The article deeply and systematically probed into a series of problems being faced for establishing index futures transaction in China. Drawing on the successful experiences of other relative countries and according t...The article deeply and systematically probed into a series of problems being faced for establishing index futures transaction in China. Drawing on the successful experiences of other relative countries and according to Chinese real conditions, the author chooses Shanghai composite index as subject-matter, and has designed an index futures contract that accord with the situation of China.展开更多
Based on game theory and principal-agent theory, this paper focuses on how to control product quality and design quality contract in supply chain when moral hazard exists. We set up the supplier and buyer＇s expected ...Based on game theory and principal-agent theory, this paper focuses on how to control product quality and design quality contract in supply chain when moral hazard exists. We set up the supplier and buyer＇s expected profits function model, in which the supplier makes production process investment-level decision and decides on the product quality prevention level, whereas the buyer makes quality evaluation decision and decides on the product quality inspection level. The supplier with a moral hazard of reducing investment level may lack investment in the production process; thus, the buyer will pay the information rent to incentivize the supplier to improve the investment level. The buyer creates the moral hazard of exaggerating the product quality defective rate, who may overinvest in the inspection process. We use the optimal condition to solve supplier＇s first-best investment level, product quality prevention level, and buyer＇s first-best quality inspection level, internal penalty, and apportionment ratio of external failure cost. We also conduct a simulation test that shows the following： When the supplier improves its investment level, its product quality prevention level will increase, and the buyer＇s quality inspection level will decrease. With the improvement in the buyer＇s product quality inspection level, its internal penalty will increase, and the supplier＇s external failure cost will also increase while its expected profits will decrease. Hence, the buyer will design an incentive contract, the expected profits of which will increase, and the whole supply chain＇s joint expected profits function may become an inverse U shape. Finally, we develop a simulation example and propose suggestions for quality control strategy and contract design in the supply chain under the conditions of asymmetric information.展开更多
We study a project management problem where the prime contractor needs to outsource tasks to subcontractors with the required resources.Successful execution of the project requires proper coordination among the subcon...We study a project management problem where the prime contractor needs to outsource tasks to subcontractors with the required resources.Successful execution of the project requires proper coordination among the subcontractors,as well as contract design by the prime contractor to incentivize the subcontractors.By modeling the subcontractors’coordination problem as a cooperative game,we develop a profit sharing scheme to facilitate the subcontractors’cooperation.We consider two contract designs for the prime contractor:a uniform contract across all subcontractors,and a nonuniform one that customizes incentives for each subcontractor.We propose efficient algorithms to solve the implicit optimization problems for optimal contract parameters.Computational experiments show that the pooling effect of subcontractors’cooperation mitigates the negative impact of poor estimates about the crashing cost and resource availability.We observe three unexpected results through the randomized computation experiments:(i)the subcontractors’profits may decrease if they provide false information;(ii)it is safer for the prime contractor to overestimate subcontractors’crashing costs than underestimate them;and(iii)uniform contracts deliver more project profit for the subcontractors in the coalitions.展开更多
This paper studies the influence of free riding on enterprise product pricing and carbon emissions reduction investment, as well as the contract design to achieve supply chain coordination under the carbon trading mec...This paper studies the influence of free riding on enterprise product pricing and carbon emissions reduction investment, as well as the contract design to achieve supply chain coordination under the carbon trading mechanism. First, we discuss the situation where carbon emissions reduction investment affects the product price and income. It demonstrates that the optimal investment of the upstream manufacturer increases with the degree of the free riding of the downstream manufacturer. The upstream manufacturer can improve their carbon reduction investment and the whole supply chain achieves Pareto improvement when the investment cost sharing contract is introduced. Nevertheless, under the cost-sharing contract the optimal investment of the decentralized supply chain is still lower than that of the centralized supply chain, and only in some particular cases can the two types of supply chain achieve equal total profits. Then, we preliminarily explore the situation where the product price and income is influenced by carbon emissions reduction investment. The consequences indicate that the optimal investment of the upstream manufacturers in this situation is less than the former one's, and the transfer payment mechanism is able to improve the level of the supply chain overall carbon emissions-reduction. Moreover, compared to the former situation, the effects of free riding of the downstream manufacturer are even more serious. The conclusions can provide some intellectual support for manufacturing enterprises to make reasonable emissions reduction strategies and coordinate the supply chain existing in free riding.展开更多
The advent of Industry 4.0 has compelled businesses to adopt digital approaches that combine software toenhance production efficiency. In this rapidly evolving market, software development is an ongoing process thatmu...The advent of Industry 4.0 has compelled businesses to adopt digital approaches that combine software toenhance production efficiency. In this rapidly evolving market, software development is an ongoing process thatmust be tailored to meet the dynamic needs of enterprises. However, internal research and development can beprohibitively expensive, driving many enterprises to outsource software development and upgrades to externalservice providers. This paper presents a software upgrade outsourcing model for enterprises and service providersthat accounts for the impact of market fluctuations on software adaptability. To mitigate the risk of adverseselection due to asymmetric information about the service provider’s cost and asymmetric information aboutthe enterprise’s revenues, we propose pay-per-time and revenue-sharing contracts in two distinct informationasymmetry scenarios. These two contracts specify the time and transfer payments for software upgrades. Througha comparative analysis of the optimal solutions under the two contracts and centralized decision-making withfull-information, we examine the characteristics of the solutions under two information asymmetry scenarios andanalyze the incentive effects of the two contracts on the various stakeholders. Overall, our study offers valuableinsights for firms seeking to optimize their outsourcing strategies and maximize their returns on investment insoftware upgrades.展开更多
Traditional approach of design by contract, due to mixing the contract code with application code, is difficult for the extensibility and reusability of software system. This paper presents a framework named JADBC for...Traditional approach of design by contract, due to mixing the contract code with application code, is difficult for the extensibility and reusability of software system. This paper presents a framework named JADBC for design by contract based on Aspect-Oriented Programming （AOP） to resolve these problems. By providing a new modularized element, aspect, the framework successfully separates the contracts in design by contract, from functional codes. The implementation of this framework is based on dynamic AOP which can have the contract changed at rtmtime, consequently, enhancing program flexibility. JADBC framework modularizes the contracts in a clear-cut fashion that is easier to design, implement, and maintain.展开更多
文摘The article deeply and systematically probed into a series of problems being faced for establishing index futures transaction in China. Drawing on the successful experiences of other relative countries and according to Chinese real conditions, the author chooses Shanghai composite index as subject-matter, and has designed an index futures contract that accord with the situation of China.
基金supported in part by the National Nature Science Foundation of China under grant No. 70832005Shanghai Leading Academic Discipline Project under Contract No. B310
文摘Based on game theory and principal-agent theory, this paper focuses on how to control product quality and design quality contract in supply chain when moral hazard exists. We set up the supplier and buyer＇s expected profits function model, in which the supplier makes production process investment-level decision and decides on the product quality prevention level, whereas the buyer makes quality evaluation decision and decides on the product quality inspection level. The supplier with a moral hazard of reducing investment level may lack investment in the production process; thus, the buyer will pay the information rent to incentivize the supplier to improve the investment level. The buyer creates the moral hazard of exaggerating the product quality defective rate, who may overinvest in the inspection process. We use the optimal condition to solve supplier＇s first-best investment level, product quality prevention level, and buyer＇s first-best quality inspection level, internal penalty, and apportionment ratio of external failure cost. We also conduct a simulation test that shows the following： When the supplier improves its investment level, its product quality prevention level will increase, and the buyer＇s quality inspection level will decrease. With the improvement in the buyer＇s product quality inspection level, its internal penalty will increase, and the supplier＇s external failure cost will also increase while its expected profits will decrease. Hence, the buyer will design an incentive contract, the expected profits of which will increase, and the whole supply chain＇s joint expected profits function may become an inverse U shape. Finally, we develop a simulation example and propose suggestions for quality control strategy and contract design in the supply chain under the conditions of asymmetric information.
基金supported by Leading Talent Program of Guangdong Province(Project No.2016LJ06D703)the National Natural Science Foundation of China(Project No.72192805),and the Shenzhen Science and Technology Innovation Commission(Project No.JCYJ20210324115604012)+1 种基金supported by the National Natural Science Foundation of China(Key Research Grant 71732003)the Summer Fellowship Program of the Fisher College of Business,The Ohio State University.
文摘We study a project management problem where the prime contractor needs to outsource tasks to subcontractors with the required resources.Successful execution of the project requires proper coordination among the subcontractors,as well as contract design by the prime contractor to incentivize the subcontractors.By modeling the subcontractors’coordination problem as a cooperative game,we develop a profit sharing scheme to facilitate the subcontractors’cooperation.We consider two contract designs for the prime contractor:a uniform contract across all subcontractors,and a nonuniform one that customizes incentives for each subcontractor.We propose efficient algorithms to solve the implicit optimization problems for optimal contract parameters.Computational experiments show that the pooling effect of subcontractors’cooperation mitigates the negative impact of poor estimates about the crashing cost and resource availability.We observe three unexpected results through the randomized computation experiments:(i)the subcontractors’profits may decrease if they provide false information;(ii)it is safer for the prime contractor to overestimate subcontractors’crashing costs than underestimate them;and(iii)uniform contracts deliver more project profit for the subcontractors in the coalitions.
基金supported by the Postdoctoral Science Foundation of China(2014M562145)the Key Projects of the National Natural Science Foundation of China(71431006)the Education Ministry Social Science of China(13JZD016)
文摘This paper studies the influence of free riding on enterprise product pricing and carbon emissions reduction investment, as well as the contract design to achieve supply chain coordination under the carbon trading mechanism. First, we discuss the situation where carbon emissions reduction investment affects the product price and income. It demonstrates that the optimal investment of the upstream manufacturer increases with the degree of the free riding of the downstream manufacturer. The upstream manufacturer can improve their carbon reduction investment and the whole supply chain achieves Pareto improvement when the investment cost sharing contract is introduced. Nevertheless, under the cost-sharing contract the optimal investment of the decentralized supply chain is still lower than that of the centralized supply chain, and only in some particular cases can the two types of supply chain achieve equal total profits. Then, we preliminarily explore the situation where the product price and income is influenced by carbon emissions reduction investment. The consequences indicate that the optimal investment of the upstream manufacturers in this situation is less than the former one's, and the transfer payment mechanism is able to improve the level of the supply chain overall carbon emissions-reduction. Moreover, compared to the former situation, the effects of free riding of the downstream manufacturer are even more serious. The conclusions can provide some intellectual support for manufacturing enterprises to make reasonable emissions reduction strategies and coordinate the supply chain existing in free riding.
文摘The advent of Industry 4.0 has compelled businesses to adopt digital approaches that combine software toenhance production efficiency. In this rapidly evolving market, software development is an ongoing process thatmust be tailored to meet the dynamic needs of enterprises. However, internal research and development can beprohibitively expensive, driving many enterprises to outsource software development and upgrades to externalservice providers. This paper presents a software upgrade outsourcing model for enterprises and service providersthat accounts for the impact of market fluctuations on software adaptability. To mitigate the risk of adverseselection due to asymmetric information about the service provider’s cost and asymmetric information aboutthe enterprise’s revenues, we propose pay-per-time and revenue-sharing contracts in two distinct informationasymmetry scenarios. These two contracts specify the time and transfer payments for software upgrades. Througha comparative analysis of the optimal solutions under the two contracts and centralized decision-making withfull-information, we examine the characteristics of the solutions under two information asymmetry scenarios andanalyze the incentive effects of the two contracts on the various stakeholders. Overall, our study offers valuableinsights for firms seeking to optimize their outsourcing strategies and maximize their returns on investment insoftware upgrades.
基金the National Natural Science Foundation of China (60773006)the Specialized Research Fund for the Doctoral Program of Higher Education of China (20060486045)
文摘Traditional approach of design by contract, due to mixing the contract code with application code, is difficult for the extensibility and reusability of software system. This paper presents a framework named JADBC for design by contract based on Aspect-Oriented Programming （AOP） to resolve these problems. By providing a new modularized element, aspect, the framework successfully separates the contracts in design by contract, from functional codes. The implementation of this framework is based on dynamic AOP which can have the contract changed at rtmtime, consequently, enhancing program flexibility. JADBC framework modularizes the contracts in a clear-cut fashion that is easier to design, implement, and maintain.
