Abstract:This paper analyses the three-period Bertrand-Stackelberg market price competition and the strategy of product differentiation location, and makes a static contrast with Bertrand-Nash market equilibrium; then shows the influence of product differentiation degree in a firm＇ s profit change in equilibrium in duopoly market through a concrete example. Based on this, the paper identifies and relaxes the supposed conditions in the classic model of product differentiation location to discuss the varying trend and stability problems of profit and price in equilibrium in monopoly market where the advantage of marginal costs, the customers＇ strategic action and repeated dynamic game all exist. Relaxing the supposed conditions of traditional models is helpful to understand many industrial competition problems that have been studied separately for a long time

Abstract:The housing-price-to-income ratio is a widely accepted indicator for housing purchasing power analysis in western countries, and there are some researchers who study the housing purchasing power with it in China. However, systematic studies about this problem are not rich. In this paper, the indicator is reviewed first and models are proposed to analyze the affordable housing-price-to-income ratio based on the expenditure structure matrix of households. What＇ s more, the affordable house prices of different income classes are derived. As a demonstration, housing purchasing power of Beijing in 2004 is analyzed from these two aspects. In the demonstration, the affordable housing price and the affordable-price-to-income ratio of each income class are computed based on the family cost matrix. The results show that lower-middle income class cannot afford forward delivery housing, and some corresponding suggestions are proposed in the conclusion

Abstract:The equilibrium network flow problem is formulated by adding the link capacity constraints as a mathematical programming, which is capable of describing the realistic traffic assignment problem. The travel cost on any congested link might be expressed in the sum of the running time and the waiting time occurred at the link end. The Lagrange multiplier associated with the link capacity constraint is equivalent to the waiting time of the link. The augmented Lagrange multiplier approach combines the exterior penalty with primal-dual and the Quasi-Newton method with the straight gradient to deal with the capacitated equilibrium network flow problem. The Quasi-Newton method employs the gradient of the objective function to obtain an improving feasible direction scaled by the secondorder derivatives, and makes line search to obtain an optimal step size to guarantee feasibility of either path or link flow

Abstract:This paper introduces a multi-stage optimization approach （MSOA） used in genetic algorithm （GA） for training neural networks to forecast the Chinese food grain price. We divide the training sample of neural networks into two parts considering the truth that the recent observations should be more important than the older ones. Firstly, we use the first training sample to train the neural network and achieve the network structure; Secondly, we continue to use the second training sample to further optimize the structure of neural network based on the previous step. Aiming at the characteristics of neural network structure, a model using a hybrid GMDH and artificial neural network is established. It can make the selection of input-lay units easy and improve the ability of rate of studying and the adaptability of neural network. Empirical results show that the neural networks based on MSOA can improve greatly the global convergence ability and convergence speed of most networks. Furthermore the result indicates that the combined model can be an effective way to improve forecasting accuracy

Abstract:The technique of muhi-agent has been largely used in the development of large-scale and distributed management systems. Trust between agents in multi-agent cooperation can severely affect the efficiency of multiagent system （MAS）. Most trust models presented are based on the Internet peer-to-peer environment. They do not fit for the environment of MAS. Considering the trust characteristics in MAS, this paper gives a novel agent trust model in MAS which is based on credit and relationship web of agent. Theoretical analysis and simulations show： this model can improve the agglomeration of the agent relationship web, and can improve the efficiency of the selecting of cooperative agent; furthermore, compared with the current global model, in agent successful cooperation ratio in the environment which needs agents repeatedly cooperating with each other, in controlling the agent malicious recommendation, the agent cooperative cheating, and in the partiality for the new agent when an agent selects its cooperative partner, this model is more compete. It has both theoretical and practical value on the copartner＇s selection in supply chain management system and e-commerce system

Abstract:By using the vector error correct model with Markov regime switching to test the equilibrium relationship in the long run and the fluctuation pattern in short run in the real output and inflation, we find that there are the threshold effects among the substitutions and impacts between growth and inflation in China＇ s business cycle, which is asymmetry to some degrees. The empirical evidences also show that the fluctuations have become stable, the duration has been more longer, and the price stickiness has been decreased. These findings are very important to detennine the combinations of economic policies and implementing of macroeconomic controls

Abstract:In this paper, we make a study of the Shapley values with the fuzzy characteristic functions from the viewpoint that the payoff of each coalition are often only imprecisely or ambiguously known to the players. Axioms of the fuzzy Shapley value are extended on the basis of the deterministic one. From the viewpoint that the allocation for each player should be a crisp value rather than a fuzzy membership function at the end of cooperation, we proposed a crisp allocation scheme based on fuzzy Shapley values. Finally, we apply the method to profit allocation scheme among partners in virtual enterprises

Abstract:Multivariate volatility model play an important role in portfolio construction, asset pricing and risk management. In practice, since a large number of assets are considered simultaneously, the two most common models are the exponential weighted moving average （EWMA） model suggested in J.P. Morgan＇ s RiskmetricsTM and orthogonal GARCH （O-GARCH） model based on principal component analysis （PCA） of the return series. However, the assumptions used in both models are too restrictive. For instance, principal components （PCs） are unconditionally uncorrelated but not necessarily conditionally correlated, so their conditional covariance matrix may not be diagonal and O-GARCH model is not reliable in this sense. This paper puts forward a new multivariate volatility model, i.e., IC-GARCH model, based on the so-called independent component analysis （ICA）. It is expected that the conditional covariance matrix of ICs may look more like a diagonal one than that of PCs, which hopefully can remedy the defect of O-GARCH model. Two real data sets are used to illustrate the power of IC-GARCH model. The results from two mis-specification tests both demonstrate the advantage of IC-GARCH model over EWMA and O-GARCH models

Abstract:Using the economic value added （EVA） index and some other firm value evaluating variables, this paper disentangles the relations between the ownership structure and value of the finns listed at Shanghai Stock Exchange. Our results indicate that the ownership structure has significant effects on firm values. First, concentrated ownership negatively correlates with firm value. The firm with high centralized ownership structure has low earnings. Second, the rate of state-owned shares in the total shares of a firm is also significantly negatively related to firm value. But the relation between firm value and the proportion of legal-person shares in a firm is positive. Legal-person shareholders can not only motivate but also control the firm managers. They have dominant power over corporate governance of Chinese companies. Finally, the empirical findings do not fully support the positive relation between firm value and the scale of tradable shares of a firm

Abstract:According to the relationship between earnings and risk, and between the return on equity （ROE） and the return on investment （ROI）, this paper classifies the firms according to scales and establishes scale series econometric model. On the common basis it discusses the approximating distributions of the ROI and stochastic disturbance variable, and afterwards gets the distribution of the ROE about all the firms. Furthermore, based on the trade of money-raisers to the risks and retum, it regards the variance of the ROE as the risk measurement of raising capital, and establishes the firm＇s utility function about the ROE. Finally, through maximizing its expected utility it obtains the optimal capital structure

Abstract:This paper relaxes the assumption of infinitely expiration of investing options in standard real option analysis, and discusses the investment opportunity with limited investing time. In the paper, the value of investment option whose expiration time is T years is derived. The optimal investing rules and expected waiting time are provided. Using numerical approach, an analysis of real estate investment with background of our country is presented. The results shown by the paper demonstrate the trade-off of the investor between the waiting and investing

Abstract:This research investigates the relationship between organizational psychological contract violation and managers＇ EVLN among 512 managers from a wide variety of research sites. The results suggest that： 1. The psychological contract between organizations and their managers are consist of transactional psychological contract, relational psychological special relationship contract and managerial psychological contract between organizations and their managers. 2 Managerial psychological contract indicates a Managerial psychological contract is positively related to manager＇s exit and neglect, negatively related to manager＇s voice and loyalty; Transactional psychological contract is positively related to manager＇s exit and negatively related to manager＇s voice; Relational psychological contract is positively related to manager＇s neglect. 3. Managers pay more attention to managerial psychological contract and transactional psychological contract than relational psychological contract. Orgariizational psychological contract violation on the two aspects will cause managers increasing destructive behavior and decreasing constructive behavior