This paper establishes a model for the production cost of iron and steel enterprise.The variation rule of the production cost versus the iron/steel ratio for two cases, namely,fixed steel production and a fixed amount...This paper establishes a model for the production cost of iron and steel enterprise.The variation rule of the production cost versus the iron/steel ratio for two cases, namely,fixed steel production and a fixed amount of molten iron,is analyzed,and the concept of a steel scrap threshold price is proposed.According to the analysis results,when the steel scrap unit price exceeds the steel scrap threshold price, an increase in the iron/steel ratio can reduce the production cost,and vice versa.When the gap between the steel scrap unit price and the steel scrap threshold price is relatively large, the impact of the iron/steel ratio on the production cost is more prominent.According to the calculation example,when steel production is fixed (284 358 t/month)and the steel scrap unit price is 263.2 yuan/t more than the steel scrap threshold price,an increase of 0.01 in the iron/steel ratio causes a monthly production cost reduction of approximately 750 000 yuan (2.63 yuan/t).When the amount of molten iron is fixed (270 425 t/month)and the steel scrap unit price is 140.7 yuan/t more than the threshold price,an increase of 0.01 in the iron/steel ratio causes a monthly production cost reduction of approximately 430 000 yuan (1.5 yuan/t).The results indicate that iron and steel enterprise should adjust the production strategy in time when the scrap price fluctuates, and then the production cost will be reduced.展开更多
The amorphous boron nitride ceramic powders were prepared at 750-950 ℃ by the low-cost urea route, and the effects of preparation temperatures, molar ratios of the raw materials and oxidation treatment on the composi...The amorphous boron nitride ceramic powders were prepared at 750-950 ℃ by the low-cost urea route, and the effects of preparation temperatures, molar ratios of the raw materials and oxidation treatment on the composition, structure and surface morphology of the products were investigated through FT-IR, XRD and SEM. The results show that the products ceramize and crystallize gradually with the increase of the temperature. When the molar ratio and reaction temperature are 3:2 and 850 ℃, respectively, the products have high purity, compact structure and nice shape. The oxidation treatment at 450 ℃ will not impair the composition and structure of boron nitride but effectively remove the impurities.展开更多
The scarcity of housing increases as population continues to rise all over the world. Despite government efforts at providing houses, yearly demand keeps on exceeding available houses and hence the hike in rent, the c...The scarcity of housing increases as population continues to rise all over the world. Despite government efforts at providing houses, yearly demand keeps on exceeding available houses and hence the hike in rent, the cost of erecting houses and the cost of building materials. This ultimately calls for a decisive solution. This study therefore applied compliance to cost ratio (C-CR) analysis in evaluating the optimum properties of fired ceramic bricks. The optimum mix proportions of waste glass (WG) and wood saw dust (WSD) in fired bricks, that will be suitable for housing constructions were hence determined. Fired clay brick samples which contained varied proportions of WG and WSD were examined for physical, mechanical and thermal properties in line with standard procedures. The results were compared with existing standards and property evaluation index, compliance level and C-CR were applied in analyzing the results obtained. It was observed that with increasing WG content, compliance level increased. Also, cost ratio and experimental cost of each brick sample trended upward. Sample with mix proportion;20 wt% WG, 5 wt% WSD and 75 wt% clay had compliance level of 94% and C-CR index of 7.81, hence chosen as optimum mix proportion for masonry bricks.展开更多
In this paper the insurer's solvency ratio model with or without jump diffusion process in the presence of financial distress cost is constructed, where an insurer's solvency ratio is characterized by a Markov-modul...In this paper the insurer's solvency ratio model with or without jump diffusion process in the presence of financial distress cost is constructed, where an insurer's solvency ratio is characterized by a Markov-modulated dynamics. By Girsanov's theorem and the option pricing formula, the expected present value of shareholders' terminal payoff is provided.展开更多
In this study, an enthalpy-concentration method was applied in order to model a steady state continuous benzene-toluene mixture distillation column. For a distillation tower such as the benzene- toluene splitter, ther...In this study, an enthalpy-concentration method was applied in order to model a steady state continuous benzene-toluene mixture distillation column. For a distillation tower such as the benzene- toluene splitter, there are relatively few degrees of freedom that can be manipulated in order to minimize the total annualized cost. The reflux ratio can influence the steady-state operating point and therefore influence the total annualized cost. The trade-offs between reflux ratios and total annualized cost were discussed. The Cuckoo optimization algorithm was applied to obtain a correlation for the optimum value of the reflux ratio as a power function of the economic parameters of energy price and capital cost. The results show that, at low energy price or high capital cost, the optimum reflux factor is high.展开更多
Agroforestry and beekeeping are widely promoted as prospective Nature-</span></span><span><span><span style="font-family:""> </span></span></span><span...Agroforestry and beekeeping are widely promoted as prospective Nature-</span></span><span><span><span style="font-family:""> </span></span></span><span><span><span style="font-family:""><span style="font-family:Verdana;">Based Income Generating Activities (NIGAs) to improve livelihoods while at </span><span style="font-family:Verdana;">the same time enhancing biodiversity conservation in degrading</span><span style="font-family:Verdana;"> agro-ecologies. These activities can diversify and increase famers’ incomes and support in</span><span style="font-family:Verdana;">stinctive biota and fauna resilience. However, evidence to showcase and compare their long-term benefits is scant. We use the case of Uluguru</span><span style="font-family:Verdana;"> Mountains in Tanzania to evaluate and compare viability of agroforestry and beekeeping projects using the Cost</span></span></span></span><span><span><span style="font-family:""> </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">Benefit Analysis (CBA) approach. The results of analysis yielded positive NPVs for both agroforestry and beekeeping projects at discount rates not higher than 8.2% and 8.5% respectively. Overall, the comparison of economic viability between agroforestry and beekeeping projects revealed that the former was relatively more profitable than the later in terms of both the NPV and Benefit</span></span></span><span><span><span style="font-family:""> </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">Cost Ratio (BCR) criteria. However, the Internal Rate of Return (IRR) for beekeeping was slightly higher than that of agroforestry. Yet, we underscore the fact that these two projects can jointly be implemented to enhance livelihoods of farmers and support biodiversity conservation in the study </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">area </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">and other parts with similar agro-ecologies in developing countries. However, farmers in these agro-ecologies need to be supported by governments and non-government development partners in terms of training and inspiration to shift from orthodox farming to sustainable NIGAs.展开更多
Objective: Zoledronic acid (ZOL) is a nitrogen-containing bisphosphonate that induces osteoclast apoptosis and inhibits bone resorption. Adding ZOL to neoadjuvant chemotherapy has been shown to have potential anticanc...Objective: Zoledronic acid (ZOL) is a nitrogen-containing bisphosphonate that induces osteoclast apoptosis and inhibits bone resorption. Adding ZOL to neoadjuvant chemotherapy has been shown to have potential anticancer benefits in women with HER2-negative breast cancer. The objective of the present study was to investigate ZOL’s cost-effectiveness from the perspective of health care payers in Japan. Methods: A Markov model was developed to evaluate the costs and effectiveness associated with ZOL + chemotherapy (CTZ) and chemotherapy (CT) alone over a 10-year time horizon. Monthly transition probabilities were estimated according to JONIE1 (Japan Organization of Neoadjuvant Innovative Expert) Study data and an extrapolated Weibull model. Health outcomes were measured in quality-adjusted life years (QALYs). Costs were calculated using year-2018 Japanese yen (JPY) (1.00 US dollars (USD) = 110.4 JPY). Model robustness was addressed through one-way and probabilistic sensitivity analysis. The costs and QALYs were discounted at a rate of 2% per year. Results: In the base case, the use of CTZ was associated with a gain of 3.94 QALYs. The incremental cost per QALY of the CTZ gain was 681,056.1 JPY (6168.99 USD) per QALY. Conclusion: It is convincing that neoadjuvant CTZ for patients with breast cancer would be expected to have statistically significant clinical efficacy. Addition of ZOL to CT might be a cost-effective option compared with CT alone.展开更多
This paper studies the insurer’s solvency ratio model in a class of mixed fractional Brownian motion(MFBM) market, where the prices of assets follow a Wick-It? stochastic differential equation driven by the MFBM, by ...This paper studies the insurer’s solvency ratio model in a class of mixed fractional Brownian motion(MFBM) market, where the prices of assets follow a Wick-It? stochastic differential equation driven by the MFBM, by the method of the stochastic calculus of the MFBM and the pricing formula of European call option for the MFBM, the explicit formula for the expected present value of shareholders’ terminal payoff is given. The model extends the existing results.展开更多
The application of a novel Particle Swarm Optimization (PSO) method called Fitness Distance Ratio PSO (FDR PSO) algorithm is described in this paper to determine the optimal power dispatch of the Independent Power Pro...The application of a novel Particle Swarm Optimization (PSO) method called Fitness Distance Ratio PSO (FDR PSO) algorithm is described in this paper to determine the optimal power dispatch of the Independent Power Producers (IPP) with linear ramp model and transient stability constraints of the power producers. Generally the power producers must respond quickly to the changes in load and wheeling transactions. Moreover, it becomes necessary for the power producers to reschedule their power generation beyond their power limits to meet vulnerable situations like credible contingency and increase in load conditions. During this process, the ramping cost is incurred if they violate their permissible elastic limits. In this paper, optimal production costs of the power producers are computed with stepwise and piecewise linear ramp rate limits. Transient stability limits of the power producers are also considered as addi-tional rotor angle inequality constraints while solving the Optimal Power Flow (OPF) problem. The proposed algo-rithm is demonstrated on practical 10 bus and 26 bus systems and the results are compared with other optimization methods.展开更多
In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the in...In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the inverse of the multiple P/E. These three models are used to estimate the cost of equity. The comparison was made on a sample of 24 banks selected among the largest for assets in the world (too big to fail banks) belonging to 11 different countries. The results show that the CAPM estimates a premium for the higher risk than the one obtained with the actuarial method and the method based on the inverse of the P/E (except for 2013).展开更多
The insurer's solvency ratio model in a class of fractional Black-Scholes markets is studied. In this market,the price of assets follows a Wick-It stochastic differential equation,which is driven by the fraction...The insurer's solvency ratio model in a class of fractional Black-Scholes markets is studied. In this market,the price of assets follows a Wick-It stochastic differential equation,which is driven by the fractional Brownian motion. The market coefficients of market model are deterministic functions. By the stochastic calculus of the fractional Brownian motion and the pricing formula of European call option for the fractional Brownian motion,the explicit formula for the expected present value of shareholder's terminal payoff is given. The model extends the existing results.展开更多
Types of industry are manifold, patterns used in the determination of the cost of production can also vary. Elements of the cost of production are raw materials, direct labor, and factory overhead. Value of raw materi...Types of industry are manifold, patterns used in the determination of the cost of production can also vary. Elements of the cost of production are raw materials, direct labor, and factory overhead. Value of raw materials used in aquaculture industry in particular needs to calculate the cost of feed consumed by fish, thus greatly affect the price of fish feed cost of production. The calculation of the value of raw materials in fish production cost element to consider is the calculation of the value of raw material components, namely, (1) biomass of harvestable fish as the basic multiplication cost of production per kilogram or per fish harvested fish; (2) the ratio of fish feed intake by the amount of fish produced or often called the Feed Conversion Ratio (FCR); and (3) the average purchase price of feed on fish harvest period is used as the basis for calculating the cost of production as well. This research is applied research that uses data archive aquaculture companies. The results in the observed period, the value FCR is 0.80, which means to fish have been consumed as much as 0.80 kg of fish feed. Biomass of fish that are harvested at 47,399.95 kg or 1,869,647 individuals. The average purchase price of fish feed on the observation period amounted to IDR 4,855.79. So the price of raw materials contained in harvested fish in the observation period calculates the value of multiplying all the components of raw materials (i.e., IDR 184,131,362.57). Method of calculating the cost of production companies is process method and charging method used is the full costing method.展开更多
Modern nursery methods of seedling production in different sized root trainers, were compared by raising seedlings of Pinus wallichiana involving costs incurred and benefits received. In order to provide a common basi...Modern nursery methods of seedling production in different sized root trainers, were compared by raising seedlings of Pinus wallichiana involving costs incurred and benefits received. In order to provide a common basis for the comparisons, the study involved the raising of 1000 seedlings annually on a continuous basis for seven years. A relative economic analysis of raising P. wallichiana seedlings in 300, 150 and 100 cm^3 root trainers was carried out and we estimated that the root trainers of 300 cm^3 capacity recorded the highest total input cost of Rs. 35571 and Rs. 40018 for 1000 seedlings produced annually at discount rates of 12% and 6%. Seedlings raised in 100 cm^3 root trainers recorded the lowest total input cost of Rs. 23390 and Rs. 27737 per 1000 seedlings annually at discount rates of 12% and 6%. Hence, returns per rupee invested in raising seedlings in the 100 cm^3 root trainers accounted for the maximum benefit-cost ratio (i.e., 1.56 and 1.61) at discount rates of 12% and 6%. Thus seedlings raised in 100 cm^3 and 150 cm^3 root trainers were found to be most cost effective when compared with seedlings grown in 300 cm^3 root trainers. The results can be attributed to the larger number of cells per tray (higher growth density) in the 100 and 150 cm^3 root trainers, compared to the number of seedlings in the 300 cm^3 root trainers.展开更多
This paper mainly discussed the operation benefits of fruit dealers in farm market. Taking fruit dealers in Shizishan Street Farm market in Wuhan City as the research object,this paper introduced current operation sit...This paper mainly discussed the operation benefits of fruit dealers in farm market. Taking fruit dealers in Shizishan Street Farm market in Wuhan City as the research object,this paper introduced current operation situation of fruit dealers and made a descriptive statistical analysis on characteristics of operators,operation situation,and cognitive status. Besides,it introduced the concept of net cost-benefit ratio to reflect the operation benefits. From further analysis on the operation benefits of fruit dealers,it found that there is little difference in the costbenefit ratio between dealers in the farm market. The average net cost-benefit ratio was 11. 94%. Specifically,if the total cost is 100 yuan,the dealer can obtain 12 yuan net profit. In order to find out how cost factors affect the operation benefits,it established a regression model for cost factors and net cost-benefit ratio. According to the survey results,when the wholesale cost increases 10000 yuan,the cost-benefit ratio will increase by 1. 454 percentage points,thus increasing the wholesale investment is helpful for increasing the net cost-benefit ratio; when the loss cost increases 10000 yuan,the cost-benefit ratio will increase by 7. 501 percentage points,thus the dealers can increase the operation benefits through controlling the loss cost and reducing the operation cost. Finally,it came up policy recommendations from the perspective of government and operators.展开更多
Objective To define TB control priorities using cost-effectiveness and burden of disease.Methods An assumed cohort of 2 000 cases was set up based on age-specific incidence of 794 newly registered smear-positive cas...Objective To define TB control priorities using cost-effectiveness and burden of disease.Methods An assumed cohort of 2 000 cases was set up based on age-specific incidence of 794 newly registered smear-positive cases in Beijing in1994.Prognostic trees and model diagrams of infectivity with natural history and DOTS intervention were constructed based on the epidemiological parameters.Results DOTS reduced 89.19% of YLL,78.90% of YLD,and 99.98% of infectivity BOD.One DALY could be saved with 45.70% Yuan by DOTS with 3% discount.Sensitivity analysis showed that discount had effect on CER.Weight of age was insensitive to CER.The higher the DOTS coured rate,the more the cost-effectiveness.Conclusions DOTS is a good cost-effectiveness TB control strategy.Cost-effectiveness and burden of disease can be used to define TB control priorities.展开更多
With the continuous application of new technologies in reconnaissance and attack, false camouflage plays a more important role in improving the survivability of targets, and the number of decoys plays a crucial role i...With the continuous application of new technologies in reconnaissance and attack, false camouflage plays a more important role in improving the survivability of targets, and the number of decoys plays a crucial role in the camouflaging effect. Based on the concept of cost-effectiveness ratio, according to the newly formulated Johnson criterion and the view of discovery and destruction, this paper proposes to take the identification probability as the probability of being destroyed and uses mathematical formulas to calculate the cost of a single use decoy. On this basis, a cost-effectiveness ratio model is established, with the product of the increase in the survival probability of the target and the cost of the target as the benefit, and the sum of the product of the probability of being destroyed and the cost of the decoy and the cost of a single use as the consumption cost. The model is calculated and analyzed, and the number of decoys that conform to the actual situation is obtained.展开更多
基金The National Key Technology R&D Program during the 12th Five-Year Plan Period(No.2012BAF10B05)
文摘This paper establishes a model for the production cost of iron and steel enterprise.The variation rule of the production cost versus the iron/steel ratio for two cases, namely,fixed steel production and a fixed amount of molten iron,is analyzed,and the concept of a steel scrap threshold price is proposed.According to the analysis results,when the steel scrap unit price exceeds the steel scrap threshold price, an increase in the iron/steel ratio can reduce the production cost,and vice versa.When the gap between the steel scrap unit price and the steel scrap threshold price is relatively large, the impact of the iron/steel ratio on the production cost is more prominent.According to the calculation example,when steel production is fixed (284 358 t/month)and the steel scrap unit price is 263.2 yuan/t more than the steel scrap threshold price,an increase of 0.01 in the iron/steel ratio causes a monthly production cost reduction of approximately 750 000 yuan (2.63 yuan/t).When the amount of molten iron is fixed (270 425 t/month)and the steel scrap unit price is 140.7 yuan/t more than the threshold price,an increase of 0.01 in the iron/steel ratio causes a monthly production cost reduction of approximately 430 000 yuan (1.5 yuan/t).The results indicate that iron and steel enterprise should adjust the production strategy in time when the scrap price fluctuates, and then the production cost will be reduced.
基金Funded by the National Natural Science Foundation of China (Nos.50902150 & 90916019)the Graduate Innovation Foundation of the National University of Defense Technology(No.S100103)
文摘The amorphous boron nitride ceramic powders were prepared at 750-950 ℃ by the low-cost urea route, and the effects of preparation temperatures, molar ratios of the raw materials and oxidation treatment on the composition, structure and surface morphology of the products were investigated through FT-IR, XRD and SEM. The results show that the products ceramize and crystallize gradually with the increase of the temperature. When the molar ratio and reaction temperature are 3:2 and 850 ℃, respectively, the products have high purity, compact structure and nice shape. The oxidation treatment at 450 ℃ will not impair the composition and structure of boron nitride but effectively remove the impurities.
文摘The scarcity of housing increases as population continues to rise all over the world. Despite government efforts at providing houses, yearly demand keeps on exceeding available houses and hence the hike in rent, the cost of erecting houses and the cost of building materials. This ultimately calls for a decisive solution. This study therefore applied compliance to cost ratio (C-CR) analysis in evaluating the optimum properties of fired ceramic bricks. The optimum mix proportions of waste glass (WG) and wood saw dust (WSD) in fired bricks, that will be suitable for housing constructions were hence determined. Fired clay brick samples which contained varied proportions of WG and WSD were examined for physical, mechanical and thermal properties in line with standard procedures. The results were compared with existing standards and property evaluation index, compliance level and C-CR were applied in analyzing the results obtained. It was observed that with increasing WG content, compliance level increased. Also, cost ratio and experimental cost of each brick sample trended upward. Sample with mix proportion;20 wt% WG, 5 wt% WSD and 75 wt% clay had compliance level of 94% and C-CR index of 7.81, hence chosen as optimum mix proportion for masonry bricks.
基金Supported by National Natural Science Foundation of China (10671182)Anhui Natural Science Foundation (090416225)+1 种基金Anhui Natural Science Foundation of Universities (KJ2010A037, KJ2010B026)Anhui Natural Science Foundation (10040606Q03)
文摘In this paper the insurer's solvency ratio model with or without jump diffusion process in the presence of financial distress cost is constructed, where an insurer's solvency ratio is characterized by a Markov-modulated dynamics. By Girsanov's theorem and the option pricing formula, the expected present value of shareholders' terminal payoff is provided.
文摘In this study, an enthalpy-concentration method was applied in order to model a steady state continuous benzene-toluene mixture distillation column. For a distillation tower such as the benzene- toluene splitter, there are relatively few degrees of freedom that can be manipulated in order to minimize the total annualized cost. The reflux ratio can influence the steady-state operating point and therefore influence the total annualized cost. The trade-offs between reflux ratios and total annualized cost were discussed. The Cuckoo optimization algorithm was applied to obtain a correlation for the optimum value of the reflux ratio as a power function of the economic parameters of energy price and capital cost. The results show that, at low energy price or high capital cost, the optimum reflux factor is high.
文摘Agroforestry and beekeeping are widely promoted as prospective Nature-</span></span><span><span><span style="font-family:""> </span></span></span><span><span><span style="font-family:""><span style="font-family:Verdana;">Based Income Generating Activities (NIGAs) to improve livelihoods while at </span><span style="font-family:Verdana;">the same time enhancing biodiversity conservation in degrading</span><span style="font-family:Verdana;"> agro-ecologies. These activities can diversify and increase famers’ incomes and support in</span><span style="font-family:Verdana;">stinctive biota and fauna resilience. However, evidence to showcase and compare their long-term benefits is scant. We use the case of Uluguru</span><span style="font-family:Verdana;"> Mountains in Tanzania to evaluate and compare viability of agroforestry and beekeeping projects using the Cost</span></span></span></span><span><span><span style="font-family:""> </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">Benefit Analysis (CBA) approach. The results of analysis yielded positive NPVs for both agroforestry and beekeeping projects at discount rates not higher than 8.2% and 8.5% respectively. Overall, the comparison of economic viability between agroforestry and beekeeping projects revealed that the former was relatively more profitable than the later in terms of both the NPV and Benefit</span></span></span><span><span><span style="font-family:""> </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">Cost Ratio (BCR) criteria. However, the Internal Rate of Return (IRR) for beekeeping was slightly higher than that of agroforestry. Yet, we underscore the fact that these two projects can jointly be implemented to enhance livelihoods of farmers and support biodiversity conservation in the study </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">area </span></span></span><span style="font-family:Verdana;"><span style="font-family:Verdana;"><span style="font-family:Verdana;">and other parts with similar agro-ecologies in developing countries. However, farmers in these agro-ecologies need to be supported by governments and non-government development partners in terms of training and inspiration to shift from orthodox farming to sustainable NIGAs.
文摘Objective: Zoledronic acid (ZOL) is a nitrogen-containing bisphosphonate that induces osteoclast apoptosis and inhibits bone resorption. Adding ZOL to neoadjuvant chemotherapy has been shown to have potential anticancer benefits in women with HER2-negative breast cancer. The objective of the present study was to investigate ZOL’s cost-effectiveness from the perspective of health care payers in Japan. Methods: A Markov model was developed to evaluate the costs and effectiveness associated with ZOL + chemotherapy (CTZ) and chemotherapy (CT) alone over a 10-year time horizon. Monthly transition probabilities were estimated according to JONIE1 (Japan Organization of Neoadjuvant Innovative Expert) Study data and an extrapolated Weibull model. Health outcomes were measured in quality-adjusted life years (QALYs). Costs were calculated using year-2018 Japanese yen (JPY) (1.00 US dollars (USD) = 110.4 JPY). Model robustness was addressed through one-way and probabilistic sensitivity analysis. The costs and QALYs were discounted at a rate of 2% per year. Results: In the base case, the use of CTZ was associated with a gain of 3.94 QALYs. The incremental cost per QALY of the CTZ gain was 681,056.1 JPY (6168.99 USD) per QALY. Conclusion: It is convincing that neoadjuvant CTZ for patients with breast cancer would be expected to have statistically significant clinical efficacy. Addition of ZOL to CT might be a cost-effective option compared with CT alone.
基金Supported by National Natural Science Foundation of China(71171003,71271003,and 11326121)Natural Science Foundation of Anhui Province(1508085MA02)+1 种基金Teaching Research Project of Anhui Province(2013jyxm111)Opening Project of Financial Engineering Research and Development Center of Anhui Polytechnic University(JRGCKF201502)
文摘This paper studies the insurer’s solvency ratio model in a class of mixed fractional Brownian motion(MFBM) market, where the prices of assets follow a Wick-It? stochastic differential equation driven by the MFBM, by the method of the stochastic calculus of the MFBM and the pricing formula of European call option for the MFBM, the explicit formula for the expected present value of shareholders’ terminal payoff is given. The model extends the existing results.
文摘The application of a novel Particle Swarm Optimization (PSO) method called Fitness Distance Ratio PSO (FDR PSO) algorithm is described in this paper to determine the optimal power dispatch of the Independent Power Producers (IPP) with linear ramp model and transient stability constraints of the power producers. Generally the power producers must respond quickly to the changes in load and wheeling transactions. Moreover, it becomes necessary for the power producers to reschedule their power generation beyond their power limits to meet vulnerable situations like credible contingency and increase in load conditions. During this process, the ramping cost is incurred if they violate their permissible elastic limits. In this paper, optimal production costs of the power producers are computed with stepwise and piecewise linear ramp rate limits. Transient stability limits of the power producers are also considered as addi-tional rotor angle inequality constraints while solving the Optimal Power Flow (OPF) problem. The proposed algo-rithm is demonstrated on practical 10 bus and 26 bus systems and the results are compared with other optimization methods.
文摘In this study, a comparison was made between the Capital Asset Pricing Model (CAPM), the most widely used methodology, and an actuarial method with the use of credit default swaps (CDSs) and the method based on the inverse of the multiple P/E. These three models are used to estimate the cost of equity. The comparison was made on a sample of 24 banks selected among the largest for assets in the world (too big to fail banks) belonging to 11 different countries. The results show that the CAPM estimates a premium for the higher risk than the one obtained with the actuarial method and the method based on the inverse of the P/E (except for 2013).
基金National Natural Science Foundations of China(Nos.71271003,71571001,11326121)Natural Science Foundation of Anhui Province,China(No.1608085M A02)+1 种基金Teaching Research Project of Anhui Province,China(No.2013jyxm111)Opening Project of Financial Engineering Research and Development Center of Anhui Polytechnic University,China(No.JRGCKF201502)
文摘The insurer's solvency ratio model in a class of fractional Black-Scholes markets is studied. In this market,the price of assets follows a Wick-It stochastic differential equation,which is driven by the fractional Brownian motion. The market coefficients of market model are deterministic functions. By the stochastic calculus of the fractional Brownian motion and the pricing formula of European call option for the fractional Brownian motion,the explicit formula for the expected present value of shareholder's terminal payoff is given. The model extends the existing results.
文摘Types of industry are manifold, patterns used in the determination of the cost of production can also vary. Elements of the cost of production are raw materials, direct labor, and factory overhead. Value of raw materials used in aquaculture industry in particular needs to calculate the cost of feed consumed by fish, thus greatly affect the price of fish feed cost of production. The calculation of the value of raw materials in fish production cost element to consider is the calculation of the value of raw material components, namely, (1) biomass of harvestable fish as the basic multiplication cost of production per kilogram or per fish harvested fish; (2) the ratio of fish feed intake by the amount of fish produced or often called the Feed Conversion Ratio (FCR); and (3) the average purchase price of feed on fish harvest period is used as the basis for calculating the cost of production as well. This research is applied research that uses data archive aquaculture companies. The results in the observed period, the value FCR is 0.80, which means to fish have been consumed as much as 0.80 kg of fish feed. Biomass of fish that are harvested at 47,399.95 kg or 1,869,647 individuals. The average purchase price of fish feed on the observation period amounted to IDR 4,855.79. So the price of raw materials contained in harvested fish in the observation period calculates the value of multiplying all the components of raw materials (i.e., IDR 184,131,362.57). Method of calculating the cost of production companies is process method and charging method used is the full costing method.
文摘Modern nursery methods of seedling production in different sized root trainers, were compared by raising seedlings of Pinus wallichiana involving costs incurred and benefits received. In order to provide a common basis for the comparisons, the study involved the raising of 1000 seedlings annually on a continuous basis for seven years. A relative economic analysis of raising P. wallichiana seedlings in 300, 150 and 100 cm^3 root trainers was carried out and we estimated that the root trainers of 300 cm^3 capacity recorded the highest total input cost of Rs. 35571 and Rs. 40018 for 1000 seedlings produced annually at discount rates of 12% and 6%. Seedlings raised in 100 cm^3 root trainers recorded the lowest total input cost of Rs. 23390 and Rs. 27737 per 1000 seedlings annually at discount rates of 12% and 6%. Hence, returns per rupee invested in raising seedlings in the 100 cm^3 root trainers accounted for the maximum benefit-cost ratio (i.e., 1.56 and 1.61) at discount rates of 12% and 6%. Thus seedlings raised in 100 cm^3 and 150 cm^3 root trainers were found to be most cost effective when compared with seedlings grown in 300 cm^3 root trainers. The results can be attributed to the larger number of cells per tray (higher growth density) in the 100 and 150 cm^3 root trainers, compared to the number of seedlings in the 300 cm^3 root trainers.
文摘This paper mainly discussed the operation benefits of fruit dealers in farm market. Taking fruit dealers in Shizishan Street Farm market in Wuhan City as the research object,this paper introduced current operation situation of fruit dealers and made a descriptive statistical analysis on characteristics of operators,operation situation,and cognitive status. Besides,it introduced the concept of net cost-benefit ratio to reflect the operation benefits. From further analysis on the operation benefits of fruit dealers,it found that there is little difference in the costbenefit ratio between dealers in the farm market. The average net cost-benefit ratio was 11. 94%. Specifically,if the total cost is 100 yuan,the dealer can obtain 12 yuan net profit. In order to find out how cost factors affect the operation benefits,it established a regression model for cost factors and net cost-benefit ratio. According to the survey results,when the wholesale cost increases 10000 yuan,the cost-benefit ratio will increase by 1. 454 percentage points,thus increasing the wholesale investment is helpful for increasing the net cost-benefit ratio; when the loss cost increases 10000 yuan,the cost-benefit ratio will increase by 7. 501 percentage points,thus the dealers can increase the operation benefits through controlling the loss cost and reducing the operation cost. Finally,it came up policy recommendations from the perspective of government and operators.
文摘Objective To define TB control priorities using cost-effectiveness and burden of disease.Methods An assumed cohort of 2 000 cases was set up based on age-specific incidence of 794 newly registered smear-positive cases in Beijing in1994.Prognostic trees and model diagrams of infectivity with natural history and DOTS intervention were constructed based on the epidemiological parameters.Results DOTS reduced 89.19% of YLL,78.90% of YLD,and 99.98% of infectivity BOD.One DALY could be saved with 45.70% Yuan by DOTS with 3% discount.Sensitivity analysis showed that discount had effect on CER.Weight of age was insensitive to CER.The higher the DOTS coured rate,the more the cost-effectiveness.Conclusions DOTS is a good cost-effectiveness TB control strategy.Cost-effectiveness and burden of disease can be used to define TB control priorities.
文摘With the continuous application of new technologies in reconnaissance and attack, false camouflage plays a more important role in improving the survivability of targets, and the number of decoys plays a crucial role in the camouflaging effect. Based on the concept of cost-effectiveness ratio, according to the newly formulated Johnson criterion and the view of discovery and destruction, this paper proposes to take the identification probability as the probability of being destroyed and uses mathematical formulas to calculate the cost of a single use decoy. On this basis, a cost-effectiveness ratio model is established, with the product of the increase in the survival probability of the target and the cost of the target as the benefit, and the sum of the product of the probability of being destroyed and the cost of the decoy and the cost of a single use as the consumption cost. The model is calculated and analyzed, and the number of decoys that conform to the actual situation is obtained.