By studying the spectral properties of the underlying operator corresponding to the M/G/1 queueing model with optional second service we obtain that the time-dependent solution of the model strongly converges to its s...By studying the spectral properties of the underlying operator corresponding to the M/G/1 queueing model with optional second service we obtain that the time-dependent solution of the model strongly converges to its steady-state solution. We also show that the time-dependent queueing size at the departure point converges to the corresponding steady-state queueing size at the departure point.展开更多
We compare the optimal operating cost of the two bicriterion policies, <p,T> and <p,N>, for an M/G/1 queueing system with second optional service, in which the length of the vacation period is randomly con...We compare the optimal operating cost of the two bicriterion policies, <p,T> and <p,N>, for an M/G/1 queueing system with second optional service, in which the length of the vacation period is randomly controlled either by the number of arrivals during the idle period or by a timer. After all the customers are served in the queue exhaustively, the server immediately takes a vacation and may operate <p,T> policy or <p,N> policy. For the two bicriterion policies, the total average cost function per unit time is developed to search the optimal stationary operating policies at a minimum cost. Based upon the optimal cost the explicit forms for joint optimum threshold values of (p,T) and (p,N) are obtained.展开更多
In this paper,the optional and predictable projections of set-valued measurable processes are studied.The existence and uniqueness of optional and predictable projections of set-valued measurable processes are proved ...In this paper,the optional and predictable projections of set-valued measurable processes are studied.The existence and uniqueness of optional and predictable projections of set-valued measurable processes are proved under proper circumstances.展开更多
Recently, the universities of science and technology pay more attention to their own specialized subjects and tak, little notice of humanities. This phenomenon results in the weakness of college students＇ humanistic ...Recently, the universities of science and technology pay more attention to their own specialized subjects and tak, little notice of humanities. This phenomenon results in the weakness of college students＇ humanistic qualities, Therefore, cultivating and enhancing students＇ humanistic qualities in universities of science and technolog become the main issues that are viewed intensively by the current educational circles. This paper analyzes th, current situation of English and American literature optional courses in universities of science and technolog3, gives the importance of offering the optional courses of English and American literature, and analyzes the activ roles and important significance of optional courses of English and American literature in the course of humanisti qualities of students in universities of science and technology. This paper also gives the necessities and ne~ methods of giving the optional courses of English and American literature under the circumstances of colleg, English teaching reform展开更多
A China-Europe international forum on the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punish-ment and the optional protocol to the convention was held in Beijing from August 12-13, 2006,
The optional Protocol to the international covenant on economic, Social and cultural Right was adopted in 2008 and entered into force in 2013? During the five years after its entry into force, 23 States have ratified ...The optional Protocol to the international covenant on economic, Social and cultural Right was adopted in 2008 and entered into force in 2013? During the five years after its entry into force, 23 States have ratified the optional Protocol, and 23 individual communications have been submitted to the committee on economic,Social and cultural Rights? comparing with the acceptance of individual communication procedures under other core international human rights treaties, the record of ratification of the optional Protocol is not satisfactory? in its examination of individual communications,the committee on economic, Social and cultural Rights has made detailed reasoning, extensively referred to its previous general comments, and in case of violations found, suggested both specific and general remedies? in its practice of examining individual communications, the committee on economic, Social and cultural Rights needs to clarify and define the rights under the covenant and their corresponding obligations, while maintaining its nature and role as a supervisory body, without expanding its competence to an unacceptable extent?展开更多
This paper studies a single server discrete-time Erlang loss system with Bernoulli arrival process and no waiting space. The server in the system is assumed to provide two different types of services, namely essential...This paper studies a single server discrete-time Erlang loss system with Bernoulli arrival process and no waiting space. The server in the system is assumed to provide two different types of services, namely essential and optional services, to the customer. During the operation of the system, the arrival of the catastrophe will break the system down and simultaneously induce customer to leave the system immediately. Using a new type discrete supplementary variable technique, the authors obtain some performance characteristics of the queueing system, including the steady-state availability and failure frequency of the system, the steady-state probabilities for the server being idle, busy, breakdown and the loss probability of the system etc. Finally, by the numerical examples, the authors study the influence of the system parameters on several performance measures.展开更多
A bulk-arrival single server queueing system with second multi-optional service and unreliable server is studied in this paper. Customers arrive in batches according to a homogeneous Poisson process, all customers dem...A bulk-arrival single server queueing system with second multi-optional service and unreliable server is studied in this paper. Customers arrive in batches according to a homogeneous Poisson process, all customers demand the first ＂essential＂ service, whereas only some of them demand the second ＂multi-optional＂ service. The first service time and the second service all have general distribution and they are independent. We assume that the server has a service-phase dependent, exponentially distributed life time as well as a servicephase dependent, generally distributed repair time. Using a supplementary variable method, we obtain the transient and the steady-state solutions for both queueing and reliability measures of interest.展开更多
In this short note we consider reflected backward stochastic differential equations(RBSDEs)with a Lipschitz driver and barrier processes that are optional and right lower semicontinuous.In this case,the barrier is rep...In this short note we consider reflected backward stochastic differential equations(RBSDEs)with a Lipschitz driver and barrier processes that are optional and right lower semicontinuous.In this case,the barrier is represented as a nondecreasing limit of right continuous with left limit(RCLL)barriers.We combine some well-known existence results for RCLL barriers with comparison arguments for the control process to construct solutions.Finally,we highlight the connection of these RBSDEs with standard RCLL BSDEs.展开更多
Quanto options allow the buyer to exchange the foreign currency payoff into the domestic currency at a fixed exchange rate. We investigate quanto options with multiple underlying assets valued in different foreign cur...Quanto options allow the buyer to exchange the foreign currency payoff into the domestic currency at a fixed exchange rate. We investigate quanto options with multiple underlying assets valued in different foreign currencies each with a different strike price in the payoff function. We carry out a comparative performance analysis of different stochastic volatility (SV), stochastic correlation (SC), and stochastic exchange rate (SER) models to determine the best combination of these models for Monte Carlo (MC) simulation pricing. In addition, we test the performance of all model variants with constant correlation as a benchmark. We find that a combination of GARCH-Jump SV, Weibull SC, and Ornstein Uhlenbeck (OU) SER performs best. In addition, we analyze different discretization schemes and their results. In our simulations, the Milstein scheme yields the best balance between execution times and lower standard deviations of price estimates. Furthermore, we find that incorporating mean reversion into stochastic correlation and stochastic FX rate modeling is beneficial for MC simulation pricing. We improve the accuracy of our simulations by implementing antithetic variates variance reduction. Finally, we derive the correlation risk parameters Cora and Gora in our framework so that correlation hedging of quanto options can be performed.展开更多
In this paper,we incorporate Markov regime-switching into a two-factor stochastic volatility jump-diffusion model to enhance the pricing of power options.Furthermore,we assume that the interest rates and the jump inte...In this paper,we incorporate Markov regime-switching into a two-factor stochastic volatility jump-diffusion model to enhance the pricing of power options.Furthermore,we assume that the interest rates and the jump intensities of the assets are stochastic.Under the proposed framework,first,we derive the analytical pricing formula for power options by using Fourier transform technique,Esscher transform and characteristic function.Then we provide the efficient approximation to calculate the analytical pricing formula of power options by using the FFT approach and examine the accuracy of the approximation by Monte Carlo simulation.Finally,we provide some sensitivity analysis of the model parameters to power options.Numerical examples show this model is suitable for empirical work in practice.展开更多
The aim of this paper is to price power option with its underlying asset price following exponential normal inverse gaussian(NIG)process.We first find the risk neutral equivalent martingale measure Q by Esscher transf...The aim of this paper is to price power option with its underlying asset price following exponential normal inverse gaussian(NIG)process.We first find the risk neutral equivalent martingale measure Q by Esscher transform.Then,using the Fourier transform and its inverse,we derive the analytical pricing formulas of power options which are expressed in the form of Fourier integral.In addition,the fast Fourier transform(FFT)algorithm is applied to calculate these pricing formulas.Finally,Shangzheng 50ETF options are chosen to test our results.Estimating the parameters in NIG process by maximum likelihood method,we show that the NIG prices are much closer to market prices than the Black-Scholes-Merton(BSM)ones.展开更多
This paper employs the PPO(Proximal Policy Optimization) algorithm to study the risk hedging problem of the Shanghai Stock Exchange(SSE) 50ETF options. First, the action and state spaces were designed based on the cha...This paper employs the PPO(Proximal Policy Optimization) algorithm to study the risk hedging problem of the Shanghai Stock Exchange(SSE) 50ETF options. First, the action and state spaces were designed based on the characteristics of the hedging task, and a reward function was developed according to the cost function of the options. Second, combining the concept of curriculum learning, the agent was guided to adopt a simulated-to-real learning approach for dynamic hedging tasks, reducing the learning difficulty and addressing the issue of insufficient option data. A dynamic hedging strategy for 50ETF options was constructed. Finally, numerical experiments demonstrate the superiority of the designed algorithm over traditional hedging strategies in terms of hedging effectiveness.展开更多
From AR-enhanced picture books to eco-friendly smart toys,the items now filling children’s shopping carts are more than just products-they epitomize the transformation of consumption in the new era.
A concert of powers has become a new institutional arrangement for building a new-type major powers relationship in East Asia.In view of standardization,the consistency,legitimacy,accountability,inclusiveness,and self...A concert of powers has become a new institutional arrangement for building a new-type major powers relationship in East Asia.In view of standardization,the consistency,legitimacy,accountability,inclusiveness,and self-restraint,etc.enjoyed by a concert of powers are very suitable for the East Asian multilateral security mechanism featuring"cooperative security"concept,"ASEAN Way"of decision-making as well as"open regionalism"approach.In view of the practical conditions,major powers peculiarities and effectively solving hot issues highlighted by the East Asia geopolitical ecology require a concert of powers while a relative equilibrium of the East Asian regional major powers is in favor of a concert of powers.In terms of experience,the peaceful settlement of the Cambodian issue and the Six-party Talks on the DPRK nuclear issue provide a feasible path to initiate a concert of powers in sub-regions regarding the traditional security matter related indirectly with major powers.A new concert of powers in East Asia has three options,namely"soft security"-oriented multilateral coordination,"comprehensive security"-oriented"bilateral coordination"and"multilateral coordination".East Asia Summit and the existing major powers’bilateral strategic dialogue mechanisms are available institutional assets to be used by above-mentioned first two paths.The ideal state of third path is an independent security mechanism,designed to respond to major regional conflicts and crises.In practice,these three kinds of path can overlap,and be in parallel operation,and constitute"a concert of powers network"with bilateral and multilateral interactions,thus,providing a solid and effective mechanism for the East Asian regional security governance.展开更多
The Optional Protocol to the International Covenant on Economic,Social and Cultural Rights(hereinafter referred to as the“Optional Protocol”),aimed at resolving the challenges surrounding the justiciability of econo...The Optional Protocol to the International Covenant on Economic,Social and Cultural Rights(hereinafter referred to as the“Optional Protocol”),aimed at resolving the challenges surrounding the justiciability of economic,social and cultural rights(ESCR),has been in effect for 11 years.However,this does not signify a definitive resolution of the justiciability dilemma.A review of the Covenant’s negotiation history reveals that states reached a valuable consensus on the justiciability of ESCR in domestic law.However,significant concerns persist,regarding the scope,methods,and standards of admissibility,as well as substantive issues in international the justiciability in international law.Since the adoption of the Optional Protocol,its acceptance and the operation of individual communication procedures have been far from ideal,further exacerbating the justiciability challenges of ESCR in international law.To address these challenges,individual communication procedures concerning ESCR must strike a balance between international oversight and national sovereignty.In terms of procedural issues,the Committee on Economic,Social and Cultural Rights(“the Committee”)should fully leverage admissibility criteria to screen individual communications and ensure procedural safeguards,while adhering to the boundaries of responsibilities within international human rights monitoring mechanisms.In terms of substantive issues,the Committee should further clarify the“reasonableness standard”as the substantive review criterion,avoiding ceiling-like requirements for contract states and minimizing interference with their discretion.This approach would allow the development of a predictable standard of review that combines stability and flexibility.展开更多
基金supported by the National Natural Science Foundation of China(11371303)Natural Science Foundation of Xinjiang(2012211A023)Science Foundation of Xinjiang University(XY110101)
文摘By studying the spectral properties of the underlying operator corresponding to the M/G/1 queueing model with optional second service we obtain that the time-dependent solution of the model strongly converges to its steady-state solution. We also show that the time-dependent queueing size at the departure point converges to the corresponding steady-state queueing size at the departure point.
文摘We compare the optimal operating cost of the two bicriterion policies, <p,T> and <p,N>, for an M/G/1 queueing system with second optional service, in which the length of the vacation period is randomly controlled either by the number of arrivals during the idle period or by a timer. After all the customers are served in the queue exhaustively, the server immediately takes a vacation and may operate <p,T> policy or <p,N> policy. For the two bicriterion policies, the total average cost function per unit time is developed to search the optimal stationary operating policies at a minimum cost. Based upon the optimal cost the explicit forms for joint optimum threshold values of (p,T) and (p,N) are obtained.
基金National Natural Science Foundation of China(1 9971 0 72 )
文摘In this paper,the optional and predictable projections of set-valued measurable processes are studied.The existence and uniqueness of optional and predictable projections of set-valued measurable processes are proved under proper circumstances.
文摘Recently, the universities of science and technology pay more attention to their own specialized subjects and tak, little notice of humanities. This phenomenon results in the weakness of college students＇ humanistic qualities, Therefore, cultivating and enhancing students＇ humanistic qualities in universities of science and technolog become the main issues that are viewed intensively by the current educational circles. This paper analyzes th, current situation of English and American literature optional courses in universities of science and technolog3, gives the importance of offering the optional courses of English and American literature, and analyzes the activ roles and important significance of optional courses of English and American literature in the course of humanisti qualities of students in universities of science and technology. This paper also gives the necessities and ne~ methods of giving the optional courses of English and American literature under the circumstances of colleg, English teaching reform
文摘A China-Europe international forum on the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punish-ment and the optional protocol to the convention was held in Beijing from August 12-13, 2006,
文摘The optional Protocol to the international covenant on economic, Social and cultural Right was adopted in 2008 and entered into force in 2013? During the five years after its entry into force, 23 States have ratified the optional Protocol, and 23 individual communications have been submitted to the committee on economic,Social and cultural Rights? comparing with the acceptance of individual communication procedures under other core international human rights treaties, the record of ratification of the optional Protocol is not satisfactory? in its examination of individual communications,the committee on economic, Social and cultural Rights has made detailed reasoning, extensively referred to its previous general comments, and in case of violations found, suggested both specific and general remedies? in its practice of examining individual communications, the committee on economic, Social and cultural Rights needs to clarify and define the rights under the covenant and their corresponding obligations, while maintaining its nature and role as a supervisory body, without expanding its competence to an unacceptable extent?
基金supported by the National Natural Science Foundation of China under Grant No.70871084Specialized Research Fund for the Doctoral Program of Higher Education of China under Grant No. 200806360001the Scientific Research Fund of Sichuan Provincial Education Department under Grant No.10ZA136
文摘This paper studies a single server discrete-time Erlang loss system with Bernoulli arrival process and no waiting space. The server in the system is assumed to provide two different types of services, namely essential and optional services, to the customer. During the operation of the system, the arrival of the catastrophe will break the system down and simultaneously induce customer to leave the system immediately. Using a new type discrete supplementary variable technique, the authors obtain some performance characteristics of the queueing system, including the steady-state availability and failure frequency of the system, the steady-state probabilities for the server being idle, busy, breakdown and the loss probability of the system etc. Finally, by the numerical examples, the authors study the influence of the system parameters on several performance measures.
基金Supported by the National Natural Science Foundation of China (No. 10871020)
文摘A bulk-arrival single server queueing system with second multi-optional service and unreliable server is studied in this paper. Customers arrive in batches according to a homogeneous Poisson process, all customers demand the first ＂essential＂ service, whereas only some of them demand the second ＂multi-optional＂ service. The first service time and the second service all have general distribution and they are independent. We assume that the server has a service-phase dependent, exponentially distributed life time as well as a servicephase dependent, generally distributed repair time. Using a supplementary variable method, we obtain the transient and the steady-state solutions for both queueing and reliability measures of interest.
文摘In this short note we consider reflected backward stochastic differential equations(RBSDEs)with a Lipschitz driver and barrier processes that are optional and right lower semicontinuous.In this case,the barrier is represented as a nondecreasing limit of right continuous with left limit(RCLL)barriers.We combine some well-known existence results for RCLL barriers with comparison arguments for the control process to construct solutions.Finally,we highlight the connection of these RBSDEs with standard RCLL BSDEs.
文摘Quanto options allow the buyer to exchange the foreign currency payoff into the domestic currency at a fixed exchange rate. We investigate quanto options with multiple underlying assets valued in different foreign currencies each with a different strike price in the payoff function. We carry out a comparative performance analysis of different stochastic volatility (SV), stochastic correlation (SC), and stochastic exchange rate (SER) models to determine the best combination of these models for Monte Carlo (MC) simulation pricing. In addition, we test the performance of all model variants with constant correlation as a benchmark. We find that a combination of GARCH-Jump SV, Weibull SC, and Ornstein Uhlenbeck (OU) SER performs best. In addition, we analyze different discretization schemes and their results. In our simulations, the Milstein scheme yields the best balance between execution times and lower standard deviations of price estimates. Furthermore, we find that incorporating mean reversion into stochastic correlation and stochastic FX rate modeling is beneficial for MC simulation pricing. We improve the accuracy of our simulations by implementing antithetic variates variance reduction. Finally, we derive the correlation risk parameters Cora and Gora in our framework so that correlation hedging of quanto options can be performed.
文摘In this paper,we incorporate Markov regime-switching into a two-factor stochastic volatility jump-diffusion model to enhance the pricing of power options.Furthermore,we assume that the interest rates and the jump intensities of the assets are stochastic.Under the proposed framework,first,we derive the analytical pricing formula for power options by using Fourier transform technique,Esscher transform and characteristic function.Then we provide the efficient approximation to calculate the analytical pricing formula of power options by using the FFT approach and examine the accuracy of the approximation by Monte Carlo simulation.Finally,we provide some sensitivity analysis of the model parameters to power options.Numerical examples show this model is suitable for empirical work in practice.
基金Supported by National Natural Science Foundation of China(11571089,11501164)Natural Science Founda-tion of Hebei Province(A2019205299)+1 种基金the Foundation of Hebei Education Department(ZD2018065,ZD2019053)Hebei Normal University(L2019Z01).
文摘The aim of this paper is to price power option with its underlying asset price following exponential normal inverse gaussian(NIG)process.We first find the risk neutral equivalent martingale measure Q by Esscher transform.Then,using the Fourier transform and its inverse,we derive the analytical pricing formulas of power options which are expressed in the form of Fourier integral.In addition,the fast Fourier transform(FFT)algorithm is applied to calculate these pricing formulas.Finally,Shangzheng 50ETF options are chosen to test our results.Estimating the parameters in NIG process by maximum likelihood method,we show that the NIG prices are much closer to market prices than the Black-Scholes-Merton(BSM)ones.
基金supported by the Foundation of Key Laboratory of System Control and Information Processing,Ministry of Education,China,Scip20240111Aeronautical Science Foundation of China,Grant 2024Z071108001the Foundation of Key Laboratory of Traffic Information and Safety of Anhui Higher Education Institutes,Anhui Sanlian University,KLAHEI18018.
文摘This paper employs the PPO(Proximal Policy Optimization) algorithm to study the risk hedging problem of the Shanghai Stock Exchange(SSE) 50ETF options. First, the action and state spaces were designed based on the characteristics of the hedging task, and a reward function was developed according to the cost function of the options. Second, combining the concept of curriculum learning, the agent was guided to adopt a simulated-to-real learning approach for dynamic hedging tasks, reducing the learning difficulty and addressing the issue of insufficient option data. A dynamic hedging strategy for 50ETF options was constructed. Finally, numerical experiments demonstrate the superiority of the designed algorithm over traditional hedging strategies in terms of hedging effectiveness.
文摘From AR-enhanced picture books to eco-friendly smart toys,the items now filling children’s shopping carts are more than just products-they epitomize the transformation of consumption in the new era.
文摘A concert of powers has become a new institutional arrangement for building a new-type major powers relationship in East Asia.In view of standardization,the consistency,legitimacy,accountability,inclusiveness,and self-restraint,etc.enjoyed by a concert of powers are very suitable for the East Asian multilateral security mechanism featuring"cooperative security"concept,"ASEAN Way"of decision-making as well as"open regionalism"approach.In view of the practical conditions,major powers peculiarities and effectively solving hot issues highlighted by the East Asia geopolitical ecology require a concert of powers while a relative equilibrium of the East Asian regional major powers is in favor of a concert of powers.In terms of experience,the peaceful settlement of the Cambodian issue and the Six-party Talks on the DPRK nuclear issue provide a feasible path to initiate a concert of powers in sub-regions regarding the traditional security matter related indirectly with major powers.A new concert of powers in East Asia has three options,namely"soft security"-oriented multilateral coordination,"comprehensive security"-oriented"bilateral coordination"and"multilateral coordination".East Asia Summit and the existing major powers’bilateral strategic dialogue mechanisms are available institutional assets to be used by above-mentioned first two paths.The ideal state of third path is an independent security mechanism,designed to respond to major regional conflicts and crises.In practice,these three kinds of path can overlap,and be in parallel operation,and constitute"a concert of powers network"with bilateral and multilateral interactions,thus,providing a solid and effective mechanism for the East Asian regional security governance.
基金a phased achievement of the general project of National Social Science Fund “Research on the Implementation of the Right to Health in the Context of the Synchronous Protection in Public and Private Law”(Project Approval Number 2021BFX169)supported by the Funding Program for the “Peak-Climbing Strategy” in Discipline Development of the Chinese Academy of Social Sciences (Number:DF2023YS34)。
文摘The Optional Protocol to the International Covenant on Economic,Social and Cultural Rights(hereinafter referred to as the“Optional Protocol”),aimed at resolving the challenges surrounding the justiciability of economic,social and cultural rights(ESCR),has been in effect for 11 years.However,this does not signify a definitive resolution of the justiciability dilemma.A review of the Covenant’s negotiation history reveals that states reached a valuable consensus on the justiciability of ESCR in domestic law.However,significant concerns persist,regarding the scope,methods,and standards of admissibility,as well as substantive issues in international the justiciability in international law.Since the adoption of the Optional Protocol,its acceptance and the operation of individual communication procedures have been far from ideal,further exacerbating the justiciability challenges of ESCR in international law.To address these challenges,individual communication procedures concerning ESCR must strike a balance between international oversight and national sovereignty.In terms of procedural issues,the Committee on Economic,Social and Cultural Rights(“the Committee”)should fully leverage admissibility criteria to screen individual communications and ensure procedural safeguards,while adhering to the boundaries of responsibilities within international human rights monitoring mechanisms.In terms of substantive issues,the Committee should further clarify the“reasonableness standard”as the substantive review criterion,avoiding ceiling-like requirements for contract states and minimizing interference with their discretion.This approach would allow the development of a predictable standard of review that combines stability and flexibility.
