Abstract:The emergence of autonomous vehicles can provide drivers with a chance to freely implement activities in the vehicles. On the basis of a representation of the in-vehicle activity utility of commuters in the autonomous vehicles, a multi-modal activity-based bottleneck model is proposed. In the proposed model, congestion interaction between regular and autonomous vehicles at the bottleneck is considered. The properties of the proposed model are analyzed. A continuous dynamic congestion tolling scheme is proposed for fully eliminating the bottleneck queue. The optimal step tolling scheme is designed to approximate the continuous dynamic tolling scheme, and its efficiency is evaluated in terms of the eliminated bottleneck queue. The results show that under the linear time-varying marginal activity utility, ignoring the in-vehicle activity utilities of commuters in the autonomous vehicles could lead to a biased estimation of departure time window of commuters during the morning commute.The commuters using the regular and autonomous vehicles sequentially depart from home in the morning, and there is the optimal market share of the autonomous vehicles that generates the lowest total social cost. Compared to the no-toll case, the queuing delay elimination rate of the optimal step tolls exceeds 〖KF(〗3〖KF)〗/3.

Abstract:In recent years, the market share of cruising taxi has been gradually eroded by ride-hailing services, which posesa risk that cruising taxi services may be driven out of the taxi market. To cope with the risk and promote the integration of cruising taxis and ride-hailing, adjusting the price of cruising taxis is an effective way. Considering the competition from ride-hailing and the difference in the travel cost of long-and short-distance passengers, this paper analyzes the travel choice behavior of these two types of passengers based on the probability selection model. It then builds a Stackelberg game model to analyze the cruising taxi pricing problem in a competitive environment and derives the equilibrium state of the taxi market. The results show that: 1) when the flat fee per ride and unit mileage fare of the cruising taxi are relatively low, the development of cruising taxi and the ride-hailing can be integrated; 2) In order to avoid being driven out of the market, the cruising taxi service should set a lower flat fee and unit mileage fare so that the cruising taxi service and the ride-hailing service can reach equilibrium for both short and long-distance competition; 3) In the equilibrium market, an increase in passenger preference leads to higher revenue for both ride-hailing and cruising taxi services.Furthermore,when passenger preference reaches a higher level, enhancing the passenger preference leads to a higher passenger surplus.

Abstract:This paper studies the impact of revenue-sharing contracts on firms’preferences regarding supplier encroachment in a stylized supply chain including a supplier and a retailer. The results show that, for the retailer, a higher proportion of revenue sharing leads to higher service effort, higher market demand, and higher consumer surplus. The retailer benefits from supplier encroachment when the proportion of the revenue sharing is high. 〖JP3〗For the supplier, the supplier encroachment can benefit itself only when the coefficient of the retailer’s 〖JP〗service effort cost is high. Meanwhile, there exists an optimal proportion of revenue sharing that maximizes the supplier or retailer’s profit under the supplier encroachment strategy, and that the optimal proportion of revenue sharing decreases with the coefficient of the retailer’s service effort cost. Furthermore, the paper extends the analysis to investigate the impacts of the channel competition, the cost of the direct selling and the sequence of quantity decisions, on supplier encroachment strategies, and shows our main results are robust. These results enrich the existing literature and provide managerial insights of dual-channel management for supply chain firms.

Abstract:With the rapid development of e-commerce in recent years, the delivery orders of parcels are characterized by small batches, multiple varieties, frequent orders, short delivery cycles, and high precision requirements, which requires more efficient sorting operations. Logistics companies have gradually begun to use “double-layer automatic sorting systems” to improve the sorting efficiency and shorten the sorting time. In order to further improve the sorting efficiency, the “group sorting” strategy is recently adopted by some companies to improve the pallet utilization. This strategy combines multiple parcels with the same destination according to certain rules, and then sorts the normalized and standardized large units. This paper studies an optimization problem related toal locating packages, pallets, sorting boxes, and supply stations in a double-layer sorting system considering the group sorting strategy.An integer programming model is established, an efficient solution algorithm based on column generation is developed, and acceleration techniques for pricing problem are implemented to further shorten the solution time. Experimental results validate the effectiveness of applying the group sorting strategy in a double-layer automatic sorting system.In addition, based on some sensitivity analysis experiments on the proposed model and algorithm, this paper proposes managerial implications for technology adoption and equipment setting in automatic sorting systems.

Abstract:In recent years, drone scheduling has received increasing attention from researchers. In this study, a vehicle routing problem with drone stations is proposed, and an arc-based optimization model is developed with an objective of minimizing the total cost, considering various constraints such as the latest arrival time of packages, the limited number of drones and the maximum flying duration of drones. Using the Dantzig-Wolfe decomposition, the arc-based model is decomposed into the path-based main problem model, the truck sub-problem model, and the drone sub-problem model. A branch and price algorithm is designed to solve the problem and to obtain the global optimal solution. Extensive numerical experimental results show that our proposed branch and price algorithm outperforms the main stream commercial solver in terms of solution time and solution quality. In addition, the truck travel cost accounts for a high proportion of the total cost. Moreover, compared with the number of drones and the speed ratio of drones to trucks, the proportion of customers accessible by drones has a more significant impact on the total cost. Therefore, expanding the applicability of drones can effectively reduce the total cost.

Abstract:The supply chain is a core channel for inducing knowledge spillover effects among companies, but studies onthe micro-mechanism of knowledge spillover along supply chain of green technology innovations are scarce. From the perspective of supply chain relationship, this paper systematically examines the impact of manufacturing customer companies’ green technology innovations on supplier companies in both “quantity” and “quality” dimensions, and further reveals the chain reaction in supplier company performance. This study finds that customer companies’ green technology innovations help improve green innovations by supplier companies both qualitatively and quantitatively. The heterogeneity analysis shows that supply chain spillover effects of green technology innovations are more pronounced in case of higher customer concentration, non-state-owned enterprises, or southern regions. Further investigations reveal that customer companies’green technology innovations also have spillover effects on supplier companies’future economic and environmental performance. This paper sheds new light on the implicit contribution of supply chain spillover effects in green technology innovations amongst Chinese manufacturing companies, which has theoretical and practical significance for the transformation and upgrading of Chinese manufacturing industries and for smoothing the domestic circulation.

Abstract:With the arrival of the era of global boiling, accurately analyzing the impact of extreme temperatures on China’s economic and financial system has become an essential issue. To address the challenges in temperature measurement posed by China’s vast diversity, this paper employs a distance minimization approach to match Chinese publicly listed companies with 0.5°×0.5° latitude and longitude grid nodes. This methodology facilitates the precise calculation of the number of days each company is exposed to extreme temperatures, leading to the establishment of first, second, and third-tier extreme heat indicators.On this basis, spatial heterogeneity characteristics of China’s natural environment and economic society, such as geographical zoning and industry classification, are considered to clarify the mechanism of the impact of high temperature exposure on corporate default risk. Simultaneously, this paper investigates the long-term effects of extreme heat on both revenue and expenses.Furthermore, an in-depth investigation into the macroeconomic fluctuations induced by extreme high temperatures is conducted, providing a comprehensive quantitative analysis of the impact of varying heat levels on key macroeconomic variables, such as GDP and inflation rates, in major cities across China.Finally, several policy recommendations are suggested to effectively address global climate change and establish a long-term mechanism for mitigating climate financial risks, thereby offering guidance for promoting sustainable economic and social development.

Abstract:This paper examines the static and dynamic risk spillover effects of global financial markets from the time-frequency perspective and network connection respectively. It also analyzes the optimal investment strategies of pairwise portfolios to provide reference for investors’risk management. The results show that 21.1〖WTXT〗%〖WTBZ〗 of the global financial market shocks are caused by risk spillovers from external financial markets, and the risk spillovers are mainly concentrated in the short and medium term. The financial risk events exhibit characteristics of short-term risk spillover index rising first, and then the medium and long-term risk spillover index gradually rising. From the network connection perspective, in the short term, the financial market risk spillovers show the characteristics of the same type of market aggregation and regional aggregation.In the long-term, risk spillovers across different financial markets are more widespread. Finally, the paper offers some policy suggestions for improving China’s financial risk prevention system.

Abstract:This paper constructs a heterogeneous DSGE model to analyze the effect of macro-policy combination on the upgrading of consumption structure and makes welfare analysis on the impact of different policy combinations. The results show that structural monetary policy can promote the production of advanced consumer goods and provide a material basis for the upgrading of consumption structure.The mechanism of combining the taxation of high-income families with the transfer payment to low-income families can restrict the excessive high consumption of high-income families and promote the upgrading of the consumption structure of low-income families. It can also provide sufficient sources of regulation funds and reduce the regulation cost of the government. Welfare analysis can measure the optimal degree of macro policy portfolio. It is suggested to design a macro-control mechanism combining structural monetary policy and tax transfer payment policy, and carry out accurate regulation from the supply side and demand side to promote the upgrading of the consumption structure.

Abstract:The margin system for futures trading is designed to mitigate systemic risk, whereas unnecessary margin adjustment might exaggerate the volatility of futures prices, causing the futures market to be inefficient. This paper is among the first to employ special margin adjustments around Chinese holidays as exogenous market shocks to investigate the impact of margin adjustment on commodity futures prices. The results show that margin adjustment has a significant negative impact on futures prices, and the results are robust across various robustness checks, such as simulated investment and the Generalized Difference-in-Differences approach. Our results also indicate that excessive margin adjustments encourage excessive speculation. Specifically, simulated investment strategies based on holiday margin adjustment can yield considerable returns, with an average investment return of 5.4〖WTXT〗%〖WTBZ〗 per holiday, assuming a trading margin of 10〖WTXT〗%〖WTBZ〗 and a transaction cost rate of 01〖WTXT〗%〖WTBZ〗. This study contributes to the relationship between the margin system and futures prices, and provides a decision-making basis for improving the trading rules of China’s commodity futures market.

Abstract:This paper builds a rational expectation equilibrium (REE) model that incorporates a heterogeneous information structure to explore the intrinsic mechanism of traders’strategies and corresponding equilibrium characteristics.Specifically, the model introduces technical investors who receive liquidity shock signals. The results show that value-investors adopt a speculative strategy, while technical investors employ a combination of positive feedback and offsetting strategies.Notably, two equilibria exist depending on the relative intensity of the offsetting strategies. Specifically, the paper examines the direct influence of the ratio of value investors on the price content, thereby clarifying the mechanism by which external factors shape market quality indicators. In the equilibrium of the information market, as the fraction of value investors increases, the information conveyed by prices also rises, creating an opportunity for technical investors to free ride on the security price. Consequently, information acquisition exhibits strategic substitutable in both equilibria.