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Dynamic hedging of 50ETF options using Proximal Policy Optimization
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作者 Lei Liu Mengmeng Hao Jinde Cao 《Journal of Automation and Intelligence》 2025年第3期198-206,共9页
This paper employs the PPO(Proximal Policy Optimization) algorithm to study the risk hedging problem of the Shanghai Stock Exchange(SSE) 50ETF options. First, the action and state spaces were designed based on the cha... This paper employs the PPO(Proximal Policy Optimization) algorithm to study the risk hedging problem of the Shanghai Stock Exchange(SSE) 50ETF options. First, the action and state spaces were designed based on the characteristics of the hedging task, and a reward function was developed according to the cost function of the options. Second, combining the concept of curriculum learning, the agent was guided to adopt a simulated-to-real learning approach for dynamic hedging tasks, reducing the learning difficulty and addressing the issue of insufficient option data. A dynamic hedging strategy for 50ETF options was constructed. Finally, numerical experiments demonstrate the superiority of the designed algorithm over traditional hedging strategies in terms of hedging effectiveness. 展开更多
关键词 B-S model Option hedging Reinforcement learning 50ETF Proximal policy optimization(PPO)
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Gait Learning Reproduction for Quadruped Robots Based on Experience Evolution Proximal Policy Optimization
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作者 LI Chunyang ZHU Xiaoqing +2 位作者 RUAN Xiaogang LIU Xinyuan ZHANG Siyuan 《Journal of Shanghai Jiaotong university(Science)》 2025年第6期1125-1133,共9页
Bionic gait learning of quadruped robots based on reinforcement learning has become a hot research topic.The proximal policy optimization(PPO)algorithm has a low probability of learning a successful gait from scratch ... Bionic gait learning of quadruped robots based on reinforcement learning has become a hot research topic.The proximal policy optimization(PPO)algorithm has a low probability of learning a successful gait from scratch due to problems such as reward sparsity.To solve the problem,we propose a experience evolution proximal policy optimization(EEPPO)algorithm which integrates PPO with priori knowledge highlighting by evolutionary strategy.We use the successful trained samples as priori knowledge to guide the learning direction in order to increase the success probability of the learning algorithm.To verify the effectiveness of the proposed EEPPO algorithm,we have conducted simulation experiments of the quadruped robot gait learning task on Pybullet.Experimental results show that the central pattern generator based radial basis function(CPG-RBF)network and the policy network are simultaneously updated to achieve the quadruped robot’s bionic diagonal trot gait learning task using key information such as the robot’s speed,posture and joints information.Experimental comparison results with the traditional soft actor-critic(SAC)algorithm validate the superiority of the proposed EEPPO algorithm,which can learn a more stable diagonal trot gait in flat terrain. 展开更多
关键词 quadruped robot proximal policy optimization(PPO) priori knowledge evolutionary strategy bionic gait learning
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A Lyapunov characterization of robust policy optimization
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作者 Leilei Cui Zhong-Ping Jiang 《Control Theory and Technology》 EI CSCD 2023年第3期374-389,共16页
In this paper,we study the robustness property of policy optimization(particularly Gauss-Newton gradient descent algorithm which is equivalent to the policy iteration in reinforcement learning)subject to noise at each... In this paper,we study the robustness property of policy optimization(particularly Gauss-Newton gradient descent algorithm which is equivalent to the policy iteration in reinforcement learning)subject to noise at each iteration.By invoking the concept of input-to-state stability and utilizing Lyapunov's direct method,it is shown that,if the noise is sufficiently small,the policy iteration algorithm converges to a small neighborhood of the optimal solution even in the presence of noise at each iteration.Explicit expressions of the upperbound on the noise and the size of the neighborhood to which the policies ultimately converge are provided.Based on Willems'fundamental lemma,a learning-based policy iteration algorithm is proposed.The persistent excitation condition can be readily guaranteed by checking the rank of the Hankel matrix related to an exploration signal.The robustness of the learning-based policy iteration to measurement noise and unknown system disturbances is theoretically demonstrated by the input-to-state stability of the policy iteration.Several numerical simulations are conducted to demonstrate the efficacy of the proposed method. 展开更多
关键词 policy optimization policy iteration(PI)-Input-to-state stability(ISS) Lyapunov's direct method
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Policy Optimization Study Based on Evolutionary Learning
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作者 刘素平 丁永生 《Journal of Donghua University(English Edition)》 EI CAS 2009年第6期621-624,共4页
In order to achieve an intelligent and automated self-management network,dynamic policy configuration and selection are needed.A certain policy only suits to a certain network environment.If the network environment ch... In order to achieve an intelligent and automated self-management network,dynamic policy configuration and selection are needed.A certain policy only suits to a certain network environment.If the network environment changes,the certain policy does not suit any more.Thereby,the policy-based management should also have similar "natural selection" process.Useful policy will be retained,and policies which have lost their effectiveness are eliminated.A policy optimization method based on evolutionary learning was proposed.For different shooting times,the priority of policy with high shooting times is improved,while policy with a low rate has lower priority,and long-term no shooting policy will be dormant.Thus the strategy for the survival of the fittest is realized,and the degree of self-learning in policy management is improved. 展开更多
关键词 policy-based management evolution learning policy optimization
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Guided Proximal Policy Optimization with Structured Action Graph for Complex Decision-making
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作者 Yiming Yang Dengpeng Xing +1 位作者 Wannian Xia Peng Wang 《Machine Intelligence Research》 2025年第4期797-816,共20页
Reinforcement learning encounters formidable challenges when tasked with intricate decision-making scenarios,primarily due to the expansive parameterized action spaces and the vastness of the corresponding policy land... Reinforcement learning encounters formidable challenges when tasked with intricate decision-making scenarios,primarily due to the expansive parameterized action spaces and the vastness of the corresponding policy landscapes.To surmount these difficulties,we devise a practical structured action graph model augmented by guiding policies that integrate trust region constraints.Based on this,we propose guided proximal policy optimization with structured action graph(GPPO-SAG),which has demonstrated pronounced efficacy in refining policy learning and enhancing performance across sophisticated tasks characterized by parameterized action spaces.Rigorous empirical evaluations of our model have been performed on comprehensive gaming platforms,including the entire suite of StarCraft II and Hearthstone,yielding exceptionally favorable outcomes.Our source code is at https://github.com/sachiel321/GPPO-SAG. 展开更多
关键词 Reinforcement learning trust region policy optimization complex decision-making policy guiding structured action graph
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Evaluating end-to-end autonomous driving architectures: a proximal policy optimization approach in simulated environments
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作者 Angelo Morgado Kaoru Ota +1 位作者 Mianxiong Dong Nuno Pombo 《Autonomous Intelligent Systems》 2025年第1期191-205,共15页
Autonomous driving systems(ADS)are at the forefront of technological innovation,promising enhanced safety,efficiency,and convenience in transportation.This study investigates the potential of end-to-end reinforcement ... Autonomous driving systems(ADS)are at the forefront of technological innovation,promising enhanced safety,efficiency,and convenience in transportation.This study investigates the potential of end-to-end reinforcement learning(RL)architectures for ADS,specifically focusing on a Go-To-Point task involving lane-keeping and navigation through basic urban environments.The study uses the Proximal Policy Optimization(PPO)algorithm within the CARLA simulation environment.Traditional modular systems,which separate driving tasks into perception,decision-making,and control,provide interpretability and reliability in controlled scenarios but struggle with adaptability to dynamic,real-world conditions.In contrast,end-to-end systems offer a more integrated approach,potentially enhancing flexibility and decision-making cohesion.This research introduces CARLA-GymDrive,a novel framework integrating the CARLA simulator with the Gymnasium API,enabling seamless RL experimentation with both discrete and continuous action spaces.Through a two-phase training regimen,the study evaluates the efficacy of PPO in an end-to-end ADS focused on basic tasks like lane-keeping and waypoint navigation.A comparative analysis with modular architectures is also provided.The findings highlight the strengths of PPO in managing continuous control tasks,achieving smoother and more adaptable driving behaviors than value-based algorithms like Deep Q-Networks.However,challenges remain in generalization and computational demands,with end-to-end systems requiring extensive training time.While the study underscores the potential of end-to-end architectures,it also identifies limitations in scalability and real-world applicability,suggesting that modular systems may currently be more feasible for practical ADS deployment.Nonetheless,the CARLA-GymDrive framework and the insights gained from PPO-based ADS contribute significantly to the field,laying a foundation for future advancements in AD. 展开更多
关键词 Autonomous Driving Systems(ADS) End-to-End Architecture Software System Architecture Proximal policy optimization(PPO) Real-Time Embedded Systems Simulation Framework
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Proximal policy optimization with an integral compensator for quadrotor control 被引量:6
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作者 Huan HU Qing-ling WANG 《Frontiers of Information Technology & Electronic Engineering》 SCIE EI CSCD 2020年第5期777-795,共19页
We use the advanced proximal policy optimization(PPO)reinforcement learning algorithm to optimize the stochastic control strategy to achieve speed control of the"model-free"quadrotor.The model is controlled ... We use the advanced proximal policy optimization(PPO)reinforcement learning algorithm to optimize the stochastic control strategy to achieve speed control of the"model-free"quadrotor.The model is controlled by four learned neural networks,which directly map the system states to control commands in an end-to-end style.By introducing an integral compensator into the actor-critic framework,the speed tracking accuracy and robustness have been greatly enhanced.In addition,a two-phase learning scheme which includes both offline-and online-learning is developed for practical use.A model with strong generalization ability is learned in the offline phase.Then,the flight policy of the model is continuously optimized in the online learning phase.Finally,the performances of our proposed algorithm are compared with those of the traditional PID algorithm. 展开更多
关键词 Reinforcement learning Proximal policy optimization Quadrotor control Neural network
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A STOCHASTIC TRUST-REGION FRAMEWORK FOR POLICY OPTIMIZATION 被引量:1
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作者 Mingming Zhao Yongfeng Li Zaiwen Wen 《Journal of Computational Mathematics》 SCIE CSCD 2022年第6期1004-1030,共27页
In this paper,we study a few challenging theoretical and numerical issues on the well known trust region policy optimization for deep reinforcement learning.The goal is to find a policy that maximizes the total expect... In this paper,we study a few challenging theoretical and numerical issues on the well known trust region policy optimization for deep reinforcement learning.The goal is to find a policy that maximizes the total expected reward when the agent acts according to the policy.The trust region subproblem is constructed with a surrogate function coherent to the total expected reward and a general distance constraint around the latest policy.We solve the subproblem using a preconditioned stochastic gradient method with a line search scheme to ensure that each step promotes the model function and stays in the trust region.To overcome the bias caused by sampling to the function estimations under the random settings,we add the empirical standard deviation of the total expected reward to the predicted increase in a ratio in order to update the trust region radius and decide whether the trial point is accepted.Moreover,for a Gaussian policy which is commonly used for continuous action space,the maximization with respect to the mean and covariance is performed separately to control the entropy loss.Our theoretical analysis shows that the deterministic version of the proposed algorithm tends to generate a monotonic improvement of the total expected reward and the global convergence is guaranteed under moderate assumptions.Comparisons with the state-of-the–art methods demonstrate the effectiveness and robustness of our method over robotic controls and game playings from OpenAI Gym. 展开更多
关键词 Deep reinforcement learning Stochastic trust region method policy optimization Global convergence Entropy control
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STUDY ON THE OPTIMIZATION OF TRANSPORT CONTROL POLICY IN COMMUNICATION NETWORK 被引量:1
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作者 Fan Shuyan Han Weizhan Lu Ran 《Journal of Electronics(China)》 2010年第2期261-266,共6页
In communication networks with policy-based Transport Control on-Demand (TCoD) function,the transport control policies play a great impact on the network effectiveness. To evaluate and optimize the transport policies ... In communication networks with policy-based Transport Control on-Demand (TCoD) function,the transport control policies play a great impact on the network effectiveness. To evaluate and optimize the transport policies in communication network,a policy-based TCoD network model is given and a comprehensive evaluation index system of the network effectiveness is put forward from both network application and handling mechanism perspectives. A TCoD network prototype system based on Asynchronous Transfer Mode/Multi-Protocol Label Switching (ATM/MPLS) is introduced and some experiments are performed on it. The prototype system is evaluated and analyzed with the comprehensive evaluation index system. The results show that the index system can be used to judge whether the communication network can meet the application requirements or not,and can provide references for the optimization of the transport policies so as to improve the communication network effectiveness. 展开更多
关键词 Communication network Comprehensive evaluation index system Network Application Effectiveness (NAE) Transport Control on-Demand (TCoD) policy optimization
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Towards Jumping Skill Learning by Target-guided Policy Optimization for Quadruped Robots
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作者 Chi Zhang Wei Zou +1 位作者 Ningbo Cheng Shuomo Zhang 《Machine Intelligence Research》 EI CSCD 2024年第6期1162-1177,共16页
Endowing quadruped robots with the skill to forward jump is conducive to making it overcome barriers and pass through complex terrains.In this paper,a model-free control architecture with target-guided policy optimiza... Endowing quadruped robots with the skill to forward jump is conducive to making it overcome barriers and pass through complex terrains.In this paper,a model-free control architecture with target-guided policy optimization and deep reinforcement learn-ing(DRL)for quadruped robot jumping is presented.First,the jumping phase is divided into take-off and flight-landing phases,and op-timal strategies with soft actor-critic(SAC)are constructed for the two phases respectively.Second,policy learning including expecta-tions,penalties in the overall jumping process,and extrinsic excitations is designed.Corresponding policies and constraints are all provided for successful take-off,excellent flight attitude and stable standing after landing.In order to avoid low efficiency of random ex-ploration,a curiosity module is introduced as extrinsic rewards to solve this problem.Additionally,the target-guided module encour-ages the robot explore closer and closer to desired jumping target.Simulation results indicate that the quadruped robot can realize com-pleted forward jumping locomotion with good horizontal and vertical distances,as well as excellent motion attitudes. 展开更多
关键词 Jumping locomotion for quadruped robot policy optimization deep reinforcement learning(DRL) locomotion control robot learning
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Managing International Student Education in China:Cross-Cultural Adaptation and Policy Optimization
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作者 Qi Zhang 《Advances in Social Behavior Research》 2024年第7期41-45,共5页
This paper aims to explore the current status and challenges of international student education in China,with a focus on cross-cultural adaptation and institutional policies optimisation.It comes at a time when China ... This paper aims to explore the current status and challenges of international student education in China,with a focus on cross-cultural adaptation and institutional policies optimisation.It comes at a time when China is attracting more international students than ever,as part of the Belt and Road Initiative.However,international students also report significant cross-cultural adaptation challenges,including language issues,insufficient administrative support,and limited opportunities for social integration.This study,using a mixed-method approach that combines quantitative surveys and qualitative interviews,mainly with international students and university administrators from 10 leading Chinese universities,found that language proficiency is the biggest barrier to academic integration(78%of respondents reported it as a major barrier),and institutional support to cross-cultural adaptation often lags behind.For example,only 38%of international students felt that their universities provided sufficient support for cross-cultural adaption.The paper recommends reinforcing language support,providing cross-cultural sensitivity training for staff,and creating structured mentorship programmes to improve international students’academic and social integration in China. 展开更多
关键词 International students cross-cultural adaptation education management language barriers policy optimization
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Rural Revitalization and the Transformation of Xinhui Chenpi Industry: A Case Study of Policy Implementation and Development Pathways
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作者 Yuxin Yang 《Proceedings of Business and Economic Studies》 2025年第5期132-141,共10页
This paper examines the transformation and development of the Xinhui Chenpi industry under the rural revitalization strategy in China.The study highlights the significant growth of the industry,with the annual product... This paper examines the transformation and development of the Xinhui Chenpi industry under the rural revitalization strategy in China.The study highlights the significant growth of the industry,with the annual production of chenpi reaching approximately 7,000 tons and the total output value surpassing 26 billion yuan in 2024.The paper proposes strategies to foster sustainable growth in industries facing challenges such as inefficient production processes,inconsistent product quality,and a lack of policy awareness among operators.These strategies include optimizing support policies,enhancing regulatory frameworks,and leveraging digital technologies for brand building and market expansion.The research contributes to understanding the development trajectory of the Xinhui Chenpi industry and provides insights for policymakers and industry practitioners. 展开更多
关键词 Rural revitalization Industrial transformation policy optimization Digital marketing
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Research on Utility Evaluation and Optimization of the Third Pillar Pension in Multi-level Pension Security for Employees in New Business Forms
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作者 Ren Feixiao Wang Wenbo Zhang Kexin 《Journal of Humanities and Nature》 2025年第2期3-19,共17页
Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the p... Against the backdrop of uneven pressure on the three-pillar pension system and a mismatch between pension funds and the demographic structure,a large number of employees in new forms of employment remain outside the pension security system,facing relatively high pension risks.Due to their high job mobility,weak long-term planning ability,and large income fluctuations,on the basis of maintaining the balance of the three-pillar pension system,individual pension schemes may become a breakthrough point for improving the pension situation of employees in new forms of employment.In line with the national goal of building a multi-level and multi-pillar old-age insurance system,to study the supplementary role of the third-pillar individual pension policy for employees in new forms of employment,this article constructs an evaluation system using the analytic hierarchy process and designs a questionnaire.After conducting a questionnaire survey in six cities in Shandong Province,the collected data are analyzed.It is found that the short-term effect of the current policy is that residents'awareness of pension issues is gradually improving,and the participation rate is increasing,but the behavior is short-term,and residents generally tend to avoid pension risks.Therefore,regarding the deepening of the individual pension system,the article puts forward three suggestions:(1)Conduct comprehensive publicity through multiple channels and with emphasis on key points;(2)Enhance the system's attractiveness according to the characteristics of the target population;(3)Improve the public's awareness of pension planning and financial literacy;(4)Strengthen the connection and transformation among different pillars of the pension system. 展开更多
关键词 New Business Format Personal Pension System Analytic Hierarchy Process policy optimization
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OPTIMAL HARVESTING POLICY FOR INSHORE-OFFSHORE FISHERY MODEL WITH IMPULSIVE DIFFUSION 被引量:7
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作者 董玲珍 陈兰荪 孙丽华 《Acta Mathematica Scientia》 SCIE CSCD 2007年第2期405-412,共8页
This article studies the inshore-offshore fishery model with impulsive diffusion. The existence and global asymptotic stability of both the trivial periodic solution and the positive periodic solution are obtained. Th... This article studies the inshore-offshore fishery model with impulsive diffusion. The existence and global asymptotic stability of both the trivial periodic solution and the positive periodic solution are obtained. The complexity of this system is also analyzed. Moreover, the optimal harvesting policy are given for the inshore subpopulation, which includes the maximum sustainable yield and the corresponding harvesting effort. 展开更多
关键词 Impulsive diffusion inshore-offshore fishery model global asymptotic stability periodic solution optimal harvesting policy
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Optimal switching policy for performance enhancement of distributed parameter systems based on event-driven control 被引量:1
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作者 穆文英 崔宝同 +1 位作者 楼旭阳 李纹 《Chinese Physics B》 SCIE EI CAS CSCD 2014年第7期211-217,共7页
This paper aims to improve the performance of a class of distributed parameter systems for the optimal switching of actuators and controllers based on event-driven control. It is assumed that in the available multiple... This paper aims to improve the performance of a class of distributed parameter systems for the optimal switching of actuators and controllers based on event-driven control. It is assumed that in the available multiple actuators, only one actuator can receive the control signal and be activated over an unfixed time interval, and the other actuators keep dormant. After incorporating a state observer into the event generator, the event-driven control loop and the minimum inter-event time are ultimately bounded. Based on the event-driven state feedback control, the time intervals of unfixed length can be obtained. The optimal switching policy is based on finite horizon linear quadratic optimal control at the beginning of each time subinterval. A simulation example demonstrate the effectiveness of the proposed policy. 展开更多
关键词 distributed parameter systems optimal switching policy EVENT-DRIVEN
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RECURSIVE UTILITY,PRODUCTIVE GOVERNMENT EXPENDITURE AND OPTIMAL FISCAL POLICY 被引量:1
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作者 Wang Haijun Hu Shigeng Zhang Xueqing 《Applied Mathematics(A Journal of Chinese Universities)》 SCIE CSCD 2005年第3期277-288,共12页
This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expendi... This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expenditure and optimal fiscal policy, particularly stresses the importance of factor income. First, the explicit solutions of the central planner's stochastic optimization problem are derived, the growth maximizing and welfare-maximizing government expenditure policies are obtained and their standing in conflict or coincidence depends upon intertemporal substitution. Second, the explicit solutions of the representative individual's stochastic optimization problem which permits to tax on capital income and labor income separately are derived ,and it is found that the effect of risk on growth crucially depends on the degree of risk aversion,the intertemporal elasticity of substitution and the capital income share. Finally, a flexible optimal tax policy which can be internally adjusted to a certain extent is derived, and it is found that the distribution of factor income plays an important role in designing the optimal tax policy. 展开更多
关键词 endogenous growth recursive utility productive government expenditure optimal fiscal policy.
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Optimal policy for controlling two-server queueing systems with jockeying
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作者 LIN Bing LIN Yuchen BHATNAGAR Rohit 《Journal of Systems Engineering and Electronics》 SCIE EI CSCD 2022年第1期144-155,共12页
This paper studies the optimal policy for joint control of admission, routing, service, and jockeying in a queueing system consisting of two exponential servers in parallel.Jobs arrive according to a Poisson process.U... This paper studies the optimal policy for joint control of admission, routing, service, and jockeying in a queueing system consisting of two exponential servers in parallel.Jobs arrive according to a Poisson process.Upon each arrival, an admission/routing decision is made, and the accepted job is routed to one of the two servers with each being associated with a queue.After each service completion, the servers have an option of serving a job from its own queue, serving a jockeying job from another queue, or staying idle.The system performance is inclusive of the revenues from accepted jobs, the costs of holding jobs in queues, the service costs and the job jockeying costs.To maximize the total expected discounted return, we formulate a Markov decision process(MDP) model for this system.The value iteration method is employed to characterize the optimal policy as a hedging point policy.Numerical studies verify the structure of the hedging point policy which is convenient for implementing control actions in practice. 展开更多
关键词 queueing system jockeying optimal policy Markov decision process(MDP) dynamic programming
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A generalized geometric process based repairable system model with bivariate policy
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作者 MA Ning YE Jimin WANG Junyuan 《Journal of Systems Engineering and Electronics》 SCIE EI CSCD 2021年第3期631-641,共11页
The maintenance model of simple repairable system is studied.We assume that there are two types of failure,namely type Ⅰ failure(repairable failure)and type Ⅱ failure(irrepairable failure).As long as the type Ⅰ fai... The maintenance model of simple repairable system is studied.We assume that there are two types of failure,namely type Ⅰ failure(repairable failure)and type Ⅱ failure(irrepairable failure).As long as the type Ⅰ failure occurs,the system will be repaired immediately,which is failure repair(FR).Between the(n-1)th and the nth FR,the system is supposed to be preventively repaired(PR)as the consecutive working time of the system reaches λ^(n-1) T,where λ and T are specified values.Further,we assume that the system will go on working when the repair is finished and will be replaced at the occurrence of the Nth type Ⅰ failure or the occurrence of the first type Ⅱ failure,whichever occurs first.In practice,the system will degrade with the increasing number of repairs.That is,the consecutive working time of the system forms a decreasing generalized geometric process(GGP)whereas the successive repair time forms an increasing GGP.A simple bivariate policy(T,N)repairable model is introduced based on GGP.The alternative searching method is used to minimize the cost rate function C(N,T),and the optimal(T,N)^(*) is obtained.Finally,numerical cases are applied to demonstrate the reasonability of this model. 展开更多
关键词 renewal reward theorem generalized geometric process(GGP) average cost rate optimal policy replacement
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Distributive Disturbance and Optimal Policy in Stochastic Control Model
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作者 汪红初 胡适耕 张学清 《Journal of Southwest Jiaotong University(English Edition)》 2006年第4期408-414,共7页
To investigate the equilibrium relationships between the volatility of capital and income, taxation, and ance in a stochastic control model, the uniqueness of the solution to this model was proved by using the method ... To investigate the equilibrium relationships between the volatility of capital and income, taxation, and ance in a stochastic control model, the uniqueness of the solution to this model was proved by using the method of dynamic programming under the introduction of distributive disturbance and elastic labor supply. Furthermore, the effects of two types of shocks on labor-leisure choice, economic growth rate and welfare were numerically analyzed, and then the optimal tax policy was derived. 展开更多
关键词 Stochastic optimization Dynamic programming Bellman equation Macroeconomic equilibrium Optimal policy
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China’s National Carbon Price Trends and Outlook for 2025 被引量:1
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作者 Xu Dong Zhou Xinyuan 《China Oil & Gas》 2025年第4期25-32,共8页
At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since th... At the beginning of 2025,China’s national carbon market carbon price trend exhibited a continuous unilateral downward trajectory,representing a departure from the overall steady upward trend in carbon prices since the carbon market launched in 2021.The analysis suggests that the primary reason for the recent decline in carbon prices is the reversal of supply and demand dynamics in the carbon market,with increased quota supply amid a sluggish economy.It is expected that downward pressure on carbon prices will persist in the short term,but with more industries being included and continued policy optimization and improvement,a rise in China’s medium-to long-term carbon prices is highly probable.Recommendations for enterprises involved in carbon asset operations and management:first,refining carbon asset reserves and trading strategies;second,accelerating internal CCER project development;third,exploring carbon financial instrument applications;fourth,establishing and improving internal carbon pricing mechanisms;fifth,proactively planning for new industry inclusion. 展开更多
关键词 CCER project industrial inclusion reversal supply demand dynamics carbon price policy optimization supply demand dynamics carbon asset management carbon market
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