Abstract:In this paper，we present a multiunit online double auction mechanism，which can be used in the market of dynamic environments for securities trading，resource allocation on computational grids，emission trade，etc． Firstly，we describe an online double auction problem，in which multiple agents arrive and depart over time and bid for multiunit goods． Secondly，we design a multiunit online double auction mechanism for the above auction problem． Thirdly，we prove that the mechanism not only satisfy individual rationality，material balance and weakly budget balance，but also can induce agents to reveal their true arrival time，departure time and values． Finally，a numerical example is given to verify the feasibility and rationality of the mechanism．

Abstract:A key issue in decentralized systems is how to improve agents’service effort (service quality) ． In this paper，we consider a decentralized service chain which consists of a brand owner，a contract service provider，and customers． We design a customer satisfaction incentive mechanism which is based on customers’answers to a binary satisfaction survey，and investigate how this incentive affects agents’service quality and the brand owner’s profit． We derive the best parameters for the customer satisfaction incentive contract and the conditions under which the service quality and brand owner’s profit are improved． We also analyze the impact of the customer satisfaction measure，survey feedback rate，the cost efficiency and risk aversion of the service provider on the brand owner’s profit． Because adding satisfaction incentives implies more expenses，the principal may not embrace this strategy due to the potential cost increases． To alleviate this concern，we studied a strategy in which the total commission rate is kept the same but a portion of it is reallocated to customer satisfaction measures． We prove that such a strategy also improves service quality and brand’s profit．

Abstract:On basis of option pricing and cash flow discount theories，this paper first provides an overview of the origins and advancement of theories on credit risk pricing of corporate bonds and then reviews the three major models for pricing credit risk of corporate bond ( i． e． ，structural model，intensity model and hybrid model) ． After thorough comparisons on the three models from different perspectives，this paper analyzes the advantages and disadvantages of the models． Finally，the paper makes suggestions on issues on which future researches on credit risk pricing should focus．

Abstract:Strategic consumers will look forward to buying fashionable or perishable products at lower prices．Researches show that strategies such as improving product quality and quick response to the market demand can induce strategic consumers to buy earlier，but what＇s the relationship between quality design and quick response? We categorize the strategies into four classes，different from each other in two dimensions: consumer type and ordering policy． It is found that if consumers are strategic，quality design and quick response can provide enormous additional benefits than when consumers are myopic; when consumers are myopic，quick response should be cooperated with higher quality，while if consumers are strategic，quick response should be combined with lower quality．

Abstract:This paper applies game theory to studing dynamic channel selection and pricing problem based on strategic customer behavior． Suppose there is a manufacturer who sells a fixed number of products to customers directly in a finite horizon with two periods． In period one，there is value uncertainty; in period two，the demand is random． In each period，the manufacturer needs to decide whether introducing a retail channel with value-added service to its existing direct channel or not，and the corresponding pricing strategies． Customers need to decide when and which channel to buy so as to maximize their own surplus． Our results show that it is better for the manufacturer to introduce a retail channel． However，the optimal pricing strategies are different when the retail channel is introduced in different periods． Meanwhile，we find that it is optimal for the manufacturer to introduce the retailchannel in the whole horizon when the retailer’s service ability is small，but not when the retailer’s service ability is very big． If the manufacturer and the retailer choose to cooperate，it is optimal to introduce the retail channel in the whole horizon regardless of the retailer’s service ability． Some results are counter-intuitive．

Abstract:This paper presents the queuing principle for staggered work hours and the methodology of congestion reduction in view of the policy for staggered work hours． The double-peaked phase theorem and the mixed phase theorem are formulated by extending the Vickrey’s bottleneck model in bi-arrival time and by introducing the concept of the staggered viscosity coefficient． The double-peaked phase theorem determines the sufficient and necessary conditions for the existence of the double-peaked or single-peaked queue． The proportion of travelers with mixed departure time for the two categories of travelers is resulted from the single-peaked queue in mixed phase theorem． Given the staggered time interval，the total queuing time or traffic congestion can be reduced by properly adjusting the ratio of the two categories of travelers． Given the volume of all travelers，the total queuing time keeps constant until the staggered time interval exceed a threshold． Three numerical examples are employed to demonstrate the principle and the related conclusions．

Abstract:This paper introduces a new volatility measure and constructs its model based on multifractal volatility method． Taking 5-minute high frequency data of the Shanghai Composite Index as an example，and applying the out-of-sample rolling time window forecasting combined with Model Confidence Set which is proved superior to SPA test，this paper compares the empirical performance of the new model and those of the GAＲCH-type and Ｒealized volatility (RV) models． The empirical results show that the forecasting accuracy of the multifractal volatility measure model in the short term as well as in the long term are better than the GARCH-type and RV models． Moreover，the forecasting models in the long term perform better than those in the short term．The performance in most loss function of the new method based on multifractal volatility measure is superior to other forecasting models．

Abstract:Within the framework of heterogeneity in beliefs，this paper analyses the impact of different beliefs on asset pricing and the trading volume and gives the survival condition of investors． We find that investors with a more accurate expectation of the real return of risky assets can drive other investors out of the market． But the selection process can be very slow． Therefore，when we consider investment and asset pricing in a short period，the interaction of all investors should be considered，rather than only investors with a more accurate expectation． In fact，the existence of heterogeneous beliefs is the necessary condition for the trading volume and the changes of wealth and beliefs of investors play an important role in asset pricing． If we ignore the impact of heterogeneous beliefs，the partial results will be obtained．

Abstract:The impacts of the inflation and the jumps on optimal asset allocations of an investor under asset prices with a jump environment are investigated． An investor allocates his assets to the risky asset and the riskless asset． First，we obtain the dynamics of consumer-basket-price with inflation by using It formula． Then，maximizing the expected utility of the terminal wealth discounted by inflation，and using the HJB equation，the optimal allocation strategy is obtained，and an approximate solution of the optimal dynamic asset allocation is given． Moreover，the inflation hedging demand and the effect of a jump on the myopic demand are discussed． Finally，we analyze the impacts of the jumps and inflation on the optimal allocation strategy of an investor through a numerical simulation．