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Improved simulated annealing algorithm for UAV path planning with uncertain flight time
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作者 LI Xiaoduo LUO He +1 位作者 WANG Guoqiang YIN Youlong 《Journal of Systems Engineering and Electronics》 2026年第1期272-286,共15页
Efficient multiple unmanned aerial vehicles(UAVs)path planning is crucial for improving mission completion efficiency in UAV operations.However,during the actual flight of UAVs,the flight time between nodes is always ... Efficient multiple unmanned aerial vehicles(UAVs)path planning is crucial for improving mission completion efficiency in UAV operations.However,during the actual flight of UAVs,the flight time between nodes is always influenced by external factors,making the original path planning solution ineffective.In this paper,the multi-depot multi-UAV path planning problem with uncertain flight time is modeled as a robust optimization model with a budget uncertainty set.Then,the robust optimization model is transformed into a mixed integer linear programming model by the strong duality theorem,which makes the problem easy to solve.To effectively solve large-scale instances,a simulated annealing algorithm with a robust feasibility check(SA-RFC)is developed.The numerical experiment shows that the SA-RFC can find high-quality solutions within a few seconds.Moreover,the effect of the task location distribution,depot counts,and variations in robustness parameters on the robust optimization solution is analyzed by using Monte Carlo experiments.The results demonstrate that the proposed robust model can effectively reduce the risk of the UAV failing to return to the depot without significantly compromising the profit. 展开更多
关键词 unmanned aerial vehicle(UAV)path planning uncertain flight time robust optimization simulated annealing
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Joint jammer selection and power optimization in covert communications against a warden with uncertain locations 被引量:1
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作者 Zhijun Han Yiqing Zhou +3 位作者 Yu Zhang Tong-Xing Zheng Ling Liu Jinglin Shi 《Digital Communications and Networks》 2025年第4期1113-1123,共11页
In covert communications,joint jammer selection and power optimization are important to improve performance.However,existing schemes usually assume a warden with a known location and perfect Channel State Information(... In covert communications,joint jammer selection and power optimization are important to improve performance.However,existing schemes usually assume a warden with a known location and perfect Channel State Information(CSI),which is difficult to achieve in practice.To be more practical,it is important to investigate covert communications against a warden with uncertain locations and imperfect CSI,which makes it difficult for legitimate transceivers to estimate the detection probability of the warden.First,the uncertainty caused by the unknown warden location must be removed,and the Optimal Detection Position(OPTDP)of the warden is derived which can provide the best detection performance(i.e.,the worst case for a covert communication).Then,to further avoid the impractical assumption of perfect CSI,the covert throughput is maximized using only the channel distribution information.Given this OPTDP based worst case for covert communications,the jammer selection,the jamming power,the transmission power,and the transmission rate are jointly optimized to maximize the covert throughput(OPTDP-JP).To solve this coupling problem,a Heuristic algorithm based on Maximum Distance Ratio(H-MAXDR)is proposed to provide a sub-optimal solution.First,according to the analysis of the covert throughput,the node with the maximum distance ratio(i.e.,the ratio of the distances from the jammer to the receiver and that to the warden)is selected as the friendly jammer(MAXDR).Then,the optimal transmission and jamming power can be derived,followed by the optimal transmission rate obtained via the bisection method.In numerical and simulation results,it is shown that although the location of the warden is unknown,by assuming the OPTDP of the warden,the proposed OPTDP-JP can always satisfy the covertness constraint.In addition,with an uncertain warden and imperfect CSI,the covert throughput provided by OPTDP-JP is 80%higher than the existing schemes when the covertness constraint is 0.9,showing the effectiveness of OPTDP-JP. 展开更多
关键词 Covert communications Uncertain warden Jammer selection Power optimization Throughput maximization
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Global Sampled-Data Output Feedback Stabilization for Nonlinear Systems via Intermittent Hold
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作者 Le Chang Cheng Fu Huanjun Zhang 《IEEE/CAA Journal of Automatica Sinica》 2025年第8期1586-1593,共8页
This paper introduces a sampled-data and intermittent-hold controller for nonlinear feedforward systems.The intermittent hold allows the control signal to be held in a portion of each sampled period,which does not req... This paper introduces a sampled-data and intermittent-hold controller for nonlinear feedforward systems.The intermittent hold allows the control signal to be held in a portion of each sampled period,which does not require the control to be persistently implemented,and thus has less control time.But,less control time degrades the performance of a continuous-time control system or even destabilizes it,especially when the holding portion is sufficiently small.To tackle this obstacle,we first introduce the notion of activating rate to describe the intermittent hold,and give the sampled-data and intermittent-hold controller based on some tuning parameters.Then it is proved that for any activating rate,these parameters can be designed to achieve the stability of the considered systems under appropriately choosing the sampling size.Finally,simulation examples are given to illustrate the effectiveness of the proposed method. 展开更多
关键词 Adaptive control intermittent problem nonlinear continuous-discrete system nonlinear uncertain system sampled-data control
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HOW CHINA IS NAVIGATING AN UNCERTAIN WORLD
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作者 David Morris 《China Report ASEAN》 2025年第4期64-64,共1页
2025 has,so far,been a year of surprises.The United States under its reelected president,Donald Trump,has not only ramped up the U.S.trade war with China that he began in his first term,but has also unleashed a verbal... 2025 has,so far,been a year of surprises.The United States under its reelected president,Donald Trump,has not only ramped up the U.S.trade war with China that he began in his first term,but has also unleashed a verbal assault and a barrage of tariffs against its neighbors,Canada and Mexico.It appears the age of globalization and rules-based free trade is over,at least as far as the giant U.S.economy is concerned. 展开更多
关键词 trade war GLOBALIZATION free trade verbal assault uncertain world
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Fixed-Structure Robust Feedback Linearization for Full Relative Degree Nonlinear Systems
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作者 Vlad Mihaly MirceaȘușcă Petru Dobra 《IEEE/CAA Journal of Automatica Sinica》 2025年第10期2026-2039,共14页
The exact feedback linearization method implies an accurate knowledge of the model and its parameters.This assumption is an inherent limitation of the method,suffering from robustness issues.In general,the model struc... The exact feedback linearization method implies an accurate knowledge of the model and its parameters.This assumption is an inherent limitation of the method,suffering from robustness issues.In general,the model structure is only partially known and its parameters present uncertainties.The current paper extends the classical exact feedback linearization to the robust feedback linearization by adding an appropriatelydesigned robust control layer.This is then able to ensure robust stability and robust performance for the given uncertain system in a desired region of attraction.We consider the case of full relative degree input-affine nonlinear systems,which are of great practical importance in the literature.The inner loop contains the feedback linearization input for the nominal system and the resulting residual nonlinearities can always be characterized as inverse additive uncertainties.The constructive proofs provide exact representations of the uncertainty models in three considered scenarios:unmatched,fully-matched,and partially-matched uncertainties.The uncertainty model will be a descriptor system,which also represents one of the novelties of the paper.Our approach leads to a simplified control structure and a less conservative coverage of the uncertainty set compared to current alternatives.The end-to-end procedure is emphasized on an illustrative example,in two different hypotheses. 展开更多
关键词 Feedback linearization nonlinear control ROBUSTNESS uncertain nonlinear systems
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Multi-stage robust optimization for a class of UAV trajectory planning problems with uncertain nonlinear dynamics
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作者 Zixin FENG Wenchao XUE +1 位作者 Ran ZHANG Huifeng LI 《Chinese Journal of Aeronautics》 2025年第11期228-234,共7页
Trajectory planning under uncertain dynamics is critical for safety-critical systems like Unmanned Aerial Vehicles(UAVs),where uncertainties in aerodynamic force and control surface failure can lead to mission failure... Trajectory planning under uncertain dynamics is critical for safety-critical systems like Unmanned Aerial Vehicles(UAVs),where uncertainties in aerodynamic force and control surface failure can lead to mission failure.This paper proposes a Multi-stage Robust Optimization(MRO)framework to address nonlinear trajectory planning with bounded but unknown parameters.By integrating first-order sensitivity analysis and sequential optimization,the proposed method ensures robustness against worst-case parameter deviations while maintaining high terminal accuracy.Unlike existing approaches,this paper explicitly quantifies uncertainty propagation through sensitivity bounds and divides long-term planning into sub-stages to reduce cumulative errors.Simulations on a UAV model with uncertainties in aerodynamic coefficients,wind fields and coefficients of control inputs demonstrate that MRO achieves high terminal state accuracy and strong robustness. 展开更多
关键词 Robust optimization UAV trajectory planning Optimal control Uncertain parameters Sensitivity analysis
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A robust MP-ADRC-based strategy for uncertain minimum phase systems
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作者 Josiel A.Gouvêa Alessandro R.L.Zachi +1 位作者 Lúcio M.Fernandes Tiago Roux Oliveira 《Control Theory and Technology》 2025年第3期345-363,共19页
This paper proposes an extension of the Modified-Plant ADRC(MP-ADRC)strategy to broaden its application to minimum phase dynamical systems.The main features of the MP-ADRC method are the inclusion of a constant gain i... This paper proposes an extension of the Modified-Plant ADRC(MP-ADRC)strategy to broaden its application to minimum phase dynamical systems.The main features of the MP-ADRC method are the inclusion of a constant gain in series with the plant output error and a linear filter in parallel with the overall error system.These structural changes do not influence the input/output dynamics of the original plant,but are intentionally introduced to modify the dynamics to be estimated by the extended state observer(ESO)and,thus,promote an increase in the robustness of the method.Some advantages can also be attributed to the proposed methodology,such as(i)the design procedures of both the controller and the ESO only require knowledge of the sign(±)of the plant input channel coefficient(or control gain);(ii)the plant control input is generated directly by a single ESO state variable.Despite the advantages and the characteristics of MP-ADRC mentioned earlier,closed-loop stability cannot be guaranteed when it is applied to dynamical systems that have finite zeros.To overcome this difficulty,this work introduces an extension in the MP-ADRC method.It basically consists of rewriting the minimum phase plant dynamics according to its relative order,and then follows with the design of the ESO by conveniently increasing the number of ESO state variables.The simulation results are also presented to illustrate the application of the proposed method. 展开更多
关键词 Modified-plant ADRC Uncertain systems Minimum phase plants Robust control Extended state observer
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Research on linear active disturbance rejection control for uncertain systems with output noise
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作者 Xinping Peng Kun Han +2 位作者 Xiaohui Ma Haobo Zhang Chen Yu 《Transportation Safety and Environment》 2025年第3期173-184,共12页
Aiming at the sensitivity of linear active disturbance rejection control(LADRC)to measurement noise,an improved anti-saturation cascaded LADRC is proposed.This approach employs the system output as the control input o... Aiming at the sensitivity of linear active disturbance rejection control(LADRC)to measurement noise,an improved anti-saturation cascaded LADRC is proposed.This approach employs the system output as the control input of the filtering subsystem,which is then fed back to the secondary LADRC to mitigate measurement noise and uncertain disturbances.While preserving the benefits of precise and stable tracking inherent to traditional cascaded LADRC closed-loop systems,this design omits the outer loop tracking differentiator,thereby simplifying the structure and reducing the number of tunable parameters.Additionally,an error compensation strategy is introduced to address input saturation constraints,thereby equipping the controller with anti-saturation capabilities.Under multi-track surface switching conditions,the effectiveness of the new cascaded active disturbance rejection method is verified by simulation of the optimal adhesion control of the railway train.The results show that the improved cascaded LADRC has stronger rapidity and robustness. 展开更多
关键词 uncertain system measurement noise cascaded active disturbance rejection control system robustness adhesion control
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Delay bounded routing with the maximum belief degree for dynamic uncertain networks
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作者 MA Ji KANG Rui +3 位作者 LI Ruiying ZHANG Qingyuan LIU Liang WANG Xuewang 《Journal of Systems Engineering and Electronics》 2025年第1期127-138,共12页
Delay aware routing is now widely used to provide efficient network transmission. However, for newly developing or developed mobile communication networks(MCN), only limited delay data can be obtained. In such a netwo... Delay aware routing is now widely used to provide efficient network transmission. However, for newly developing or developed mobile communication networks(MCN), only limited delay data can be obtained. In such a network, the delay is with epistemic uncertainty, which makes the traditional routing scheme based on deterministic theory or probability theory not applicable. Motivated by this problem, the MCN with epistemic uncertainty is first summarized as a dynamic uncertain network based on uncertainty theory, which is widely applied to model epistemic uncertainties. Then by modeling the uncertain end-toend delay, a new delay bounded routing scheme is proposed to find the path with the maximum belief degree that satisfies the delay threshold for the dynamic uncertain network. Finally, a lowEarth-orbit satellite communication network(LEO-SCN) is used as a case to verify the effectiveness of our routing scheme. It is first modeled as a dynamic uncertain network, and then the delay bounded paths with the maximum belief degree are computed and compared under different delay thresholds. 展开更多
关键词 dynamic uncertain network uncertainty theory epistemic uncertainty delay bounded routing maximum belief degree
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Research on the Evaluation of Risk Control Schemes for Engineering Projects under Uncertain Environments
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作者 Xiaoyang Zeng Weizhe Shu 《Journal of Architectural Research and Development》 2025年第6期66-71,共6页
To effectively select risk control schemes in uncertain environments,this paper has proposed an analysis and evaluation method based on the fuzzy comprehensive evaluation method.Firstly,enterprises have adopted the br... To effectively select risk control schemes in uncertain environments,this paper has proposed an analysis and evaluation method based on the fuzzy comprehensive evaluation method.Firstly,enterprises have adopted the brainstorming method and the Delphi method to identify risks in engineering projects,and organized the identified risks in the form of checklists to facilitate further analysis.Secondly,the fuzzy comprehensive evaluation theory was introduced to determine the comparison matrix of each risk factor and its weight.Furthermore,the top five risk factors in terms of weight ranking were taken as the evaluation factors for the selection of risk control plans.The plans were scored through the weighted scoring method,and the optimal risk control plan was determined based on the score.Finally,the feasibility of the proposed selection technology was verified through A research example of the risk control plan assessment for the construction project of Enterprise A. 展开更多
关键词 Engineering projects Fuzzy comprehensive evaluation method Uncertain environment Risk control schemes
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Data-driven adaptive distributed optimal disturbance rejection control of frequency regulation in nonlinear power systems
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作者 Changhui Yu Xiao Qi +4 位作者 Weixiong Wu Hui Deng Ming Du Wenguang Zhang Tianyu Wang 《Control Theory and Technology》 2025年第3期423-436,共14页
With the increasing penetration of renewable energy resources in power systems,conventional timescale separated load frequency control(LFC)and economic dispatch may degrade frequency performance and reduce economic ef... With the increasing penetration of renewable energy resources in power systems,conventional timescale separated load frequency control(LFC)and economic dispatch may degrade frequency performance and reduce economic efficiency.This paper proposes a novel data-driven adaptive distributed optimal disturbance rejection control(DODRC)method for real-time economic LFC problem in nonlinear power systems.Firstly,a basic DODRC method is proposed by integrating the active disturbance rejection control method and the partial primal–dual algorithm.Then,to deal with the tie-line power flow constraints,the logarithmic barrier function is employed to reconstruct the Lagrange function to obtain the constrained DODRC method.By analyzing the sensitivity of the uncertain parameters of power systems,a data-driven adaptive DODRC method is finally proposed with a neural network.The effectiveness of the proposed method is demonstrated by experimental results using real-time equipment. 展开更多
关键词 Load frequency control Economic dispatch Active disturbance rejection control Tie-line thermal constraints Uncertain parameters
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Optimal condition analysis of target localization using multi-agents with uncertain positions
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作者 Yi Hou Ning Hao +2 位作者 Fenghua He Chen Xie Yu Yao 《Control Theory and Technology》 2025年第1期131-144,共14页
This paper delves into the problem of optimal placement conditions for a group of agents collaboratively localizing a target using range-only or bearing-only measurements.The challenge in this study stems from the unc... This paper delves into the problem of optimal placement conditions for a group of agents collaboratively localizing a target using range-only or bearing-only measurements.The challenge in this study stems from the uncertainty associated with the positions of the agents,which may experience drift or disturbances during the target localization process.Initially,we derive the Cramer-Rao lower bound(CRLB)of the target position as the primary analytical metric.Subsequently,we establish the necessary and sufficient conditions for the optimal placement of agents.Based on these conditions,we analyze the maximal allowable agent position error for an expected mean squared error(MSE),providing valuable guidance for the selection of agent positioning sensors.The analytical findings are further validated through simulation experiments. 展开更多
关键词 Cramer-Rao lower bound(CRLB) Target localization Uncertain sensor position Multi-agent systems
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Modeling and Control of the Linear Motor Active Suspension with Quasi-zero Stiffness Air Spring System Using Polynomial Chaos Expansion
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作者 Pai Li Xing Xu +3 位作者 Cong Liang Te Chen Jiachen Jiang Vincent Akolbire Atindana 《Chinese Journal of Mechanical Engineering》 2025年第5期101-119,共19页
As a crucial component of intelligent chassis systems,air suspension significantly enhances driver comfort and vehicle stability.To further improve the adaptability of commercial vehicles to complex and variable road ... As a crucial component of intelligent chassis systems,air suspension significantly enhances driver comfort and vehicle stability.To further improve the adaptability of commercial vehicles to complex and variable road conditions,this paper proposes a linear motor active suspension with quasi-zero stiffness(QZS)air spring system.Firstly,a dynamic model of the linear motor active suspension with QZS air spring system is established.Secondly,considering the random uncertainties in the linear motor parameters due to manufacturing and environmental factors,a dynamic model and state equations incorporating these uncertainties are constructed using the polynomial chaos expansion(PCE)method.Then,based on H_(2) robust control theory and the Kalman filter,a state feedback control law is derived,accounting for the random parameter uncertainties.Finally,simulation and hardware-in-the-loop(HIL)experimental results demonstrate that the PCE-H_(2) robust controller not only provides better performance in terms of vehicle ride comfort compared to general H_(2) robust controller but also exhibits higher robustness to the effects of random uncertain parameters,resulting in more stable control performance. 展开更多
关键词 Linear motor active suspension Quasi-zero stiffness air spring Stochastic uncertain systems Polynomial chaos expansion Robust control
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Multi-Phase Degradation Modeling Based on Uncertain Random Process for Remaining Useful Life Prediction Under Triple Uncertainties
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作者 Xuerui Cao Kaixiang Peng Ruihua Jiao 《IEEE/CAA Journal of Automatica Sinica》 2025年第6期1129-1143,共15页
Due to abrupt changes in the intrinsic degradation mechanism or shock from external environmental pressure,degradations of some equipment are characterized by multi-phase and jumps.Meanwhile,equipment is subject to in... Due to abrupt changes in the intrinsic degradation mechanism or shock from external environmental pressure,degradations of some equipment are characterized by multi-phase and jumps.Meanwhile,equipment is subject to inherent fluctuations,limited data and imperfect measurements resulting in aleatory,epistemic and measurement uncertainties of the degradation process.This paper proposes a degradation model and remaining useful life(RUL)prediction method under triple uncertainties for a category of complex equipment with multi-phase degradation and jumps.First,a multi-phase degradation model with random jumps and measurement errors is constructed based on uncertain random processes.Afterward,the analytic expression of RUL prediction considering the heterogeneity is derived by modeling the uncertainty of degradation states at change points under the concept of first hitting time.A stochastic uncertain approach is utilized for the proposed multi-phase degradation model to identify model parameters based on historical data.Furthermore,the implied degradation features are adaptively updated in online stage using similarity-based weighted stochastic uncertain maximum likelihood estimation and Kalman filtering.Finally,the effectiveness of the method is verified by simulation example and practical case. 展开更多
关键词 Measurement errors multi-phase degradation model random jumps remaining useful life(RUL)prediction uncertain random process
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Application of uncertain type of AHP to condition assessment of cable-stayed bridges 被引量:15
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作者 黄侨 任远 林阳子 《Journal of Southeast University(English Edition)》 EI CAS 2007年第4期599-603,共5页
In order to guarantee the safety service and life-span of long-span cable-stayed bridges, the uncertain type of analytic hierarchy process (AHP) method is adopted to access the bridge condition. The correlative theo... In order to guarantee the safety service and life-span of long-span cable-stayed bridges, the uncertain type of analytic hierarchy process (AHP) method is adopted to access the bridge condition. The correlative theory and applied objects of uncertain type of AHP are introduced, and then the optimal transitive matrix method is chosen to calculate the interval number judgment matrix, which makes the weights of indices more reliable and accurate. Finally, with Harbin Songhua River Cable-Stayed Bridge as an example, an index system and an assessment model are proposed for the condition assessment of this bridge, and by using uncertain type of AHP, the weights of assessment indices are fixed and the final assessment results of the bridge are calculated, which proves the feasibility and practicability of this method. The application of this assessment method can provide the scientific basis for maintenance and management of long-span cable-stayed bridges. 展开更多
关键词 cable-stayed bridge condition assessment uncertain type of analytic hierarchy process interval number judgment matrix
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An interacting multiple model-based two-stage Kalman filter for vehicle positioning 被引量:2
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作者 徐启敏 李旭 +1 位作者 李斌 宋向辉 《Journal of Southeast University(English Edition)》 EI CAS 2017年第2期177-181,共5页
To address the problem that a general augmented state Kalman filter or a two-stage Kalman filter cannot achieve satisfactory positioning performance when facing uncertain noise of the micro-electro-mechanical system(... To address the problem that a general augmented state Kalman filter or a two-stage Kalman filter cannot achieve satisfactory positioning performance when facing uncertain noise of the micro-electro-mechanical system(MEMS) inertial sensors, a novel interacting multiple model-based two-stage Kalman filter(IMM-TSKF) is proposed to adapt to the uncertain inertial sensor noise. Three bias filters are developed based on different noise characteristics to cover a wide range of noise levels. Then, an accurate estimation of biases is calculated by the interacting multiple model algorithm to correct the bias-free filter. Thus, the vehicle positioning system can achieve good performance when suffering from uncertain inertial sensor noise. The experimental results indicate that the average position error of the proposed IMMTSKF is 25% lower than that of the general TSKF. 展开更多
关键词 interacting multiple model(IMM) two-stage filter uncertain noise vehicle positioning
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Robust Airfoil Optimization with Multi-objective Estimation of Distribution Algorithm 被引量:7
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作者 钟小平 《Chinese Journal of Aeronautics》 SCIE EI CSCD 2008年第4期289-295,共7页
A transonic airfoil designed by means of classical point-optimization may result in its dramatically inferior performance under off-design conditions. To overcome this shortcoming, robust design is proposed to find ou... A transonic airfoil designed by means of classical point-optimization may result in its dramatically inferior performance under off-design conditions. To overcome this shortcoming, robust design is proposed to find out the optimal profile of an airfoil to maintain its performance in an uncertain environment. The robust airfoil optimization is aimed to minimize mean values and variances of drag coefficients while satisfying the lift and thickness constraints over a range of Mach numbers. A multi-objective estimation of distribution algorithm is applied to the robust airfoil optimization on the base of the RAE2822 benchmark airfoil. The shape of the airfoil is obtained through superposing ten Hick-Henne shape functions upon the benchmark airfoil. A set of design points is selected according to a uniform design table for aerodynamic evaluation. A Kriging model of drag coefficient is constructed with those points to reduce computing costs. Over the Mach range from 0.7 to 0.8, the airfoil generated by the robust optimization has a configuration characterized by supercritical airfoil with low drag coefficients. The small fluctuation in its drag coefficients means that the performance of the robust airfoil is insensitive to variation of Mach number. 展开更多
关键词 airfoil robust design multi-objective estimation of distribution algorithm uncertain environment drag FLUCTUATION
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TWO-DIMENSIONAL STOCHASTIC AIRFOIL OPTIMIZATION DESIGN METHOD BASED ON NEURAL NETWORKS 被引量:1
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作者 林宇 王和平 彭润艳 《Transactions of Nanjing University of Aeronautics and Astronautics》 EI 2011年第4期324-330,共7页
To avoid the aerodynamic performance loss of airfoil at non-design state which often appears in single point design optimization, and to improve the adaptability to the uncertain factors in actual flight environment, ... To avoid the aerodynamic performance loss of airfoil at non-design state which often appears in single point design optimization, and to improve the adaptability to the uncertain factors in actual flight environment, a two-dimensional stochastic airfoil optimization design method based on neural networks is presented. To provide highly efficient and credible analysis, four BP neural networks are built as surrogate models to predict the airfoil aerodynamic coefficients and geometry parameter. These networks are combined with the probability density function obeying normal distribution and the genetic algorithm, thus forming an optimization design method. Using the method, for GA(W)-2 airfoil, a stochastic optimization is implemented in a two-dimensional flight area about Mach number and angle of attack. Compared with original airfoil and single point optimization design airfoil, results show that the two-dimensional stochastic method can improve the performance in a specific flight area, and increase the airfoil adaptability to the stochastic changes of multiple flight parameters. 展开更多
关键词 stochastic airfoil optimization surrogate model neural network uncertain factor genetic algorithm
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Economic Policy Uncertainty and Corporate Mergers and Acquisitions
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作者 Xun Han Kexin Chen Xianjing Huang 《Journal of Economic Science Research》 2020年第4期24-39,共16页
In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The... In recent years,the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously.The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises.Then,how does economic policy uncertainty(EPU)affect mergers and acquisitions(M&A)behavior?What’s the mechanism?Based on the above questions,this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A.The study shows that rising EPU will promote corporate M&A behavior,and this effect is more significant in slow-growth companies.The relationship between EPU and M&A is affected by corporate governance,stock price volatility and financing constraints.Specifically,the company’s M&A size is more sensitive to EPU with higher level of corporate governance,higher level of stock price volatility,and lesser financing constraints.Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term,but this effect does not exist in the long-term.Various robustness checks do not change the empirical results of this paper. 展开更多
关键词 Economic Policy uncertainly Corporate merger and acquisition Financing constraints M&A performance
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The uncertain analysis of micro agricultural project investment
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作者 DingPing Cheng 《International English Education Research》 2014年第6期6-8,共3页
We conduct uncertain analysis of micro agricultural project, including the break-even analysis of single product micro agricultural project, the boundary break-even points analysis of the double product micro agricult... We conduct uncertain analysis of micro agricultural project, including the break-even analysis of single product micro agricultural project, the boundary break-even points analysis of the double product micro agricultural project. We find out the critical point and the critical line of the break-everL We analyze the ability to resist risk. This analyses help the micro agricultural project's investors to price reasonably, forecast the earnings and make the correct decision. 展开更多
关键词 uncertainly analysis break-even analysis risk analysis
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