In order to study the effect of heat flux and inlet temperature on the fouling characteristics of nanoparticles, and to further reveal the fouling mechanism for insights into proper operating conditions, γ-Al_2O_3/wa...In order to study the effect of heat flux and inlet temperature on the fouling characteristics of nanoparticles, and to further reveal the fouling mechanism for insights into proper operating conditions, γ-Al_2O_3/water suspensions were chosen as the subject of this research. The particulate fouling characteristics of γ-Al_2O_3/water suspensions on the surface of stainless steel have been experimentally studied by varying the heat flux and the inlet temperature under single-phase flow and subcooled-flow boiling conditions. The results show that in the condition of single-phase flow, the asymptotic value of fouling resistance decreases with increasing of heat flux and inlet temperature. The asymptotic value of fouling resistance under single-phase flow is much higher than for the subcooled-flow boiling condition. The effect of heat flux on the fouling resistance under the two flow states has an inverse relationship, and there exists a minimum value of fouling resistance between these two states. For subcooled-flow boiling, the asymptotic value of fouling resistance increases with increasing heat flux, whereas the effect on fouling resistance by the inlet temperature is negligible.展开更多
A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, ...A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, employees） is an important element of the business process, however its value is not disclosed on the assets side of the classical balance sheet. In order to shown assets, human capital has to be evaluated. Evaluation can be made in monetary or non-monetary terms. Non-monetary models for evaluating human capital include organisational and behavioural variables. These variables are not expressed in monetary terms, however, based on changes in their quality, one can assume the increased or decreased value of human capital within the company. The value of non-monetary models should not be underestimated, however monetary models are of greater importance. In this article, the most significant non-monetary and monetary models of human capital evaluation are discussed. Among non-monetary models the Michigan, Flamholz, and Ogan models are discussed. Among monetary models the replacement costs model, the opportunity costs model, the discounted wages and salaries model, and originally created dynamic model are discussed. A descriptive approach is used to identify the basic characteristics of existing models for evaluating human capital. According to these findings a different approach is taken in developing an original model. Dynamic model can efficiently overcome most of the practical problems and can be used as an appropriate estimator of human capital value expressed in monetary terms. The research limitations are that the dynamic model has not been sufficiently verified in practice. The model could prove to be directly applicable in those enterprises that would like to define the value of their human capital.展开更多
This paper investigates the pricing of options written on non-traded assets and trading strategies for the stock and option in an exponential utility maximization framework.Under the assumption that the option can be ...This paper investigates the pricing of options written on non-traded assets and trading strategies for the stock and option in an exponential utility maximization framework.Under the assumption that the option can be continuously traded without friction just as the stock,a dynamic relationship between their optimal positions is derived by using the stochastic dynamic programming techniques.The dynamic option pricing equations are also established.In particular,the properties of the associated solutions are discussed and their explicit representations are demonstrated via the Feynman-Kac formula.This paper further compares the dynamic option price to the existing price notions,such as the marginal price and indifference price.展开更多
基金Supported by the National Natural Science Foundation of China(51476025)
文摘In order to study the effect of heat flux and inlet temperature on the fouling characteristics of nanoparticles, and to further reveal the fouling mechanism for insights into proper operating conditions, γ-Al_2O_3/water suspensions were chosen as the subject of this research. The particulate fouling characteristics of γ-Al_2O_3/water suspensions on the surface of stainless steel have been experimentally studied by varying the heat flux and the inlet temperature under single-phase flow and subcooled-flow boiling conditions. The results show that in the condition of single-phase flow, the asymptotic value of fouling resistance decreases with increasing of heat flux and inlet temperature. The asymptotic value of fouling resistance under single-phase flow is much higher than for the subcooled-flow boiling condition. The effect of heat flux on the fouling resistance under the two flow states has an inverse relationship, and there exists a minimum value of fouling resistance between these two states. For subcooled-flow boiling, the asymptotic value of fouling resistance increases with increasing heat flux, whereas the effect on fouling resistance by the inlet temperature is negligible.
文摘A company is usually founded by individuals striving to achieve their own or broader goals. Goal achievement related to a company＇s operations is called business or the business process. Human capital （man＇s work, employees） is an important element of the business process, however its value is not disclosed on the assets side of the classical balance sheet. In order to shown assets, human capital has to be evaluated. Evaluation can be made in monetary or non-monetary terms. Non-monetary models for evaluating human capital include organisational and behavioural variables. These variables are not expressed in monetary terms, however, based on changes in their quality, one can assume the increased or decreased value of human capital within the company. The value of non-monetary models should not be underestimated, however monetary models are of greater importance. In this article, the most significant non-monetary and monetary models of human capital evaluation are discussed. Among non-monetary models the Michigan, Flamholz, and Ogan models are discussed. Among monetary models the replacement costs model, the opportunity costs model, the discounted wages and salaries model, and originally created dynamic model are discussed. A descriptive approach is used to identify the basic characteristics of existing models for evaluating human capital. According to these findings a different approach is taken in developing an original model. Dynamic model can efficiently overcome most of the practical problems and can be used as an appropriate estimator of human capital value expressed in monetary terms. The research limitations are that the dynamic model has not been sufficiently verified in practice. The model could prove to be directly applicable in those enterprises that would like to define the value of their human capital.
基金supported by the National Basic Research Program of China(973 Program)under Grant No.2007CB814901the National Natural Science Foundation of China under Grant Nos.11101215 and 61304065the Program of Natural Science Research of Jiangsu Higher Education Institutions of China under GrantNo.12KJB110011
文摘This paper investigates the pricing of options written on non-traded assets and trading strategies for the stock and option in an exponential utility maximization framework.Under the assumption that the option can be continuously traded without friction just as the stock,a dynamic relationship between their optimal positions is derived by using the stochastic dynamic programming techniques.The dynamic option pricing equations are also established.In particular,the properties of the associated solutions are discussed and their explicit representations are demonstrated via the Feynman-Kac formula.This paper further compares the dynamic option price to the existing price notions,such as the marginal price and indifference price.
