Entrepreneur Education Level and Its Utility Maximization

The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.

Study on information utility

Information has two aspects. One aspect is the objective one; another aspect is the subjective one. Shannon has discussed the objective aspect of information in information theory. But the subjective aspect of information has not been fully discussed. Someone use “Bayesian approaches” to evaluate the value of information. But in some cases it does not meet the information user＇s need. This paper is focus on the subjective aspect of objectively measurable information and gives formal definitions for information, information utility, and marginal information utility, normalized calculation of information utility. The information discussed in the paper has interdisciplinary nature. This work can be the foundation of many application areas.

Utility function based fair data scheduling algorithm for OFDM wireless network

A system model is formulated as the maximization of a total utility function to achieve fair downlink data scheduling in multiuser orthogonal frequency division multiplexing （OFDM） wireless networks. A dynamic subcarrier allocation algorithm （DSAA） is proposed, to optimize the system model. The subcarrier allocation decision is made by the proposed DSAA according to the maximum value of total utility function with respect to the queue mean waiting time. Simulation results demonstrate that compared to the conventional algorithms, the proposed algorithm has better delay performance and can provide fairness under different loads by using different utility functions.

Optimization of the Dressing Parameters in Cylindrical Grinding Based on a Generalized Utility Function

The existing studies, concerning the dressing process, focus on the major influence of the dressing conditions on the grinding response variables. However, the choice of the dressing conditions is often made, based on the experience of the qualified staff or using data from reference books. The optimal dressing parameters, which are only valid for the particular methods and dressing and grinding conditions, are also used. The paper presents a methodology for optimization of the dressing parameters in cylindrical grinding. The generalized utility function has been chosen as an optimization parameter. It is a complex indicator determining the economic, dynamic and manufacturing characteristics of the grinding process. The developed methodology is implemented for the dressing of aluminium oxide grinding wheels by using experimental diamond roller dressers with different grit sizes made of medium- and high-strength synthetic diamonds type AC32 and AC80. To solve the optimization problem, a model of the generalized utility function is created which reflects the complex impact of dressing parameters. The model is built based on the results from the conducted complex study and modeling of the grinding wheel lifetime, cutting ability, production rate and cutting forces during grinding. They are closely related to the dressing conditions （dressing speed ratio, radial in-feed of the diamond roller dresser and dress-out time）, the diamond roller dresser grit size/grinding wheel grit size ratio, the type of synthetic diamonds and the direction of dressing. Some dressing parameters are determined for which the generalized utility fimction has a maximum and which guarantee an optimum combination of the following： the lifetime and cutting ability of the abrasive wheels, the tangential cutting force magnitude and the production rate of the grinding process. The results obtained prove the possibility of control and optimization of grinding by selecting particular dressing parameters.

Analysis of Optimal Portfolio with Different Utility Function

The question of optimal portfolio is that finds the trading strategy satisfying the maximal expected utility function subject to some constraints. There is the optimal trading strategy under the risk neutral probability measure （martingale measure） if and only if there is no-arbitrage opportunity in the market. This paper argues the optimal wealth and the optimal value of expected utility with different utility function.

Optimal investment with transaction costs based on exponential utility function:a parabolic double obstacle problem

This paper concerns optimal investment problem with proportional transaction costs and finite time horizon based on exponential utility function. Using a partial differential equation approach, we reveal that the problem is equivalent to a parabolic double obstacle problem involving two free boundaries that correspond to the optimal buying and selling policies. Numerical examples are obtained by the binomial method.

Comprehensive Utility Function for Resource Allocation in Mobile Edge Computing

In mobile edge computing(MEC),one of the important challenges is how much resources of which mobile edge server(MES)should be allocated to which user equipment(UE).The existing resource allocation schemes only consider CPU as the requested resource and assume utility for MESs as either a random variable or dependent on the requested CPU only.This paper presents a novel comprehensive utility function for resource allocation in MEC.The utility function considers the heterogeneous nature of applications that a UE offloads to MES.The proposed utility function considers all important parameters,including CPU,RAM,hard disk space,required time,and distance,to calculate a more realistic utility value for MESs.Moreover,we improve upon some general algorithms,used for resource allocation in MEC and cloud computing,by considering our proposed utility function.We name the improved versions of these resource allocation schemes as comprehensive resource allocation schemes.The UE requests are modeled to represent the amount of resources requested by the UE as well as the time for which the UE has requested these resources.The utility function depends upon the UE requests and the distance between UEs and MES,and serves as a realistic means of comparison between different types of UE requests.Choosing(or selecting)an optimal MES with the optimal amount of resources to be allocated to each UE request is a challenging task.We show that MES resource allocation is sub-optimal if CPU is the only resource considered.By taking into account the other resources,i.e.,RAM,disk space,request time,and distance in the utility function,we demonstrate improvement in the resource allocation algorithms in terms of service rate,utility,and MES energy consumption.

STOCHASTIC DIFFERENTIAL UTILITY UNDER NON-LIPSCHITZ CONDITIONS

In this paper, the theory of stochastic differential utility is studied. Sufficient conditions for existence, uniqueness, continuity, monotonicity, time consistency, risk aversion and concavity are gived under non-Lipschtz assumptions.

Fair data scheduling in OFDM wireless networks based on maximizing utility

This paper proposes a joint layer scheme for fair downlink data scheduling in muhiuser OFDM wireless networks. Based on the optimization model formulated as the maximization of total utility function with respect to the mean waiting time of user queue, we present an algorithm with low complexity for dynamic subcarrier allocation （DSA）. The decision for subcarrier allocation was made according to delay utility function obtained by the algorithm that instantaneously estimated both channel condition and queue length using an exponentially weighted low-pass time window and pilot signals resPectively. The complexity of algorithm was reduced by varying the length of the time window to make use of time diversity, which provided higher throughput ratio. Simulation results demonstrate that compared with the conventional approach, the proposed scheme achieves better performance and can significantly improve fairness among users, with very limited delay performance degradation by using a decreasing concave utility function when the traffic load increases.

Utility-based and fairness-aware radio resource allocation in OFDMA cellular relay networks with traffic prioritization

The combination of orthogonal frequency division multiple access(OFDMA) with relaying techniques provides plentiful opportunities for high-performance and cost-effective networks.It requires intelligent radio resource management schemes to harness these opportunities.This paper investigates the utility-based resource allocation problem in a real-time and non-real-time traffics mixed OFDMA cellular relay network to exploit the potentiality of relay.In order to apply utility theory to obtain an efficient tradeoff between throughput and fairness as well as satisfy the delay requirements of real-time traffics,a joint routing and scheduling scheme is proposed to resolve the resource allocation problem.Additionally,a low-complexity iterative algorithm is introduced to realize the scheme.The numerical results indicate that besides meeting the delay requirements of real-time traffic,the scheme can achieve the tradeoff between throughput and fairness effectively.

Utility-optimization dynamic subcarrier allocation algorithm for SC-FDMA systems

Two utility-optimization dynamic subcarrier allocation(DSA) algorithms are designed for single carrier frequency division multiple access system(SC-FDMA).The two proposed algorithms aim to support diverse transmission capacity requirements in wireless networks,which consider both the channel state information(CSI) and the capacity requirements of each user by setting appropriate utility functions.Simulation results show that with considerable lower computational complexity,the first utility-optimization algorithm can meet the system capacity requirements of each user effectively.However,the rate-sum capacity performance is poor.Furthermore,the second proposed utility-optimization algorithm can contribute a better trade-off between system rate-sum capacity requirement and the capacity requirements of each user by introducing the signal to noise ratio(SNR) information to the utility function based on the first utility-optimization algorithm,which can improve the user requirements processing capability as well as achieve a better sum-rate capacity.

A Set of Axioms for the Utility Theory with Rational Probabilities

Expected utility theory of Von Neumann-Morgenstern assumes that a preference order is defined for all lotteries (c1, p; c2, 1 -p) (of with probability p, c2 with probability 1 - p) for all real p, 0≤p≤1. But when the probability p is irrational, it is hard to interpret the lottery intuitively. The utility theory of J. C. Shepherdson is introduced based on rational probabilities in this paper. And then, this paper studies the axioms proposed by J. C. Shepherdson, and puts forward a set of alternative axioms. At last, it is shown that both sets of axioms are equivalent.

Optimal Quota-Share and Excess-of-Loss Reinsurance and Investment with Heston’s Stochastic Volatility Model

An optimal quota-share and excess-of-loss reinsurance and investment problem is studied for an insurer who is allowed to invest in a risk-free asset and a risky asset.Especially the price process of the risky asset is governed by Heston's stochastic volatility(SV)model.With the objective of maximizing the expected index utility of the terminal wealth of the insurance company,by using the classical tools of stochastic optimal control,the explicit expressions for optimal strategies and optimal value functions are derived.An interesting conclusion is found that it is better to buy one reinsurance than two under the assumption of this paper.Moreover,some numerical simulations and sensitivity analysis are provided.

An RVT-based power allocation method for dynamic LEO-MEO links

Optimizing the power resources allocation method of low earth orbit(LEO)satellites to medium earth orbit(MEO)satellite'links is a significant way to construct efficient satellite constellations for satellite communication.A game theory power allocation method based on remaining visible time(RVT)of LEO-MEO satellites is proposed.Firstly,one LEO-MEO satellite network is classified as a cluster in which the RVT of LEO satellites is modeled.Secondly,the cost function of RVT concerning the character of orbit and throughput in each LEO satellite is mainly designed,which gives greater punishment of utility value to LEO satellites with less RVT and is an essential part of the reasonable utility function applied in diverse motion scenes.Meanwhile,the existence of Nash equilibrium for the proposed utility function in game theory area is proved.Thirdly,an off-cluster scheme for LEO satellites through the proposed threshold is raised to ensure the overall utility value of the whole LEO satellites in cluster.Finally,the performance improvement of the proposed algorithm to the baseline algorithm is verified through simulations in different scenarios.

Curb parking pricing method based on parking choice behavior

In order to improve the use efficiency of curb parking, a reasonable curb parking pricing is evaluated by considering individual parking choice behavior. The parking choice behavior is analyzed from micro-aspects, and the choice behavior utility function is established combining trip time, search time, waiting time, access time and parking fee. By the utility function, a probit-based parking choice behavior model is constructed. On the basis of these, the curb parking pricing model is deduced by considering the constrained conditions, and an incremental assignment algorithm of the model is also designed. Finally, the model is applied to the parking planning of Tongling city. It is pointed out that the average parking time of curb parking decreases 34%, and the average turnover rate increases 67% under the computed parking price system. The results show that the model can optimize the utilization of static traffic facilities.

Characteristic Properties of Perspective Sets for Finite Stochastic Decision

For a perspective set that is derived by finite consequences with probabilities, this paper introduces the conception of basis that is proved and the uniqueness of basis over a perspective set holds. These give the characteristic properties of perspective sets and finite consequences with probabilities. These properties are applied to the utility defined by the consequences.

Rapid design of secondary deformation-aging parameters for ultra-low Co content Cu-Ni-Co-Si-X alloy via Bayesian optimization machine learning

It is difficult to rapidly design the process parameters of copper alloys by using the traditional trial-and-error method and simultaneously improve the conflicting mechanical and electrical properties.The purpose of this work is to develop a new type of Cu-Ni-Co-Si alloy saving scarce and expensive Co element,in which the Co content is less than half of the lower limit in ASTM standard C70350 alloy,while the properties are as the same level as C70350 alloy.Here we adopted a strategy combining Bayesian optimization machine learning and experimental iteration and quickly designed the secondary deformation-aging parameters(cold rolling deformation 90%,aging temperature 450℃,and aging time 1.25 h)of the new copper alloy with only 32 experiments(27 basic sample data acquisition experiments and 5 iteration experiments),which broke through the barrier of low efficiency and high cost of trial-and-error design of deformation-aging parameters in precipitation strengthened copper alloy.The experimental hardness,tensile strength,and electrical conductivity of the new copper alloy are HV(285±4),(872±3)MPa,and(44.2±0.7)%IACS(international annealed copper standard),reaching the property level of the commercial lead frame C70350 alloy.This work provides a new idea for the rapid design of material process parameters and the simultaneous improvement of mechanical and electrical properties.

Power Control Algorithm of Cognitive Radio Based on Non-Cooperative Game Theory

This paper addresses the power con- trol problems of Cognitive Radio （CR） trader transmission power and interference tempera- ture constraints. First, we propose the interfer- ence constraint which ensures that the Quality of Service （QoS） standards for primary users is considered and a non-cooperative game power control model. Based on the proposed model, we developed a logical utility function based on the Signal-to-Interference-Noise Ratio （S/NR） and a novel algorithm network power control. that is suitable for CR Then, the existence and uniqueness of the Nash Equilibrium （NE） in our utility function are proved by the principle of game theory and the corresponding optimi- zations. Compared to traditional algorithms, the proposed one could converge to an NE in 3-5 iterative operations by setting an appropriate pricing factor. Finally, simulation results ver- ified the stability and superiority of the novel algorithm in flat-fading channel environments.

Attractive Model and Marketing Implications of Theme Shopping Tourism Destination

This paper discusses the definition and connotation of Theme Shopping Tourism(TST) destination,and reveals the attractive distance of TST destination based on the utility function derived from the supposed demand function.An attractive model is deduced.According to this attractive model,it is can be known that the attractive distance is related to the price difference of the theme commodities between TST destination and tourist origin place,the average expenditure of transport,the demand elasticity of price,the actual price of sightseeing spot,the critical price that a tourist will afford,the number of nights that a tourist stays on the TST destination and the price level of accommodation in the TST destination.The change mechanism of attractive distance of TST destinations is revealed in this paper,and implications on TST marketing are put forward.First,theme commodities should be luxuries.Second,lower price is the primary pulling factor of theme shopping tourism.Third,the route combining with sightseeing spots is beneficial to shopping tourism.At last,TST development is one way of rejuvenating the falling destinations.

Measuring the social performance of forest management

Forests produce several types of benefits to both forest landowners and society.The social benefit of private forestry is equal to private benefit plus positive externalities minus negative externalities.This study developed alternative metrics for the evaluation of the social benefit of forest management.Forest management was assessed in terms of five criteria:economic,socio-cultural,environmental and ecological performance and the resilience of the forest ecosystem.Each criterion was described with three numerical indicators.Alternative performance indices were calculated from the indicator values using methods developed for multi-criteria decision making.It was concluded that indices based on the multiplicative Cobb-Douglas utility function might be the most recommendable when forestry should produce a balanced combination of different ecosystem services.When the indices were used to compare alternative silvicultural systems in terms of their social performance,continuous cover management was ranked better than even-aged management.The performance of even-aged management improved when it aimed at increasing the share of mixed stands and broadleaf species.Maximizing net present value(NPV) with a 1 % discount rate led to better social performance than maximizing NPV with a 4% discount rate.