This paper studies the impact of the reference point on a hedger＇s decision based upon prospect theory and experimental evidence on how prior outcomes affect risky choice. The authors show that in the futures market,...This paper studies the impact of the reference point on a hedger＇s decision based upon prospect theory and experimental evidence on how prior outcomes affect risky choice. The authors show that in the futures market, a hedger who does not adjust his reference point timely would increase his positions continually as his accumulated losses increase, and finally become a speculator. Numerical simulation results under the normal distribution also lend support to the results. The model can help explain why the hedging behavior of firms turns into speculative activities and can offer some new insights into hedging behavior.展开更多
Cross-protection in plants has been widely used to control losses caused by virus diseases in the world. Here, a non-autonomous plant-virus disease model was developed includ- ing cross-protection. Global dynamics of ...Cross-protection in plants has been widely used to control losses caused by virus diseases in the world. Here, a non-autonomous plant-virus disease model was developed includ- ing cross-protection. Global dynamics of the model was discussed. Under the quite weak assumptions, integral form conditions were resolved for permanence of the system and extinction of diseases. Furthermore, we looked into the sufficient conditions that plants could be protected against the detrimental effects of infection by an infection with the mild virus isolates. Last, we performed numerical simulations. Our investigations sug- gested that cross-protection played an important role in controlling the spread of the challenging virus in plants.展开更多
基金This research is supported by the National Natural Science Foundation under Grant No.70221001
文摘This paper studies the impact of the reference point on a hedger＇s decision based upon prospect theory and experimental evidence on how prior outcomes affect risky choice. The authors show that in the futures market, a hedger who does not adjust his reference point timely would increase his positions continually as his accumulated losses increase, and finally become a speculator. Numerical simulation results under the normal distribution also lend support to the results. The model can help explain why the hedging behavior of firms turns into speculative activities and can offer some new insights into hedging behavior.
基金The research has been supported by the National Natural Science Foundation of China （11561004）, the Development for Local Colleges and Universities Foundation of China - the Applied Mathematics Innovative Team Building, and the Bidding Project of Gannan Normal University （16zb02）.
文摘Cross-protection in plants has been widely used to control losses caused by virus diseases in the world. Here, a non-autonomous plant-virus disease model was developed includ- ing cross-protection. Global dynamics of the model was discussed. Under the quite weak assumptions, integral form conditions were resolved for permanence of the system and extinction of diseases. Furthermore, we looked into the sufficient conditions that plants could be protected against the detrimental effects of infection by an infection with the mild virus isolates. Last, we performed numerical simulations. Our investigations sug- gested that cross-protection played an important role in controlling the spread of the challenging virus in plants.
