Trade credit,as an effective tool for integrating and coordinating material,information,and financial flows in supply chain management,is becoming increasingly widespread.We explore how a manufacturer can design optim...Trade credit,as an effective tool for integrating and coordinating material,information,and financial flows in supply chain management,is becoming increasingly widespread.We explore how a manufacturer can design optimal trade credit contracts when a risk-averse retailer hides its sales cost information(adverse selection)and selling effort level(moral hazard).We develop incentive models for a risk-averse supply chain when adverse selection and moral hazard coexist,which are then compared with the results under single information asymmetry(moral hazard).Moreover,we analyze the effects of private information and risk-aversion coefficient on contract parameters,selling effort level and the profit or utility of the supply chain.The study shows that when the degree of retailer’s risk aversion is within a certain range,reasonable trade credit contracts designed by the manufacturer can effectively induce the retailer to report its real sales cost and encourage it to exert appropriate effort.Furthermore,we find that the optimal trade credit period,optimal transfer payment,and retailer’s optimal sales effort level under dual information asymmetry are less than those under single information asymmetry.Numerical analysis are conducted to demonstrate the effects of the parameters on decisions and profits.展开更多
Consider a risk-averse newsvendor who has an option to purchase the units that are short at an emergency purchase price after demand is realized. We use the conditional value-at-risk （CVaR） as the risk measure. The ...Consider a risk-averse newsvendor who has an option to purchase the units that are short at an emergency purchase price after demand is realized. We use the conditional value-at-risk （CVaR） as the risk measure. The aim of the study is to investigate the optimal ordering decision in such a setting under CVaR only and mean-CVaR criterions. For each case, we derive the closed-form optimal solution and perform comparative statics to show the monotonicity properties and other characteristics of the optimal decisions. We also compare our results with those of risk-neutral newsvendor.展开更多
Under partial trade credit,suppliers usually require retailers to pay a fraction of the purchase cost immediately when ordering and the remaining payment is deferred at the end of the sales period.Considering a supply...Under partial trade credit,suppliers usually require retailers to pay a fraction of the purchase cost immediately when ordering and the remaining payment is deferred at the end of the sales period.Considering a supply chain consisting of a risk-neutral supplier and multiple loss-averse retailers,we develop models under partial trade credit.We analyze the optimal decisions of a supplier and retailers under decentralized decision-making.The study shows that there is a unique Nash equilibrium among the retailers,and the optimal total order quantity of retailers increases as the delayed payment ratio increases and as the degree of retailers'competition increases,but decreases with an increase in the loss aversion.Numerical studies are conducted to demonstrate the solution procedures and the effects of the parameters on decisions and profits.展开更多
This work focuses on the best financial resources allocation to define a wind power plant portfolio, considering a set of feasible sites. To accomplish the problem formulation and solution, the first step was to estab...This work focuses on the best financial resources allocation to define a wind power plant portfolio, considering a set of feasible sites. To accomplish the problem formulation and solution, the first step was to establish a long-term wind series reconstruction methodology for generating scenarios of wind energy, applying it to study five different locations of the Brazilian territory. Secondly, a risk-averse stochastic optimization model was implemented and used to define the optimal wind power plant selection </span><span style="font-family:Verdana;">that</span><span style="font-family:Verdana;"> maximize</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> the portfolio financial results, considering an investment budget constraint. In a sequence, a case study was developed to illustrate a practical situation of applying the methodology to the portfolio selection problem, considering five wind power plant</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> options. </span><span style="font-family:Verdana;">The case</span><span style="font-family:Verdana;"> study was supported by the proposed optimization model, using the scenarios of generation created by the reconstruction methodology. The obtained results show the model performance in terms of defining the best financial resources allocation considering the effect of the complementarity between sites, making it feasible to select the optimal set of wind power plants, characterizing a wind plant optimal portfolio that takes into account the budget constraint. The adopted methodology makes it possible to realize that the diversification of the portfolio depends on the investor risk aversion. Although applied to the Brazilian case, this model can be customized to solve a similar problem worldwide.展开更多
Investors greet China's first QDII products with caution Ms. Wang, a financial planner at one of China's largest state-owned banks, takes five phone inquiries a day from clients I about its new QDII products, ...Investors greet China's first QDII products with caution Ms. Wang, a financial planner at one of China's largest state-owned banks, takes five phone inquiries a day from clients I about its new QDII products, with most clients saying they will consider it. "I have an enquiry about your bank's QDII products. What are the returns?展开更多
Reverse auctions have been widely adopted for purchasing goods and services. This paper considers a novel winner determination problem in a multiple-object reverse auction in which the buyer involves loss-averse behav...Reverse auctions have been widely adopted for purchasing goods and services. This paper considers a novel winner determination problem in a multiple-object reverse auction in which the buyer involves loss-averse behavior due to uncertain attributes. A corresponding winner determination model based on cumulative prospect theory is proposed. Due to the NP-hard characteristic, a loaded route strategy is proposed to ensure the feasibility of the model. Then, an improved ant colony algorithm that consists of a dynamic transition strategy and a Max-Min pheromone strategy is designed. Numerical experiments are conducted to illustrate the effectiveness of the proposed model and algorithm. We find that under the loaded route strategy, the improved ant colony algorithm performs better than the basic ant colony algorithm. In addition, the proposed model can effectively characterize the buyer's loss-averse behavior.展开更多
In this paper, we provide an alternative explanation for why auctioneers often keep the reserve price hidden or secret. We consider a standard independent private values environment in which the buyers are risk-averse...In this paper, we provide an alternative explanation for why auctioneers often keep the reserve price hidden or secret. We consider a standard independent private values environment in which the buyers are risk-averse and the seller has private information about her valuation of the object to be auctioned. The seller uses a first-price sealed-bid auction mechanism combined with either an announced reserve price or a hidden reserve price. We compare the seller＇s ex ante expected profits under these two policies and find that the optimal hidden reserve price policy generates higher expected profits for the seller when the buyers are fairly risk-averse under particular restrictions on buyers＇ preferences and the distributions of private values. As the number of the buyers increases, the hidden reserve price is more likely to dominate. Numerical methods are used to demonstrate the generality of our main results.展开更多
The valuation of financial derivatives often assumes risk neutrality with respect to the risk-neutral martingale measure,which prevents arbitrage opportunities.However,casual traders may still incur substantial losses...The valuation of financial derivatives often assumes risk neutrality with respect to the risk-neutral martingale measure,which prevents arbitrage opportunities.However,casual traders may still incur substantial losses when trading at this risk-neutral price,especially when the price has to be paid now and the payoff is only realized in the future.This study proposes a new valuation framework that provides risksensitive investors with an additional safeguard.The proposed framework embraces a worst-case perspective while exploiting the underlier’s stochastic process,representing a combination of robust optimization and stochastic programming.Notably,it aims to mitigate losses in the likelier scenarios of the underlying asset’s prices.When the underlier’s returns are independent and lognormally but not necessarily identically distributed,our approach for pricing variance and volatility swaps could be greatly simplified,benefit from parallel computing,and be solved by a two-dimensional grid search.We further derive a closed-form solution in some special stationary cases and provide experimental results to highlight the effect of risk aversion on fending off sizable trading losses.展开更多
We construct a model to examine the time-varying ambiguity of investors.When ambiguity occurs concerning recent news,long(short)position investors who are averse to ambiguity reduce(increase)their holdings,resulting i...We construct a model to examine the time-varying ambiguity of investors.When ambiguity occurs concerning recent news,long(short)position investors who are averse to ambiguity reduce(increase)their holdings,resulting in price drops(rises).We empirically analyze how the“two sessions,”a significant event with high policy ambiguity in China,affect the financial market.Our findings suggest that institutional investors mainly sell their holdings between 15 and 5 days before the meetings.Furthermore,the delay in the“two sessions”in 2020 suggests that these selloffs are driven by ambiguity aversion rather than new information.展开更多
In the process of daily psychological counseling,it is found that more and more school-age children have a dislike for learning,and the rate is increasing year by year.They are unclear about the purpose of learning,lo...In the process of daily psychological counseling,it is found that more and more school-age children have a dislike for learning,and the rate is increasing year by year.They are unclear about the purpose of learning,lose interest in class,do not listen carefully,cannot complete homework independently,and even skip school.This case analyzes the mechanism of a 7-year-old primary school student's aversion to learning and analyzes and discusses this behavior.展开更多
Objective To investigate whether environmental cues associated with different properties of morphine could regulate the extracellular levels of glutamate and y-aminobutyric acid （GABA） in the hippocampal ventral sub...Objective To investigate whether environmental cues associated with different properties of morphine could regulate the extracellular levels of glutamate and y-aminobutyric acid （GABA） in the hippocampal ventral subiculum, which play a critical role in the reinstatement of drug-seeking behavior induced by environmental cues. Methods Conditioning place preference （CPP） and conditioning place aversion （CPA） models were used to establish environment associated with rewarding and aversive properties of morphine respectively. Microdialysis and high performance liquid chromatography were used to measure the extracelluar level of glutamate and GABA in the ventral subiculum under these environmental cues. Results Exposure to the environmental cues associated with rewarding properties of morphine resulted in a decrease （approximately 11%） of extracellular level of GABA in ventral subiculum, and exposure to the environmental cues associated with aversive properties of morphine resulted in an increase （approximately 230%） of extracellular level of glutamate in ventral subiculum. Conclusion Environmental cues associated with different properties of morphine modulate the release of distinct neurotransmitters in the hippocampal ventral subiculum possibly through different neural circuit.展开更多
The traditional newsvendor model assumes that a decision-maker is risk-neutral. However, in actuality, a decisionmaker's order behavior is often influenced by waste-averse preference and stockout-averse preference...The traditional newsvendor model assumes that a decision-maker is risk-neutral. However, in actuality, a decisionmaker's order behavior is often influenced by waste-averse preference and stockout-averse preference. We extend the newsvendor model with consideration of averse preferences to investigate how the decision results of the previous period impact the order behavior of the current period, and design an inventory decision-making behavior experiment. Results from the study demonstrate that the order behavior of both a group and an individual exhibits a demand chasing phenomenon, and the former is more significant. Through the interval estimation of the decision maker's order quantity, by the maximum likelihood method we find that the stockout-averse preference has an effect on the decision-making when the prior period is insufficient, causing the current period order quantity larger than the expected profit-maximizing order quantity. In a similar way, waste-averse preference has an effect on decision-making when the prior period is surplus, resulting in the current period order quantity smaller than the expected profit-maximizing order quantity. Finally, we investigate the formation mechanism of demand chasing phenomenon from the perspective of the averse preferences, and propose that this phenomenon is a decision maker's cognitive reaction to stochastic demand environment.展开更多
We consider a distribution system with one supplier and two retailers. For the two retailers, they face different demand and are both risk averse. We study a single period model which the supplier has ample goods and ...We consider a distribution system with one supplier and two retailers. For the two retailers, they face different demand and are both risk averse. We study a single period model which the supplier has ample goods and the retailers order goods separately. Market search is measured as the fraction of customers who unsatisfied with their ＂local＂ retailer due to stock-out, and search for the goods at the other retailer before leaving the system. We investigate how the retailers game for order quantity in a Conditional Value-at-Risk framework and study how risk averse degree, market search level, holding cost and backorder cost influence the optimal order strategies. Furthermore, we use uniform distribution to illustrate these results and obtain Nash equilibrium of order strategies.展开更多
We examine the economics of royalties in bioprospecting contracts between a pharmaceutical and genetic resource supplier （local）, with an eve to understanding the relative advantages of indexing royalty, payments to...We examine the economics of royalties in bioprospecting contracts between a pharmaceutical and genetic resource supplier （local）, with an eve to understanding the relative advantages of indexing royalty, payments to gross revenue or net revenue. We show a risk-averse firm facing only production or only cost risks will index royalties to net revenue. When facing both types of risk the choice of royalty type depends on the relative magnitudes of the production and cost risk. In each case, the risk-averse firm chooses the royalty-type that shifts as much risk as possible to the local. Wheat the local is risk neutral the pharmaceutical＇s and local＇s preferences are compatible.If the local is risk averse and there is only one type of risk, it will prefer a gross revenue royalty, and shift as much risk as possible to the firm： here the local and firm preferences are compatible only ifthe firm is risk-neutral. Lastly we show if the firm sets the terms of the contract and both agents are risk averse, the.firm will not likely volunteer to implement the socially optimal royalty arrangement as it prefers to shift as much risk to the loeal, who now also prefers a more certain return, This last outcome is at the heart of the benefit sharing discussionand suggests if risk sharing and equity are a concern in benefit sharing, then the choice of rcyalty type can be an important part of negotiations between pharmaceuticals and locals for the phytochemical from nature for new drug discovery.展开更多
In social interaction,customers can observe the number of other customers receiving service and select queues with more customers.Simultaneously,customers in the queue anticipate waiting times and worry about utility ...In social interaction,customers can observe the number of other customers receiving service and select queues with more customers.Simultaneously,customers in the queue anticipate waiting times and worry about utility loss.This study explores the impact of loss aversion psychology on customer queuing strategies,service provider pricing,and revenue in the context of social interaction.Firstly,we consider homogeneous customers and analyze the influence of loss aversion psychology on their queuing decisions and service choices in social interaction.Subsequently,we extend our investigation to heterogeneous customers,considering differences in customers’sensitivity to social interaction.Social interaction and loss aversion are crucial in customer queuing decisions,affecting their perception of service utility and equilibrium decision-making.Social interaction and loss aversion also influence service providers’revenue,necessitating tailored service pricing and strategies.This research provides profound insights into customer loss aversion behavior in the context of social interaction and offers practical service strategies for service providers.展开更多
Previous studies have shown that Lycium barbarum polysaccharide,the main active component of Lycium barbarum,exhibits antiinflammatory and antioxidant effects in treating neurological diseases.However,the therapeutic ...Previous studies have shown that Lycium barbarum polysaccharide,the main active component of Lycium barbarum,exhibits antiinflammatory and antioxidant effects in treating neurological diseases.However,the therapeutic action of Lycium barbarum polysaccharide on depression has not been studied.In this investigation,we established mouse models of depression using aversive stimuli including exposure to fox urine,air puff and foot shock and physical restraint.Concurrently,we administered 5 mg/kg per day Lycium barbarum polysaccharide-glycoprotein to each mouse intragastrically for the 28 days.Our results showed that long-term exposure to aversive stimuli significantly enhanced depressive-like behavior evaluated by the sucrose preference test and the forced swimming test and increased anxietylike behaviors evaluated using the open field test.In addition,aversive stimuli-induced depressed mice exhibited aberrant neuronal activity in the lateral habenula.Importantly,concurrent Lycium barbarum polysaccharide-glycoprotein treatment significantly reduced these changes.These findings suggest that Lycium barbarum polysaccharide-glycoprotein is a potential preventative intervention for depression and may act by preventing aberrant neuronal activity and microglial activation in the lateral habenula.The study was approved by the Jinan University Institutional Animal Care and Use Committee(approval No.20170301003)on March 1,2017.展开更多
Pain consists of sensory-discriminative and emotional-affective components.The anterior cingulate cortex(ACC)is a critical brain area in mediating the affective pain.However,the molecular mechanisms involved remain la...Pain consists of sensory-discriminative and emotional-affective components.The anterior cingulate cortex(ACC)is a critical brain area in mediating the affective pain.However,the molecular mechanisms involved remain largely unknown.Our recent study indicated that C-X-C motif chemokine 13(CXCL13)and its sole receptor CXCR5 are involved in sensory sensitization in the spinal cord after spinal nerve ligation(SNL).Whether CXCL13/CXCR5 signaling in the ACC contributes to the pathogenesis of pain-related aversion remains unknown.Here,we showed that SNL increased the CXCL13 level and CXCR5 expression in the ACC after SNL.Knockdown of CXCR5 by microinjection of Cxcr5 shRNA into the ACC did not affect SNL-induced mechanical allodynia but effectively alleviated neuropathic painrelated place avoidance behavior.Furthermore,electrophysiological recording from layer Ⅱ-Ⅲ neurons in the ACC showed that SNL increased the frequency and amplitude of spontaneous excitatory postsynaptic currents(sEPSCs),decreased the EPSC paired-pulse ratio,and increased the α-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid receptor/N-methyl-D-aspartate receptor ratio,indicating enhanced glutamatergic synaptic transmission.Finally,superfusion of CXCL13 onto ACC slices increased the frequency and amplitude of spontaneous EPSCs.Pre-injection of Cxcr5 shRNA into the ACC reduced the increase in glutamatergic synaptic transmis sion induced by SNL.Collectively,these results suggest that CXCL13/CXCR5 signaling in the ACC is involved in neuropathic pain-related aversion via synaptic potentiation.展开更多
The nucleus accumbens shell(NAcSh) plays an important role in reward and aversion. Traditionally, NAc dopamine receptor 2-expressing(D2) neurons are assumed to function in aversion. However, this has been challenged b...The nucleus accumbens shell(NAcSh) plays an important role in reward and aversion. Traditionally, NAc dopamine receptor 2-expressing(D2) neurons are assumed to function in aversion. However, this has been challenged by recent reports which attribute positive motivational roles to D2 neurons. Using optogenetics and multiple behavioral tasks, we found that activation of D2 neurons in the dorsomedial NAcSh drives preference and increases the motivation for rewards, whereas activation of ventral NAcSh D2 neurons induces aversion. Stimulation of D2 neurons in the ventromedial NAcSh increases movement speed and stimulation of D2 neurons in the ventrolateral NAc Sh decreases movement speed. Combining retrograde tracing and in situ hybridization, we demonstrated that glutamatergic and GABAergic neurons in the ventral pallidum receive inputs differentially from the dorsomedial and ventral NAcSh. All together, these findings shed light on the controversy regarding the function of NAcSh D2 neurons, and provide new insights into understanding the heterogeneity of the NAcSh.展开更多
Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capit...Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capital,physical assets,land assets,and geographical location in apple production,this study used a binary logistic regression and a mediating effect model to explore the impact of asset specificity on farmers’intergenerational succession willingness of apple management(FISWAM)and to examine the mediating effects of loss aversion in the impact of asset specificity on the FISWAM.The results showed that about 18.68%of the respondents expressed willingness to transfer their apple business between generations,and the FISWAM was generally weak.In addition to the negative impact of geographical location specificity(GLS),human capital specificity(HCS),physical assets specificity(PAS),and land assets specificity(LAS)can enhance the FISWAM.Loss aversion plays a partial mediating role in the impact of PAS,LAS,and GLS on the FISWAM.展开更多
Objective:To determine whether B vitamin treatment was sufficient to reduce cognitive impairment associated with high-fat diets in rats and to modulate transketolase(TK)expression and activity.Methods:To test this,we ...Objective:To determine whether B vitamin treatment was sufficient to reduce cognitive impairment associated with high-fat diets in rats and to modulate transketolase(TK)expression and activity.Methods:To test this,we separated 50 rats into five groups that were either fed a standard chow diet(controls)or a high-fat diet(experimental groups HO,HI,H2,and H3).HO group animals received no additional dietary supplementation,while H1 group animals were administered 100 mg/kg body weight(BW)thiamine,100 mg/kg BW riboflavin,and 250 mg/kg BW niacin each day,and group H2 animals received daily doses of 100 mg/kg BW pyridoxine,100 mg/kg BW cobalamin,and 5 mg/kg BW folate.Animals in the H3 group received the B vitamin regimens administered to both H1 and H2 each day.Results:Over time,group HO exhibited greater increases in BW and fat mass relative to other groups.When spatial and memory capabilities in these animals were evaluated via conditioned taste aversion(CTA)and Morris Water Maze(MWM),we found B vitamin treatment was associated with significant improvements relative to untreated HO controls.Similarly,B vitamin supplementation was associated with elevated TK expression in erythrocytes and hypothalamus of treated animals relative to those in HO(P<0.05).Conclusion:Together,these findings suggest B vitamin can modulate hypothalamic TK activity to reduce the severity of cognitive deficits in a rat model of obesity.As such,B vitamin supplementation may be a beneficial method for reducing cognitive dysfunction in clinical settings associated with high-fat diets.展开更多
基金supported by the Plan Project of Shanghai Philosophy and Social Science(2017BGL014)the National Natural Science Foundation of China(71832001)the Fundamental Research Funds for the Central Universities(2232020B-04,2232018H-07).
文摘Trade credit,as an effective tool for integrating and coordinating material,information,and financial flows in supply chain management,is becoming increasingly widespread.We explore how a manufacturer can design optimal trade credit contracts when a risk-averse retailer hides its sales cost information(adverse selection)and selling effort level(moral hazard).We develop incentive models for a risk-averse supply chain when adverse selection and moral hazard coexist,which are then compared with the results under single information asymmetry(moral hazard).Moreover,we analyze the effects of private information and risk-aversion coefficient on contract parameters,selling effort level and the profit or utility of the supply chain.The study shows that when the degree of retailer’s risk aversion is within a certain range,reasonable trade credit contracts designed by the manufacturer can effectively induce the retailer to report its real sales cost and encourage it to exert appropriate effort.Furthermore,we find that the optimal trade credit period,optimal transfer payment,and retailer’s optimal sales effort level under dual information asymmetry are less than those under single information asymmetry.Numerical analysis are conducted to demonstrate the effects of the parameters on decisions and profits.
基金Supported by the Social Science Foundation of the Ministry of Education of China (07JA630015)
文摘Consider a risk-averse newsvendor who has an option to purchase the units that are short at an emergency purchase price after demand is realized. We use the conditional value-at-risk （CVaR） as the risk measure. The aim of the study is to investigate the optimal ordering decision in such a setting under CVaR only and mean-CVaR criterions. For each case, we derive the closed-form optimal solution and perform comparative statics to show the monotonicity properties and other characteristics of the optimal decisions. We also compare our results with those of risk-neutral newsvendor.
基金National Natural Science Foundation of China(No.1971053)Plan Project of Shanghai Philosophy and Social Science,China(No.2017BGL014)Fundamental Research Funds for the Central Universities,China。
文摘Under partial trade credit,suppliers usually require retailers to pay a fraction of the purchase cost immediately when ordering and the remaining payment is deferred at the end of the sales period.Considering a supply chain consisting of a risk-neutral supplier and multiple loss-averse retailers,we develop models under partial trade credit.We analyze the optimal decisions of a supplier and retailers under decentralized decision-making.The study shows that there is a unique Nash equilibrium among the retailers,and the optimal total order quantity of retailers increases as the delayed payment ratio increases and as the degree of retailers'competition increases,but decreases with an increase in the loss aversion.Numerical studies are conducted to demonstrate the solution procedures and the effects of the parameters on decisions and profits.
文摘This work focuses on the best financial resources allocation to define a wind power plant portfolio, considering a set of feasible sites. To accomplish the problem formulation and solution, the first step was to establish a long-term wind series reconstruction methodology for generating scenarios of wind energy, applying it to study five different locations of the Brazilian territory. Secondly, a risk-averse stochastic optimization model was implemented and used to define the optimal wind power plant selection </span><span style="font-family:Verdana;">that</span><span style="font-family:Verdana;"> maximize</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> the portfolio financial results, considering an investment budget constraint. In a sequence, a case study was developed to illustrate a practical situation of applying the methodology to the portfolio selection problem, considering five wind power plant</span><span style="font-family:Verdana;">s</span><span style="font-family:Verdana;"> options. </span><span style="font-family:Verdana;">The case</span><span style="font-family:Verdana;"> study was supported by the proposed optimization model, using the scenarios of generation created by the reconstruction methodology. The obtained results show the model performance in terms of defining the best financial resources allocation considering the effect of the complementarity between sites, making it feasible to select the optimal set of wind power plants, characterizing a wind plant optimal portfolio that takes into account the budget constraint. The adopted methodology makes it possible to realize that the diversification of the portfolio depends on the investor risk aversion. Although applied to the Brazilian case, this model can be customized to solve a similar problem worldwide.
文摘Investors greet China's first QDII products with caution Ms. Wang, a financial planner at one of China's largest state-owned banks, takes five phone inquiries a day from clients I about its new QDII products, with most clients saying they will consider it. "I have an enquiry about your bank's QDII products. What are the returns?
基金sponsored by the Distinguished Young Scholars Award of NSFC Grant #71325002the Major International Joint Research Project of NSFC Grant #71620107003+2 种基金the Foundation for Innovative Research Groups of NSFC Grant #61621004111 Project Grant #B16009the Fundamental Research Funds for State Key Laboratory of Synthetical Automation for Process Industries Grant #2013ZCX11
文摘Reverse auctions have been widely adopted for purchasing goods and services. This paper considers a novel winner determination problem in a multiple-object reverse auction in which the buyer involves loss-averse behavior due to uncertain attributes. A corresponding winner determination model based on cumulative prospect theory is proposed. Due to the NP-hard characteristic, a loaded route strategy is proposed to ensure the feasibility of the model. Then, an improved ant colony algorithm that consists of a dynamic transition strategy and a Max-Min pheromone strategy is designed. Numerical experiments are conducted to illustrate the effectiveness of the proposed model and algorithm. We find that under the loaded route strategy, the improved ant colony algorithm performs better than the basic ant colony algorithm. In addition, the proposed model can effectively characterize the buyer's loss-averse behavior.
文摘In this paper, we provide an alternative explanation for why auctioneers often keep the reserve price hidden or secret. We consider a standard independent private values environment in which the buyers are risk-averse and the seller has private information about her valuation of the object to be auctioned. The seller uses a first-price sealed-bid auction mechanism combined with either an announced reserve price or a hidden reserve price. We compare the seller＇s ex ante expected profits under these two policies and find that the optimal hidden reserve price policy generates higher expected profits for the seller when the buyers are fairly risk-averse under particular restrictions on buyers＇ preferences and the distributions of private values. As the number of the buyers increases, the hidden reserve price is more likely to dominate. Numerical methods are used to demonstrate the generality of our main results.
基金supported by the Ministry of Education,Singapore,under its Academic Research Fund Tier 2 Grant MOE-T2EP20222-0003.
文摘The valuation of financial derivatives often assumes risk neutrality with respect to the risk-neutral martingale measure,which prevents arbitrage opportunities.However,casual traders may still incur substantial losses when trading at this risk-neutral price,especially when the price has to be paid now and the payoff is only realized in the future.This study proposes a new valuation framework that provides risksensitive investors with an additional safeguard.The proposed framework embraces a worst-case perspective while exploiting the underlier’s stochastic process,representing a combination of robust optimization and stochastic programming.Notably,it aims to mitigate losses in the likelier scenarios of the underlying asset’s prices.When the underlier’s returns are independent and lognormally but not necessarily identically distributed,our approach for pricing variance and volatility swaps could be greatly simplified,benefit from parallel computing,and be solved by a two-dimensional grid search.We further derive a closed-form solution in some special stationary cases and provide experimental results to highlight the effect of risk aversion on fending off sizable trading losses.
基金National Natural Science Foundation of China(Grant No.71771006)Science and Technology Support Plan of Guizhou(Grant No.2023–221).
文摘We construct a model to examine the time-varying ambiguity of investors.When ambiguity occurs concerning recent news,long(short)position investors who are averse to ambiguity reduce(increase)their holdings,resulting in price drops(rises).We empirically analyze how the“two sessions,”a significant event with high policy ambiguity in China,affect the financial market.Our findings suggest that institutional investors mainly sell their holdings between 15 and 5 days before the meetings.Furthermore,the delay in the“two sessions”in 2020 suggests that these selloffs are driven by ambiguity aversion rather than new information.
文摘In the process of daily psychological counseling,it is found that more and more school-age children have a dislike for learning,and the rate is increasing year by year.They are unclear about the purpose of learning,lose interest in class,do not listen carefully,cannot complete homework independently,and even skip school.This case analyzes the mechanism of a 7-year-old primary school student's aversion to learning and analyzes and discusses this behavior.
基金supported by the National Natural Science Foundation of China(No.30230130 and No.30400129)the Ministry of Science and Technology of China(No.2003CB515405,No.2005CB522406)+1 种基金the Program for Changjiang Scholars and Innovative Research Team of Ministry of Education of ChinaShanghai Municipal Commission for Science and Technology(No.06JC14008).
文摘Objective To investigate whether environmental cues associated with different properties of morphine could regulate the extracellular levels of glutamate and y-aminobutyric acid （GABA） in the hippocampal ventral subiculum, which play a critical role in the reinstatement of drug-seeking behavior induced by environmental cues. Methods Conditioning place preference （CPP） and conditioning place aversion （CPA） models were used to establish environment associated with rewarding and aversive properties of morphine respectively. Microdialysis and high performance liquid chromatography were used to measure the extracelluar level of glutamate and GABA in the ventral subiculum under these environmental cues. Results Exposure to the environmental cues associated with rewarding properties of morphine resulted in a decrease （approximately 11%） of extracellular level of GABA in ventral subiculum, and exposure to the environmental cues associated with aversive properties of morphine resulted in an increase （approximately 230%） of extracellular level of glutamate in ventral subiculum. Conclusion Environmental cues associated with different properties of morphine modulate the release of distinct neurotransmitters in the hippocampal ventral subiculum possibly through different neural circuit.
基金Funded by the Fundamental Research Funds for the Central Universities of China(No.26816WTD23)Key Projects of Scientific Research and Development Plan,Chengdu Railway Bureau,China(No.CX1716)Sichuan Science and Technology Project,China(Title:Safety operation behavior mechanism of rail transit dispatcher taking the Chengdu metro as an example)
文摘The traditional newsvendor model assumes that a decision-maker is risk-neutral. However, in actuality, a decisionmaker's order behavior is often influenced by waste-averse preference and stockout-averse preference. We extend the newsvendor model with consideration of averse preferences to investigate how the decision results of the previous period impact the order behavior of the current period, and design an inventory decision-making behavior experiment. Results from the study demonstrate that the order behavior of both a group and an individual exhibits a demand chasing phenomenon, and the former is more significant. Through the interval estimation of the decision maker's order quantity, by the maximum likelihood method we find that the stockout-averse preference has an effect on the decision-making when the prior period is insufficient, causing the current period order quantity larger than the expected profit-maximizing order quantity. In a similar way, waste-averse preference has an effect on decision-making when the prior period is surplus, resulting in the current period order quantity smaller than the expected profit-maximizing order quantity. Finally, we investigate the formation mechanism of demand chasing phenomenon from the perspective of the averse preferences, and propose that this phenomenon is a decision maker's cognitive reaction to stochastic demand environment.
基金Supported by the National Natural Science Foundation of China (70471034, A0324666)
文摘We consider a distribution system with one supplier and two retailers. For the two retailers, they face different demand and are both risk averse. We study a single period model which the supplier has ample goods and the retailers order goods separately. Market search is measured as the fraction of customers who unsatisfied with their ＂local＂ retailer due to stock-out, and search for the goods at the other retailer before leaving the system. We investigate how the retailers game for order quantity in a Conditional Value-at-Risk framework and study how risk averse degree, market search level, holding cost and backorder cost influence the optimal order strategies. Furthermore, we use uniform distribution to illustrate these results and obtain Nash equilibrium of order strategies.
文摘We examine the economics of royalties in bioprospecting contracts between a pharmaceutical and genetic resource supplier （local）, with an eve to understanding the relative advantages of indexing royalty, payments to gross revenue or net revenue. We show a risk-averse firm facing only production or only cost risks will index royalties to net revenue. When facing both types of risk the choice of royalty type depends on the relative magnitudes of the production and cost risk. In each case, the risk-averse firm chooses the royalty-type that shifts as much risk as possible to the local. Wheat the local is risk neutral the pharmaceutical＇s and local＇s preferences are compatible.If the local is risk averse and there is only one type of risk, it will prefer a gross revenue royalty, and shift as much risk as possible to the firm： here the local and firm preferences are compatible only ifthe firm is risk-neutral. Lastly we show if the firm sets the terms of the contract and both agents are risk averse, the.firm will not likely volunteer to implement the socially optimal royalty arrangement as it prefers to shift as much risk to the loeal, who now also prefers a more certain return, This last outcome is at the heart of the benefit sharing discussionand suggests if risk sharing and equity are a concern in benefit sharing, then the choice of rcyalty type can be an important part of negotiations between pharmaceuticals and locals for the phytochemical from nature for new drug discovery.
基金supported in part by Shandong Provincial Natural Science Foundation,under Grant No.ZR2024MG041the National Natural Science Foundation of China(NSFC),under Grant Nos.12001329 and 72272089.
文摘In social interaction,customers can observe the number of other customers receiving service and select queues with more customers.Simultaneously,customers in the queue anticipate waiting times and worry about utility loss.This study explores the impact of loss aversion psychology on customer queuing strategies,service provider pricing,and revenue in the context of social interaction.Firstly,we consider homogeneous customers and analyze the influence of loss aversion psychology on their queuing decisions and service choices in social interaction.Subsequently,we extend our investigation to heterogeneous customers,considering differences in customers’sensitivity to social interaction.Social interaction and loss aversion are crucial in customer queuing decisions,affecting their perception of service utility and equilibrium decision-making.Social interaction and loss aversion also influence service providers’revenue,necessitating tailored service pricing and strategies.This research provides profound insights into customer loss aversion behavior in the context of social interaction and offers practical service strategies for service providers.
基金supported by the National Natural Science Foundation of China,Nos.31900825(to SL),31922030(to CRR),31771170(to CRR)Science and Technology Program of Guangdong Province of China,No.2018B030334001(to CRR)+3 种基金Science and Techology of Guangzhou of China,No.202007030012(to CRR)Guangdong Special Support Program of China,No.2017TQ04R173(to CRR)Pearl River S&T Nova Program of Guangzhou Province of China,No.201806010198(to CRR)Outstanding Scholar Program of Guangzhou Regenerative Medicine and Health Guangdong Laboratory of China,No.2018GZR110102002(to KFS)。
文摘Previous studies have shown that Lycium barbarum polysaccharide,the main active component of Lycium barbarum,exhibits antiinflammatory and antioxidant effects in treating neurological diseases.However,the therapeutic action of Lycium barbarum polysaccharide on depression has not been studied.In this investigation,we established mouse models of depression using aversive stimuli including exposure to fox urine,air puff and foot shock and physical restraint.Concurrently,we administered 5 mg/kg per day Lycium barbarum polysaccharide-glycoprotein to each mouse intragastrically for the 28 days.Our results showed that long-term exposure to aversive stimuli significantly enhanced depressive-like behavior evaluated by the sucrose preference test and the forced swimming test and increased anxietylike behaviors evaluated using the open field test.In addition,aversive stimuli-induced depressed mice exhibited aberrant neuronal activity in the lateral habenula.Importantly,concurrent Lycium barbarum polysaccharide-glycoprotein treatment significantly reduced these changes.These findings suggest that Lycium barbarum polysaccharide-glycoprotein is a potential preventative intervention for depression and may act by preventing aberrant neuronal activity and microglial activation in the lateral habenula.The study was approved by the Jinan University Institutional Animal Care and Use Committee(approval No.20170301003)on March 1,2017.
基金supported by grants from the National Natural Science Foundation of China (31671091 and 81771197)the Natural Science Foundation of Jiangsu Province, China (BK20171255)the Science and Technology Planning Project of Nantong Municipality, China (MS12017023-9)
文摘Pain consists of sensory-discriminative and emotional-affective components.The anterior cingulate cortex(ACC)is a critical brain area in mediating the affective pain.However,the molecular mechanisms involved remain largely unknown.Our recent study indicated that C-X-C motif chemokine 13(CXCL13)and its sole receptor CXCR5 are involved in sensory sensitization in the spinal cord after spinal nerve ligation(SNL).Whether CXCL13/CXCR5 signaling in the ACC contributes to the pathogenesis of pain-related aversion remains unknown.Here,we showed that SNL increased the CXCL13 level and CXCR5 expression in the ACC after SNL.Knockdown of CXCR5 by microinjection of Cxcr5 shRNA into the ACC did not affect SNL-induced mechanical allodynia but effectively alleviated neuropathic painrelated place avoidance behavior.Furthermore,electrophysiological recording from layer Ⅱ-Ⅲ neurons in the ACC showed that SNL increased the frequency and amplitude of spontaneous excitatory postsynaptic currents(sEPSCs),decreased the EPSC paired-pulse ratio,and increased the α-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid receptor/N-methyl-D-aspartate receptor ratio,indicating enhanced glutamatergic synaptic transmission.Finally,superfusion of CXCL13 onto ACC slices increased the frequency and amplitude of spontaneous EPSCs.Pre-injection of Cxcr5 shRNA into the ACC reduced the increase in glutamatergic synaptic transmis sion induced by SNL.Collectively,these results suggest that CXCL13/CXCR5 signaling in the ACC is involved in neuropathic pain-related aversion via synaptic potentiation.
基金supported by National Science Foundation of China grants 31571095 and 91332122a Key Scientific Technological Innovation Research project from the Ministry of Education+1 种基金a grant from Insitute Guo Qiang at Tsinghua Universityfunding from the Beijing Program on the Study of Functional Chips and Related Core Technologies of Brain-inspired Computing Systems。
文摘The nucleus accumbens shell(NAcSh) plays an important role in reward and aversion. Traditionally, NAc dopamine receptor 2-expressing(D2) neurons are assumed to function in aversion. However, this has been challenged by recent reports which attribute positive motivational roles to D2 neurons. Using optogenetics and multiple behavioral tasks, we found that activation of D2 neurons in the dorsomedial NAcSh drives preference and increases the motivation for rewards, whereas activation of ventral NAcSh D2 neurons induces aversion. Stimulation of D2 neurons in the ventromedial NAcSh increases movement speed and stimulation of D2 neurons in the ventrolateral NAc Sh decreases movement speed. Combining retrograde tracing and in situ hybridization, we demonstrated that glutamatergic and GABAergic neurons in the ventral pallidum receive inputs differentially from the dorsomedial and ventral NAcSh. All together, these findings shed light on the controversy regarding the function of NAcSh D2 neurons, and provide new insights into understanding the heterogeneity of the NAcSh.
基金supported by the National Natural Science Foundation of China(71573211)the Humanities and Social Sciences Youth Foundation+1 种基金Ministry of Education of China(22YJC790164)the earmarked fund for China Agriculture Research System(CARS-28)。
文摘Understanding the factors behind apple farmers’willingness to pass on the management of their farms to their descendants is crucial to the continuity of apple production.Due to the high specificity of the human capital,physical assets,land assets,and geographical location in apple production,this study used a binary logistic regression and a mediating effect model to explore the impact of asset specificity on farmers’intergenerational succession willingness of apple management(FISWAM)and to examine the mediating effects of loss aversion in the impact of asset specificity on the FISWAM.The results showed that about 18.68%of the respondents expressed willingness to transfer their apple business between generations,and the FISWAM was generally weak.In addition to the negative impact of geographical location specificity(GLS),human capital specificity(HCS),physical assets specificity(PAS),and land assets specificity(LAS)can enhance the FISWAM.Loss aversion plays a partial mediating role in the impact of PAS,LAS,and GLS on the FISWAM.
基金supported by a grant from Medical Scientific Research Foundation of Guangdong Province,China(No.A2018282).
文摘Objective:To determine whether B vitamin treatment was sufficient to reduce cognitive impairment associated with high-fat diets in rats and to modulate transketolase(TK)expression and activity.Methods:To test this,we separated 50 rats into five groups that were either fed a standard chow diet(controls)or a high-fat diet(experimental groups HO,HI,H2,and H3).HO group animals received no additional dietary supplementation,while H1 group animals were administered 100 mg/kg body weight(BW)thiamine,100 mg/kg BW riboflavin,and 250 mg/kg BW niacin each day,and group H2 animals received daily doses of 100 mg/kg BW pyridoxine,100 mg/kg BW cobalamin,and 5 mg/kg BW folate.Animals in the H3 group received the B vitamin regimens administered to both H1 and H2 each day.Results:Over time,group HO exhibited greater increases in BW and fat mass relative to other groups.When spatial and memory capabilities in these animals were evaluated via conditioned taste aversion(CTA)and Morris Water Maze(MWM),we found B vitamin treatment was associated with significant improvements relative to untreated HO controls.Similarly,B vitamin supplementation was associated with elevated TK expression in erythrocytes and hypothalamus of treated animals relative to those in HO(P<0.05).Conclusion:Together,these findings suggest B vitamin can modulate hypothalamic TK activity to reduce the severity of cognitive deficits in a rat model of obesity.As such,B vitamin supplementation may be a beneficial method for reducing cognitive dysfunction in clinical settings associated with high-fat diets.
