By using a degree-day based distributed hydrological model, regimes of glacial runoff from the Koxkar glacier during 2007-2011 are simulated, and variations and characteristics of major hydrological components are dis...By using a degree-day based distributed hydrological model, regimes of glacial runoff from the Koxkar glacier during 2007-2011 are simulated, and variations and characteristics of major hydrological components are discussed. The results show that the meltwater runoff contributes 67.4%, of the proglacial discharge, out of which snowmelt, clean ice melting, buried-ice ablation and ice-cliff backwasting account for 22.4%, 21.9%, 17.9% and 5.3% of the total melt runoff, respectively. Rainfall runoff is significant in mid-latitude glacierized mountain areas like Tianshan and Karakorum. In the Koxkar glacier catchment, about 11.5% of stream water is initiated from liquid precipitation. Spatial distributions for each glacial runoff component reveal the importance of climatic gradients, local topography and morphology on glacial runoff generation, and temporal variations of these components is closely related to the annual cycle of catchment meteorology and glacier storage. Four stages are recognized in the seasonal variations of glacier storage, reflecting changes in meltwater yields, meteorological conditions and drainage systems in the annual hydrological cycle.展开更多
The empirical study shows that the return rate of the stock price has a long memory, which can be described by fractal Brown motion. The fact that fractal Brown motion does not have the characteristics of Markov makes...The empirical study shows that the return rate of the stock price has a long memory, which can be described by fractal Brown motion. The fact that fractal Brown motion does not have the characteristics of Markov makes the American option value depends on the price change path of the underlying asset. And the ordinary American option pricing model underestimates the American option value. In order to fully reflect the long memory of the underlying asset return rates, we propose fractal American option pricing model, fractal Bermuda option pricing model, and a fractal combination of American option pricing model. Fractal American option value is greater than the ordinary American option value.展开更多
基金supported by the Knowledge Innovation Program of the Chinese Academy of Sciences under Grant No. KZCX2-YW-GJ04National Nature Science Foundation of China (NSFC) under Grant Nos. 41130641 and 41271078
文摘By using a degree-day based distributed hydrological model, regimes of glacial runoff from the Koxkar glacier during 2007-2011 are simulated, and variations and characteristics of major hydrological components are discussed. The results show that the meltwater runoff contributes 67.4%, of the proglacial discharge, out of which snowmelt, clean ice melting, buried-ice ablation and ice-cliff backwasting account for 22.4%, 21.9%, 17.9% and 5.3% of the total melt runoff, respectively. Rainfall runoff is significant in mid-latitude glacierized mountain areas like Tianshan and Karakorum. In the Koxkar glacier catchment, about 11.5% of stream water is initiated from liquid precipitation. Spatial distributions for each glacial runoff component reveal the importance of climatic gradients, local topography and morphology on glacial runoff generation, and temporal variations of these components is closely related to the annual cycle of catchment meteorology and glacier storage. Four stages are recognized in the seasonal variations of glacier storage, reflecting changes in meltwater yields, meteorological conditions and drainage systems in the annual hydrological cycle.
文摘The empirical study shows that the return rate of the stock price has a long memory, which can be described by fractal Brown motion. The fact that fractal Brown motion does not have the characteristics of Markov makes the American option value depends on the price change path of the underlying asset. And the ordinary American option pricing model underestimates the American option value. In order to fully reflect the long memory of the underlying asset return rates, we propose fractal American option pricing model, fractal Bermuda option pricing model, and a fractal combination of American option pricing model. Fractal American option value is greater than the ordinary American option value.
