Optimal consumption-leisure, portfolio and retirement selection based on α-maxmin expected CES utility with ambiguity

This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.

Bio-based rejuvenators in asphalt pavements:A comprehensive review and analytical study

The pressing demand for sustainable advancements in road infrastructure has catalyzed extensive research into environmentally conscious alternatives for the maintenance and restoration of asphalt concrete pavements.This paper offers a comprehensive review and analysis of bio-based rejuvenators as a promising avenue for enhancing the longevity and sustainability of asphalt.Through a multifaceted exploration,it delves into various aspects of this innovative approach.Providing a thorough overview of bio-based rejuvenators,the study highlights their renewable and environmentally friendly characteristics.It conducts an in-depth examination of a wide spectrum of bio-derived materials,including vegetable oils,waste-derived bio-products,and biopolymers,through a comprehensive survey.The paper evaluates how bio-based rejuvenators enhance aged asphalt binders and mixes,effectively mitigating the adverse impacts of aging.Furthermore,it investigates how these rejuvenators address environmental concerns by identifying compatibility issues,assessing long-term performance,and evaluating economic feasibility.Finally,the paper outlines potential advancements and research pathways aimed at optimizing the utilization of bio-based rejuvenators in asphalt concrete,thereby contributing to the sustainable evolution of road infrastructure.

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.

Value Composition and Optimal Utilization of Religious Cultural Landscape Resources

Multiple value structure of religious cultural landscape resources influences and determines development and regulation of cultural landscape resources. In the multiple value structure consisting of cultural inheritance, spiritual needs, industrial expansion, leisure and entertainment, development and utilization of religious cultural landscape resources should adhere to scientific classification, relatively independent policy orientation, make and implement specific countermeasures, so as to meet various requirements of the public and other relevant subjects using more refined and improved policy measures, and to realize the optimal utilization and comprehensive value of religious cultural landscapes.

Study and application on product design system orienting to optimal utilization of material resources

Product design plays a decisive role in material resource consumption in manufacturing systems. So it is significant to study optimal utilization of material resources of manufacturing system from the perspective of product design. This paper firstly defines concept of product design, then after an analysis of design objectives the author proposes a target system of product design with three subsystems: structural system, functional system, and technical system. Finally, a product design system on Architectural Metal Structure Enterprises is developed and used in light of the great consumption of material resources in Metal Structure Enterprises. The system has got an obvious effect on improving comprehensive optimal using rate of material resources of enterprises, reducing design cycle, improving management of enterprises.

Synthesis and optimization of utility system using parameter adaptive differential evolution algorithm

Synthesis and optimization of utility system usually involve grassroots design, retrofitting and operation optimization, which should be considered in modeling process. This paper presents a general method for synthesis and optimization of a utility system. In this method, superstructure based mathematical model is established, in which different modeling methods are chosen based on the application. A binary code based parameter adaptive differential evolution algorithm is used to obtain the optimal con figuration and operation conditions of the system. The evolution algorithm and models are interactively used in the calculation, which ensures the feasibility of con figuration and improves computational ef ficiency. The capability and effectiveness of the proposed approach are demonstrated by three typical case studies.

Joint Optimization of Channel Allocation,Link Assignment and Power Control for Device-to-Device Communication Underlaying Cellular Network

Device-to-Device(D2D) communication has been proposed to facilitate cellular network with system capacity(SC) and quality of service(QoS).We consider the design of link assignment(LA),channel allocation(CA)and power control(PC) in D2D-aided content delivery scenario for both user fairness(UF)and system throughput(ST) under QoS requirement.Due to the complexity of the problem,we decompose it into two components:CA is formulated from graph perspective to mitigate severe co-channel interference,which turns out to be the Max K-cut problem;LA and PC are jointly optimized to utilize the gain achieved from CA for supreme performance,and specifically,genetic algorithm(GA) is adopted to optimize LA,but when deriving the fitness of each chromosome,PC optimization will be involved.Thanks to numerical results,we elucidate the efficacy of our scheme.

A Collaborative Cache Strategy Based on Utility Optimization

With the continuous development of network technology, the numberof streaming media videos is growing rapidly. More and more users are watchingvideos through the Internet, which leads to the increasing huge server load andthe increasing transmission cost across ISP domains. A feasible scheme to reducetransmission cost across ISP domains and alleviate the server load is to cachesome popular videos in a large number of terminal users. Therefore, in this paper,in order to utilize the idle resources of the terminal peers, some peers with goodperformance were selected from the fixed peers as the super peers, which wereaggregated into a super peer set (SPS). In addition, with the supply and demandrelation of streaming videos among ISP domains, a mathematical model was formulatedto optimize the service utility of ISP. Then, a collaborative cache strategywas proposed based on the utility optimization. The simulation results show thatthe strategy proposed can effectively improve the user playback fluency and hitrate while ensuring the optimal service utility.

On-line Ladle Lining Temperature Estimation by Using Bounded Jacobian Nonlinear Observer

The knowledge of transient temperature of the ladle wall is a key factor in optimizing energy consumption in steelmaking process.The transient temperature needs to be estimated.A nonlinear lumped parameter model was used to model the thermal dynamics of the ladle.Then,the bounded Jacobian nonlinear observer was utilized to estimate the temperature.With this method,the estimation model became a closed-loop model and the observer gains were obtained by solving linear matrix inequalities and simply implemented to the system.Comparison between the simulation and recorded data at a participating steel plant in Thailand showed that the nonlinear observer accurately estimated the temperature of the ladle lining.This estimated temperature was very useful in determining suitable tapping temperature for energy conservation and steel quality.