弹性退休制度下谁更愿意延迟退休?——基于Option Value模型的微观模拟

人口老龄化背景下延迟退休年龄、建立弹性退休制度是大势所趋。养老金激励是弹性退休制度的重要内容。建立期权价值模型和养老金给付及奖惩因子模型,基于中国家庭收入调查项目(CHIP2018)的数据,对不同特征人群的养老金峰值、期权价值、内部报酬率进行模拟。研究发现:养老金总财富随退休年龄“先增后减”,男性的峰值年龄早于女性;引入养老金“奖惩”机制有助于提高最优退休年龄,激励劳动者延迟退休;考虑闲暇偏好的异质性,男性参保者更倾向于早退休,而女性参保者特别是女性较高收入群体更愿意延迟退休;厌恶风险的参保者更有可能选择早退休。建议尽早建立弹性退休年龄政策体系,增加劳动者的选择权和制度灵活性;引入精算调节因子构建养老金奖惩机制,完善养老保险待遇计发办法。

基于互信息优化的Option-Critic算法

时序抽象作为分层强化学习的重要研究内容,允许分层强化学习智能体在不同的时间尺度上学习策略,可以有效解决深度强化学习难以处理的稀疏奖励问题。如何端到端地学习到优秀的时序抽象策略一直是分层强化学习研究面临的挑战。Option-Critic(OC)框架在Option框架的基础上,通过策略梯度理论,可以有效解决此问题。然而,在策略学习过程中,OC框架会出现Option内部策略动作分布变得十分相似的退化问题。该退化问题影响了OC框架的实验性能,导致Option的可解释性变差。为了解决上述问题,引入互信息知识作为内部奖励,并提出基于互信息优化的Option-Critic算法(Option-Critic Algorithm with Mutual Information Optimization,MIOOC)。MIOOC算法结合了近端策略Option-Critic(Proximal Policy Option-Critic,PPOC)算法,可以保证下层策略的多样性。为了验证算法的有效性,把MIOOC算法和几种常见的强化学习方法在连续实验环境中进行对比实验。实验结果表明,MIOOC算法可以加快模型学习速度,实验性能更优,Option内部策略更有区分度。

Pricing Catastrophe Options with Credit Risk in a Regime-Switching Model

In this paper,we consider the price of catastrophe options with credit risk in a regime-switching model.We assume that the macroeconomic states are described by a continuous-time Markov chain with a finite state space.By using the measure change technique,we derive the price expressions of catastrophe put options.Moreover,we conduct some numerical analysis to demonstrate how the parameters of the model affect the price of the catastrophe put option.

Unroofed coronary sinus,left-sided superior vena cava and mitral insufficiency:A case report and review of the literature

BACKGROUND Unroofed coronary sinus(UCS)is a rare subtype of atrial septal defect.It is frequently associated with a persistent left superior vena cava and is often part of a more intricate cardiac malformation.CASE SUMMARY This report describes a rare case of an adolescent patient with UCS featuring atrial situs solitus,absence of the right superior vena cava and a persistent left superior vena cava draining into the left atrium consistent with total unroofing of the coronary sinus.This was associated with concurrent severe mitral insufficiency secondary to redundant and prolapsing leaflets,and a substantial left-to-right shunt across the coronary sinus orifice.A comprehensive examination of the existing literature is included,shedding light on the diagnostic challenges of UCS and describing the available surgical options within the context of mitral valve surgery.CONCLUSION UCS is a complex condition requiring careful consideration of associated anomalies and a tailored surgical approach.

Exploring the limited use of transdermal medications in psychiatry:Challenges and potential solutions

Transdermal medications are an useful yet underutilized tool in the field of psychiatry.Despite numerous advantages of using this route of medication delivery,transdermal medications remain less popular compared to other routes of medication administration such as oral and intramuscular routes in the management of various psychiatric conditions.In this editorial,we examine the advantages of transdermal medications with a brief overview of transdermal being used in psychiatry and other medical specialties.We discuss the factors that play a role in their limited usage in psychiatry.We highlight certain patient categories who can specifically benefit from them and discuss potential solutions that can broaden the perspective of treating clinicians making this an intriguing avenue in the field of psychiatry.

Modeling the Spatio-Temporal Dynamics of Local Context for a Contextualized Diffusion of Agroecological Intensification Options in Niger

Spatio-temporal variability and dynamics in Sahelian agro-pastoral zones make each local situation a special case. These specificities must be considered to guide the dissemination of agricultural options with a view to sustainable development. The territorial scale of municipalities is not sufficient for this necessary contextualization;the scale of the “village terroir” seems to be a better option. This is the hypothesis we put forward in the framework of the Global Collaboration for Resilient Food Systems program (CRFS), i.e. local context is spatially defined by village terroir. The study is based on data collected through participatory mapping and surveys in “village terroirs” in three regions of Niger (Maradi, Dosso and Tillabéri). Then the links between farm managers and their cultivated land, as well as the spatio-temporal dynamics of local context are analyzed. This study provides evidence of the existence and functional usefulness of the village terroir for farmers, their land management and their activities. It demonstrates the usefulness of contextualizing agricultural options at this scale. Their analysis elucidates the links between “terroirs village” and the specific functioning of the agrosocio-ecosystems acting on each of them, thus laying the systemic and geographical foundations for a model of the spatio- temporal dynamics of “village terroirs”. This initial work has opened up new perspectives in modeling and sustainable development.

Type 2 diabetes in children and adolescents:Exploring the disease heterogeneity and research gaps to optimum management

Over the past 20 years,the incidence and prevalence of type 2 diabetes mellitus(T2DM)in children and adolescents have increased,particularly in racial and ethnic minorities.Despite the rise in T2DM in children and adolescents,the pathophysiology and progression of disease in this population are not clearly understood.Youth-onset T2DM has a more adverse clinical course than is seen in those who develop T2DM in adulthood or those with T1DM.Furthermore,the available therapeutic options are more limited for children and adolescents with T2DM compared to adult patients,mostly due to the challenges of implementing clinical trials.A better understanding of the mechanisms underlying the development and aggressive disease phenotype of T2DM in youth is important to finding effective prevention and management strategies.This review highlights the key evidence about T2DM in children and adolescents and its current burden and challenges both in clinical care and research activities.

Research on Value Evaluation Method of Investment Project Based on Fuzzy Composite Real Options

Venture capital investments are characterized by high input,high yield,and high risk.Due to the complexity of the market environment,stage-by-stage investment is becoming increasingly important.Traditional evaluation methods like comparison,proportion,maturity,internal rate of return,scenario analysis,decision trees,and net present value cannot fully consider the uncertainty and stage characteristics of the project.The fuzzy real options method addresses this by combining real option theory,fuzzy number theory,and composite option theory to provide a more accurate and objective evaluation of Public-Private Partnership(PPP)projects.It effectively considers the interaction of options and the ambiguity of project parameters,making it a valuable tool for project evaluation in the context of venture capital investment.

FUNCTIONAL ANALYSIS METHOD FOR THE M/G/1 QUEUEING MODEL WITH OPTIONAL SECOND SERVICE

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.

Optimization on bicriterion policies for M/G/1 system with second optional service

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.

OPTIONAL AND PREDICTABLE PROJECTIONS OF SET-VALUED MEASURABLE PROCESSES

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.

Prescription for Obesity: Eat Less and Move More. Is It Really That Simple?

“Obesity is a disease.” This is the declaration by the American Medical Association in June, 2013. The purpose of this article is to provide an overview of options for patients who meet the criteria of obesity. Primary care nurse practitioners are urged to confront obesity head on, with early, individualized intervention to reduce associated morbidity and mortality. Options for weight loss and maintenance are abundant and often confusing or unattractive to the patient. Working with patients to achieve realistic, reasonable, and patient-tailored goals for weight loss and exercise programs are paramount to achieving a healthy weight and lifestyle.

Offering English and American Literature Optional Courses to Enhance Humanistic Qualities of Students in Universities of Science and Technology

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

Empirical study on factors motivating business students to move to the entrepreneurial sector

This exploratory study is attempting to examine how employable individuals turn their focus to start-ups. Today, majority of employees still practice a more or less self-protective strategy. In this paper the authors have reported the results of an empirical study of factors motivating degreed potential employees to move to self-enterprising. The deciding factors to become an entrepreneur and of sustainable employment-oriented factors are analyzed in order to discover how they differ. Participants consisted of 200 students from Malaysia entered final year of business undergraduate and postgraduate programs. Self-administered questionnaires were used to gather data on factors and types of relationships influencing career choice and entrepreneurial intention. The results will serve as a basis for improvement of employment practices and promising entrepreneurial curriculum in universities to support start-ups in creating sustainable businesses.

Advancements in the mind-machine interface:towards re-establishment of direct cortical control of limb movement in spinal cord injury

Spinal cord injury（SCI）resulting in loss of motor function can be caused by a variety of conditions,ranging from traumatic to neoplastic to infectious.It is estimated that nearly 300,000individuals live with the effects of SCI in the United States alone（National Spinal Cord Injury Statistical Center,2016）.Current treatment modalities for patients suffering from SCI are primarily supportive,

China-EU Forum on Anti-Torture Convention and Optional Protocol

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,

Five Years after the Entry of Force of the Optional Protocol to the International Covenant on Economic,Social and Cultural Rights: Some Observations

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?

基于轨迹信息量的分层强化学习方法

基于option的分层强化学习(The Option-Based Hierarchical Reinforcement Learning,O-HRL)算法具有时序抽象的特点,可以有效处理强化学习中难以解决的长时序、稀疏奖励等复杂问题。目前O-HRL方法的研究主要集中在数据效率提升方面,通过提高智能体的采样效率以及探索能力,来最大化其获得优秀经验的概率。然而,在策略稳定性方面,由于在上层策略引导下层动作的过程中仅仅考虑了状态信息,造成了option信息的利用不充分,进而导致下层策略的不稳定。针对这一问题,提出了一种基于轨迹信息量的分层强化学习(Hierarchical Reinforcement Learning Method Based on Trajectory Information,THRL)方法。该方法利用option轨迹的不同类型信息指导下层动作选择,通过得到的扩展轨迹信息生成推断option。同时引入鉴别器将推断option与原始option作为输入,以获得内部奖励,使得下层动作的选择更符合当前option策略,从而解决下层策略不稳定的问题。将THRL算法以及目前优秀的深度强化学习算法应用于MuJoCo环境问题中,实验结果表明,THRL算法具有更好的稳定性以及性能表现,验证了算法的有效性。

Decarbonization options of the iron and steelmaking industry based on a three-dimensional analysis

Decarbonization is a critical issue for peaking CO_(2) emissions of energy-intensive industries,such as the iron and steel industry.The decarbonization options of China’s ironmaking and steelmaking sector were discussed based on a systematic three-dimensional low-carbon analysis from the aspects of resource utilization(Y),energy utilization(Q),and energy cleanliness which is evaluated by a process general emission factor(PGEF)on all the related processes,including the current blast furnace(BF)-basic oxygen furnace(BOF)integrated process and the specific sub-processes,as well as the electric arc furnace(EAF)process,typical direct reduction(DR)process,and smelting reduction(SR)process.The study indicates that the three-dimensional aspects,particularly the energy structure,should be comprehensively considered to quantitatively evaluate the decarbonization road map based on novel technologies or processes.Promoting scrap utilization(improvement of Y)and the substitution of carbon-based energy(improvement of PGEF)in particular is critical.In terms of process scale,promoting the development of the scrap-based EAF or DR-EAF process is highly encouraged because of their lower PGEF.The three-dimensional method is expected to extend to other processes or industries,such as the cement production and thermal electricity generation industries.

Upside and downside correlated jump risk premia of currency options and expected returns

This research explores upside and downside jumps in the dynamic processes of three rates:domestic interest rates,foreign interest rates,and exchange rates.To fill the gap between the asymmetric jump in the currency market and the current models,a correlated asymmetric jump model is proposed to capture the co-movement of the correlated jump risks for the three rates and identify the correlated jump risk premia.The likelihood ratio test results show that the new model performs best in 1-,3-,6-,and 12-month maturities.The in-and out-of-sample test results indicate that the new model can capture more risk factors with relatively small pricing errors.Finally,the risk factors captured by the new model can explain the exchange rate fluctuations for various economic events.