Abstract:We examine the risky choices of contestants in a Hong Kong TV game show where large monetary amounts are at stake. Our results reveal some difficulties for using the traditional expected utility theory to explain their behaviours and favor a path-dependent prospect theory. In particular, we find that the risk attitudes of Hong Kong contestants differ significantly from those in western countries ( Netherlands, Germany, and the United States) in several aspects, including: 1) the house money effect is insignificant; 2) the reference point is sensitive to the entire change trend relative to the initial game situation; 3) individual differences are less prominent. We offer possible explanations for the cross-cultural differences．

Abstract:Analytic network process ( ANP) is considered, in this paper, to have three shortcomings. Firstly, the subjective judgment mode adopted in ANP, taking the logic of comparing object A with object B with respect to object A，does result in serious arbitrariness of decision makers in the comparisons of inner self-dependence relations within a cluster and in those of relative importance among clusters. Secondly, the weighting approach given in ANP to clusters is also arbitrary from the theoretical viewpoint. Thirdly, within ANP, no consideration of the structural difference among source cluster-elements, transient cluster-elements and sink cluster-elements is taken into account in the procedure of final ranking weighting computation. To solve these problems, a new analytic network called the cone network is presented, and a new theoretical analytic approach i.e., Cone-ANP, which is distinguishingly different from ANP，is further innovatively built through reconstructing the ANP theory and by carrying the corresponding mathematical deduction. Illustrative examples show that evaluation conclusions can be more reasonably drawn with Cone-ANP than with ANP.

Abstract:This research studies the measurement of Chinese new ventures’resource development process to propel the theoretical research of entrepreneurship. Meanwhile, this can guide new ventures to acquire resource effectively. After interviewing 12 entrepreneurs from different regions and industries, we develop the measurement of resour ce development process, including resource identification, resource acquisition, resource combination and resource utilization. Resource identification contains self-evaluation, refine requirements and source determination; resource acquisition constitutes types of resources and sources of resources; resource combination constitutes combined approach and combined process; and resource utilization contains capabilities utilization and capabilities promotion. The results of 306 samples from Beijing, Guanzhou and Jilin show the validity and reliability of the questionnaire. We also find that the new measurement of resource development process is associated with the characteristics of new ventures and the conditions of transitional economies.

Abstract:In China, price information asymmetry generally exists in fresh agricultural wholesale markets in sale places. A Stackelberg game model between the wholesale market operator and wholesalers was established. The dynamic gaming processes between them were analyzed and compared under three different condi_x0002_tions: 1) the wholesalers entirely concealed their procurement price information, 2) they partially concealed the information, 3) and they entirely shared the information. A coordination policy dominated by the market operator was designed. In this policy, a sufficiently strong signal is delivered to wholesalers at the beginning of the planning period, to ensure that sharing procurement price information is the optimal policy .The results show that sharing procurement price information can help the operator achieve more expected profit and do well in stabilizing supply of fresh agricultural products and reining price fluctuation. Ultimately, from the perspective of the end customers, practical management suggestions were proposed by discussing certain parameters.

Abstract:The shareholder’s value plays an important role in corporate default decisions. However, in traditional structural model, the shareholder’s value is unreasonablly measured by the part of corporate asset value to shareholders. Based on asset value decomposition, this paper measures the shareholder’s value by the combination of the part of corporate assets to shareholders and the so called liquidity option. Technically, we describe the liquidity option as a permanent American put option and introduce it into the traditional structural model. We prove that traditional structural models are special cases of the new model only under unrealistic conditions. But under normal conditions, the traditional structural models will be unreasonable and tend to underestimate the corrporate debt yield. We also prove that our new model can correct this mistake and adapt the more volatile stock data well and thus give much more stable pricing results．