This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity ...This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.展开更多
This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is rep...This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional,time-additive,expected utility.In the recursive structure of preference,the author examines the implication for cosumptions,portfolio holdings,and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status.When investors care about relative social status,the propensity to consume and risk-taking behavior will depend on social standards,and stock prices will be volatible.Hence,the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth.Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced,the equity premium puzzle can be partially explained in the model.展开更多
In this paper, it is discussed a framework combining traditional expected utility and weighted entropy (EU-WE)—also named mean contributive value index—which may be conceived as a decision aiding procedure, or a heu...In this paper, it is discussed a framework combining traditional expected utility and weighted entropy (EU-WE)—also named mean contributive value index—which may be conceived as a decision aiding procedure, or a heuristic device generating compositional scenarios, based on information theory concepts, namely weighted entropy. New proofs concerning the maximum value of the index and the evaluation of optimal proportions are outlined, with emphasis on the optimal value of the Lagrange multiplier and its meaning. The rationale is a procedure of maximizing the combined value of a system expressed as a mosaic, denoted by characteristic values of the states and their proportions. Other perspectives of application of this EU-WE framework are suggested.展开更多
In this paper,we present a brief version of de Finetti-Ramsey’s subjective probability theory and provide a rigorous yet intuitively plausible explanation of expected utility using elementary mathematics.In a final s...In this paper,we present a brief version of de Finetti-Ramsey’s subjective probability theory and provide a rigorous yet intuitively plausible explanation of expected utility using elementary mathematics.In a final section,we take up the case of some“Paradoxes in Expected Utility Theory”and try to reconcile them with the help of subjective probabilities.展开更多
In this paper, we consider an insurer who wants to maximize its expected utility of terminal wealth by selecting optimal investment and risk control strategies. The insurer’s risk process is modeled by a jump-diffusi...In this paper, we consider an insurer who wants to maximize its expected utility of terminal wealth by selecting optimal investment and risk control strategies. The insurer’s risk process is modeled by a jump-diffusion process and is negatively correlated with the returns of securities and derivatives in the financial market. In the financial model, a part of insurers’ wealth is invested into the financial market. Using a martingale approach, we obtain an explicit solution of optimal strategy for the insurer under logarithmic utility function.展开更多
Grain boundary diffusion technology is pivotal in the preparation of high-performance NdFeB magnets.This study investigates the factors that affect the efficiency of grain boundary diffusion,starting from the properti...Grain boundary diffusion technology is pivotal in the preparation of high-performance NdFeB magnets.This study investigates the factors that affect the efficiency of grain boundary diffusion,starting from the properties of the diffusion matrix.Through the adjustment of the sintering process,we effectively prepared magnets with varied densities that serve as the matrix for grain boundary diffusion with TbH,diffusion.The mobility characteristics of the Nd-rich phase during the densification stage are leveraged to ensure a more extensive distribution of heavy rare earth elements within the magnets.According to the experimental results,the increase in coercivity of low-density magnets after diffusion is significantly greater than that of relatively high-density magnets.The coercivity values measured are 805.32 kA/m for low-density magnets and 470.3 kA/m for high-density magnets.Additionally,grain boundary diffusion notably enhances the density of initial low-density magnets,addressing the issue of low density during the sintering stage.Before the diffusion treatment,the Nd-rich phases primarily concentrate at the triangular grain boundaries,resulting in an increased number of cavity defects in the magnets.These cavity defects contain atoms in a higher energy state,making them more prone to transition.Consequently,the diffusion activation energy at the void defects is lower than the intracrystalline diffusion activation energy,accelerating atom diffusion.The presence of larger cavities also provides more space for atom migration,thereby promoting the diffusion process.After the diffusion treatment,the proportion of bulk Nd-rich phases significantly decreases,and they infiltrate between the grains to fill the cavity defects,forming continuous fine grain boundaries.Based on these observations,the study aims to explore how to utilize this information to develop an efficient technique for grain boundary diffusion.展开更多
Employees’innovative performance determines an organization’s innovation,which critically impacts its structural optimization and sustainability.Applying expectancy theory,we examined how and when the Pygmalion effe...Employees’innovative performance determines an organization’s innovation,which critically impacts its structural optimization and sustainability.Applying expectancy theory,we examined how and when the Pygmalion effect occurs in the relationship between leaders’expectations of innovation and employee innovative behavior.Our sample comprised 201 frontline employees(female=31.84%;mean age=41.48 years,SD=7.97 years)in a Chinese coal enterprise,who completed surveys on innovation expectations of leaders,expected positive performance outcomes,innovative self-efficacy and innovative behavior.The results revealed that employees’expected positive performance outcomes mediated the positive relationship between leaders’innovation expectations and their innovative behavior.Employees’innovative self-efficacy positively moderated the relationship between their expected positive performance outcomes and innovative behavior,with this relationship being stronger for employees with high innovative self-efficacy.Moreover,we validated the moderated mediation model.Findings suggest that leaders can stimulate employee innovative behavior through expressing expectations and they also need to consider the boundary conditions.展开更多
Efficient edge caching is essential for maximizing utility in video streaming systems,especially under constraints such as limited storage capacity and dynamically fluctuating content popularity.Utility,defined as the...Efficient edge caching is essential for maximizing utility in video streaming systems,especially under constraints such as limited storage capacity and dynamically fluctuating content popularity.Utility,defined as the benefit obtained per unit of cache bandwidth usage,degrades when static or greedy caching strategies fail to adapt to changing demand patterns.To address this,we propose a deep reinforcement learning(DRL)-based caching framework built upon the proximal policy optimization(PPO)algorithm.Our approach formulates edge caching as a sequential decision-making problem and introduces a reward model that balances cache hit performance and utility by prioritizing high-demand,high-quality content while penalizing degraded quality delivery.We construct a realistic synthetic dataset that captures both temporal variations and shifting content popularity to validate our model.Experimental results demonstrate that our proposed method improves utility by up to 135.9%and achieves an average improvement of 22.6%compared to traditional greedy algorithms and long short-term memory(LSTM)-based prediction models.Moreover,our method consistently performs well across a variety of utility functions,workload distributions,and storage limitations,underscoring its adaptability and robustness in dynamic video caching environments.展开更多
Objective Telomere length is a key aging biomarker,but its sex-specific impact on individualized life expectancy remains uncertain.This study explores sex differences in leukocyte telomere length(LTL)and individualize...Objective Telomere length is a key aging biomarker,but its sex-specific impact on individualized life expectancy remains uncertain.This study explores sex differences in leukocyte telomere length(LTL)and individualized expected years of life lost(YLL).Methods A prospective cohort of 445,399 participants(203,731 males and 241,668 females)from the UK Biobank was analyzed.LTL values were log-transformed,and YLL was calculated using life tables.Multiple linear regression was applied to examine sex-specific associations.Results In males,each standard deviation(S.D.)increase in LTL was linked to a 0.965-year decrease in YLL(95%CI:–1.025,–0.900;P<0.001).In females,longer LTL was related to a 0.102-year increase in YLL(95%CI:0.057,0.146;P<0.001).Among postmenopausal females,LTL showed a protective effect similar to that in males(0.387-year decrease,95%CI:−0.446,–0.328;P<0.001),while premenopausal females exhibited a detrimental association(0.705-year increase,95%CI:0.625,0.785;P<0.001).Comparable trends were observed across major aging-related diseases,pointing to a consistent biological pattern.Conclusion The influence of LTL on life expectancy varies significantly by sex,with protective associations seen in males and postmenopausal females.This suggests hormonal involvement in telomere dynamics.The results support integrating sex-specific perspectives into aging and telomere research and clinical practice.展开更多
This study introduces a fund recommendation system based on the ε-greedy algorithm and an incremental learning framework.This model simulates the interaction process when customers browse the web-pages of fund produc...This study introduces a fund recommendation system based on the ε-greedy algorithm and an incremental learning framework.This model simulates the interaction process when customers browse the web-pages of fund products.Customers click on their preferred fund products when visiting a fund recommendation web-page.The system collects customer click sequences to continually estimate and update their utility function.The system generates product lists using the ε-greedy algorithm,where each product on the list has the probability of 1-ε of being selected as an exploitation strategy,and the probability of ε is chosen as the exploration strategy.We perform a series of numerical tests to evaluate the estimation performance with different values of ε.展开更多
As an essential part of the urban infrastructure,underground utility tunnels have a long service life,complex structural performance evolution and dynamic changes both inside and outside the tunnel.These combined fact...As an essential part of the urban infrastructure,underground utility tunnels have a long service life,complex structural performance evolution and dynamic changes both inside and outside the tunnel.These combined factors result in a wide variety of disaster risks during the operation and maintenance phase,which make risk management and control particularly challenging.This work first reviews three common representative disaster factors during the operation and maintenance period:settlement,earthquakes,and explosions.It summarizes the causes of disasters,key technologies,and research methods.Then,it delves into the research on the intelligent operation and maintenance architecture for utility tunnels.Additionally,it explores the data challenges,monitoring technologies,and management platform architectures faced during the operation and maintenance process.This work provides new research perspectives for the long-term,healthy,and sustainable development of utility tunnels,which serve as the underground arteries of cities.展开更多
In the base of utility and marginal utility,the article put forwardthe concept of utility and marginal utilityof educational outlay and the theory of them,and analyzed the actuality of educational resource deployment ...In the base of utility and marginal utility,the article put forwardthe concept of utility and marginal utilityof educational outlay and the theory of them,and analyzed the actuality of educational resource deployment in ourcountry,gave some advice about howtoi mprove our educational resource deployment of compulsory education.展开更多
基金Supported by National Natural Science Foundation of China (71171003, 71271003)Programming Fund Project of the Humanities and Social Sciences Research of the Ministry of Education of China (12YJA790041)+1 种基金Anhui Natural Science Foundation (090416225, 1208085MG116)Anhui Natural Science Foundation of Universities (KJ2010A037, KJ2010B026)
文摘This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.
文摘This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional,time-additive,expected utility.In the recursive structure of preference,the author examines the implication for cosumptions,portfolio holdings,and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status.When investors care about relative social status,the propensity to consume and risk-taking behavior will depend on social standards,and stock prices will be volatible.Hence,the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth.Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced,the equity premium puzzle can be partially explained in the model.
文摘In this paper, it is discussed a framework combining traditional expected utility and weighted entropy (EU-WE)—also named mean contributive value index—which may be conceived as a decision aiding procedure, or a heuristic device generating compositional scenarios, based on information theory concepts, namely weighted entropy. New proofs concerning the maximum value of the index and the evaluation of optimal proportions are outlined, with emphasis on the optimal value of the Lagrange multiplier and its meaning. The rationale is a procedure of maximizing the combined value of a system expressed as a mosaic, denoted by characteristic values of the states and their proportions. Other perspectives of application of this EU-WE framework are suggested.
文摘In this paper,we present a brief version of de Finetti-Ramsey’s subjective probability theory and provide a rigorous yet intuitively plausible explanation of expected utility using elementary mathematics.In a final section,we take up the case of some“Paradoxes in Expected Utility Theory”and try to reconcile them with the help of subjective probabilities.
文摘In this paper, we consider an insurer who wants to maximize its expected utility of terminal wealth by selecting optimal investment and risk control strategies. The insurer’s risk process is modeled by a jump-diffusion process and is negatively correlated with the returns of securities and derivatives in the financial market. In the financial model, a part of insurers’ wealth is invested into the financial market. Using a martingale approach, we obtain an explicit solution of optimal strategy for the insurer under logarithmic utility function.
基金Project supported by the National Natural Science Foundation of China(52361033)National Key Research and Development Program(2022YFB3505400)+3 种基金Ministry of Industry and Information Technology Heavy Rare Earth Special Use of Sintered NdFeB Project(TC220H06J)Academic and Technical Leaders in Major Disciplines in Jiangxi Province(2022BCJ23007)Jiangxi Province Science and Technology Cooperation Key Project(20212BDH80007)Jiangxi Graduate Student Innovation Special Fund Project(YC2023-B213)。
文摘Grain boundary diffusion technology is pivotal in the preparation of high-performance NdFeB magnets.This study investigates the factors that affect the efficiency of grain boundary diffusion,starting from the properties of the diffusion matrix.Through the adjustment of the sintering process,we effectively prepared magnets with varied densities that serve as the matrix for grain boundary diffusion with TbH,diffusion.The mobility characteristics of the Nd-rich phase during the densification stage are leveraged to ensure a more extensive distribution of heavy rare earth elements within the magnets.According to the experimental results,the increase in coercivity of low-density magnets after diffusion is significantly greater than that of relatively high-density magnets.The coercivity values measured are 805.32 kA/m for low-density magnets and 470.3 kA/m for high-density magnets.Additionally,grain boundary diffusion notably enhances the density of initial low-density magnets,addressing the issue of low density during the sintering stage.Before the diffusion treatment,the Nd-rich phases primarily concentrate at the triangular grain boundaries,resulting in an increased number of cavity defects in the magnets.These cavity defects contain atoms in a higher energy state,making them more prone to transition.Consequently,the diffusion activation energy at the void defects is lower than the intracrystalline diffusion activation energy,accelerating atom diffusion.The presence of larger cavities also provides more space for atom migration,thereby promoting the diffusion process.After the diffusion treatment,the proportion of bulk Nd-rich phases significantly decreases,and they infiltrate between the grains to fill the cavity defects,forming continuous fine grain boundaries.Based on these observations,the study aims to explore how to utilize this information to develop an efficient technique for grain boundary diffusion.
基金funded by“National Natural Science Foundation of China”grant number[71872119]“Shanxi Provincial Government Major Decision-making Consulting Project”grant number[ZB20240114]The APC was funded by“Shanxi Provincial Government Major Decision-making Consulting Project”grant number[ZB20240114].
文摘Employees’innovative performance determines an organization’s innovation,which critically impacts its structural optimization and sustainability.Applying expectancy theory,we examined how and when the Pygmalion effect occurs in the relationship between leaders’expectations of innovation and employee innovative behavior.Our sample comprised 201 frontline employees(female=31.84%;mean age=41.48 years,SD=7.97 years)in a Chinese coal enterprise,who completed surveys on innovation expectations of leaders,expected positive performance outcomes,innovative self-efficacy and innovative behavior.The results revealed that employees’expected positive performance outcomes mediated the positive relationship between leaders’innovation expectations and their innovative behavior.Employees’innovative self-efficacy positively moderated the relationship between their expected positive performance outcomes and innovative behavior,with this relationship being stronger for employees with high innovative self-efficacy.Moreover,we validated the moderated mediation model.Findings suggest that leaders can stimulate employee innovative behavior through expressing expectations and they also need to consider the boundary conditions.
文摘Efficient edge caching is essential for maximizing utility in video streaming systems,especially under constraints such as limited storage capacity and dynamically fluctuating content popularity.Utility,defined as the benefit obtained per unit of cache bandwidth usage,degrades when static or greedy caching strategies fail to adapt to changing demand patterns.To address this,we propose a deep reinforcement learning(DRL)-based caching framework built upon the proximal policy optimization(PPO)algorithm.Our approach formulates edge caching as a sequential decision-making problem and introduces a reward model that balances cache hit performance and utility by prioritizing high-demand,high-quality content while penalizing degraded quality delivery.We construct a realistic synthetic dataset that captures both temporal variations and shifting content popularity to validate our model.Experimental results demonstrate that our proposed method improves utility by up to 135.9%and achieves an average improvement of 22.6%compared to traditional greedy algorithms and long short-term memory(LSTM)-based prediction models.Moreover,our method consistently performs well across a variety of utility functions,workload distributions,and storage limitations,underscoring its adaptability and robustness in dynamic video caching environments.
基金supported by the National Natural Science Foundation of China(82192903,82192904)the National Science and Technology Major Projects of China(2023ZD0510103)。
文摘Objective Telomere length is a key aging biomarker,but its sex-specific impact on individualized life expectancy remains uncertain.This study explores sex differences in leukocyte telomere length(LTL)and individualized expected years of life lost(YLL).Methods A prospective cohort of 445,399 participants(203,731 males and 241,668 females)from the UK Biobank was analyzed.LTL values were log-transformed,and YLL was calculated using life tables.Multiple linear regression was applied to examine sex-specific associations.Results In males,each standard deviation(S.D.)increase in LTL was linked to a 0.965-year decrease in YLL(95%CI:–1.025,–0.900;P<0.001).In females,longer LTL was related to a 0.102-year increase in YLL(95%CI:0.057,0.146;P<0.001).Among postmenopausal females,LTL showed a protective effect similar to that in males(0.387-year decrease,95%CI:−0.446,–0.328;P<0.001),while premenopausal females exhibited a detrimental association(0.705-year increase,95%CI:0.625,0.785;P<0.001).Comparable trends were observed across major aging-related diseases,pointing to a consistent biological pattern.Conclusion The influence of LTL on life expectancy varies significantly by sex,with protective associations seen in males and postmenopausal females.This suggests hormonal involvement in telomere dynamics.The results support integrating sex-specific perspectives into aging and telomere research and clinical practice.
基金This research was supported by National Key R&D Program of China under No.2022YFA1004000National Natural Science Foundation of China under No.11991023 and 12371324.
文摘This study introduces a fund recommendation system based on the ε-greedy algorithm and an incremental learning framework.This model simulates the interaction process when customers browse the web-pages of fund products.Customers click on their preferred fund products when visiting a fund recommendation web-page.The system collects customer click sequences to continually estimate and update their utility function.The system generates product lists using the ε-greedy algorithm,where each product on the list has the probability of 1-ε of being selected as an exploitation strategy,and the probability of ε is chosen as the exploration strategy.We perform a series of numerical tests to evaluate the estimation performance with different values of ε.
基金financially supported by the Scientific Research Projects of the Education Department of Zhejiang Province(Grant No.Y202454744)the Ningbo Public Welfare Science and Technology Project(Grant Nos.2023S007 and 2023S165)the Key Research and Development Program of Zhejiang(Grant No.2023C03183).
文摘As an essential part of the urban infrastructure,underground utility tunnels have a long service life,complex structural performance evolution and dynamic changes both inside and outside the tunnel.These combined factors result in a wide variety of disaster risks during the operation and maintenance phase,which make risk management and control particularly challenging.This work first reviews three common representative disaster factors during the operation and maintenance period:settlement,earthquakes,and explosions.It summarizes the causes of disasters,key technologies,and research methods.Then,it delves into the research on the intelligent operation and maintenance architecture for utility tunnels.Additionally,it explores the data challenges,monitoring technologies,and management platform architectures faced during the operation and maintenance process.This work provides new research perspectives for the long-term,healthy,and sustainable development of utility tunnels,which serve as the underground arteries of cities.
文摘In the base of utility and marginal utility,the article put forwardthe concept of utility and marginal utilityof educational outlay and the theory of them,and analyzed the actuality of educational resource deployment in ourcountry,gave some advice about howtoi mprove our educational resource deployment of compulsory education.
