was proposed that consumer identity construction illustrated via pet‐related consumption as created within both social interactions with meaningful others and those three dimensions is multi‐levelled and multifaceted. The paper invites future research to study both identity construction and emotional attachment, being such multifarious phenomena, and to explore the dynamic interactions that may exist.     

The effect of culture on consumer choice: the need for conformity vs. the need for uniqueness

This paper investigates whether East Asians are more likely than Westerners to purchase a brand presented as a best‐seller given that East Asians tend to have a higher need for conformity and Westerners tend to have a higher need for uniqueness. Results show that East Asians are more likely than their Western counterparts to purchase such brands when the perceived risk is low. However, when the perceived risk is high, both East Asians and Westerners tend to prefer a brand presented as a best‐seller. Results also show that, in a three‐option set in which the C option is dominated by the B option but not by the A, both East Asians and Westerners are more likely to select option C when it is presented as a best‐seller than when it is not. Managerial implications and the study's limitations are also discussed.     

基于JIT方式的中小企业在制品管理问题研究

在制品管理是中小企业生产过程中困扰已久的问题之一,尤其是在多工序、多品种制造业企业中。由于企业产品特征导致在制品管理的难度,JIT方式难以付诸实践。结合JIT思想与ERP系统,实现对在制品的物流与信息流有效控制,对提高生产效率、降低物流成本具有重要的意义。针对中小企业物料管理存在的问题及局限性进行分析,从而提出相关的改进建议。     

一种直角坐标系下机动目标匀加速圆周运动新模型

针对机动目标跟踪过程中运动模型分散繁杂的缺点,提出一种能 描述多种运动形式的匀加速圆周运动模型。首先,给出了匀速圆周运动目标的状态向量描述 。在此基础上,针对匀加速圆周运动的特点,建立了直角坐标下目标速度模型。通过巧妙利 用微积分方法,推导出匀加速圆周运动的位置和加速度模型。最后,通过数学证明和仿真实 验,验证了该运动模型的有效性。     

基于最小二乘融合估计的双星时频差定位

件下具有测量误差和星历误差时定位精度不高的特点,提出了一种基于多次观测数据的最小 二乘融合估计定位算法,该算法无需增加观测条件即可有效提高辐射源定位精度。分析了测 量误差、星历误差对单参考站单次定位及融合定位精度的影响,推导了测量误差、星历误差 对定位误差的传递公式,提出了含星历误差影响的最小二乘融合估计加权算法。通过Monte- Carlo仿真验证了误差分析结果和定位算法,并比较了加权最小二乘估计定位和单次定位的 性能。仿真试验表明：在相同观测精度条件下,加权最小二乘融合定位可极大地提高辐射 源定位精度,最大提高10倍以上。     

A case study of condition based maintenance modelling based upon the oil analysis data of marine diesel engines using stochastic filtering

This paper presents a case study of condition based maintenance modelling based on measured metal concentrations observed in oil samples of a fleet of marine diesel engines. The decision model for optimising the replacement time of the diesel engines conditional on observed measurements is derived and applied to the case discussed. We described the datasets, which were cleaned and re-organised according to the need of the research. The residual time distribution required in the decision model was formulated using a technique called stochastic filtering. Procedures for model parameter estimation are constructed and discussed in detail. The residual life model presented has been fitted to the case data, and the modelling outputs are discussed.     

Joint pricing and inventory control for non-instantaneous deteriorating items with partial backlogging and time and price dependent demand

In this paper, a joint pricing and inventory control for non-instantaneous deteriorating items is developed. We adopt a price and time dependent demand function. Shortages is allowed and partially backlogged. The major objective is to determine the optimal selling price, the optimal replenishment schedule and the optimal order quantity simultaneously such that, the total profit is maximized. We first show that for any given selling price, optimal replenishment schedule exists and unique. Then, we show that the total profit is a concave function of price. Next, we present a simple algorithm to find the optimal solution. Finally, we solve a numerical example to illustrate the solution procedure and the algorithm.