Group multicast routing algorithms satisfying quality of service requirements of real-time applications are essential for high-speed networks. A heuristic algorithm was presented for group multicast routing with bandw...Group multicast routing algorithms satisfying quality of service requirements of real-time applications are essential for high-speed networks. A heuristic algorithm was presented for group multicast routing with bandwidth and delay constrained. A new metric was designed as a function of available bandwidth and delay of link. And source-specific routing trees for each member were generated in the algorithm by using the metric, which satisfy member′s bandwidth and end-to-end delay requirements. Simulations over random network were carried out to compare the performance of the proposed algorithm with that from literature.Experimental results show that the algorithm performs better in terms of network cost and ability in constructing feasible multicast trees for group members. Moreover,the algorithm can avoid link blocking and enhance the network behavior efficiently.展开更多
The Sino-U.S. trade imbalance and the related debate on RMB appreciation have attracted much attention in recent years. Judging objectively, however, the trade imbalance does not necessarily result in an imbalance in ...The Sino-U.S. trade imbalance and the related debate on RMB appreciation have attracted much attention in recent years. Judging objectively, however, the trade imbalance does not necessarily result in an imbalance in the distribution of trade benefits. By analyzing the distribution of benefits in Sino-U.S. trade from 1978 to 2007, this paper finds that bilateral trade has brought positive benefits to both sides, differentially in terms of production and consumption. Simply put, China has gained benefits for production yet suffered in terms of consumption, whereas the opposite is true for the U.S.. Moreover, even during periods in which the U.S. experienced a trade deficit, its citizens gained larger total individual benefits than those in a period of trade surplus. We argue, therefore, that appreciation of the RMB would reduce the trade benefits for both sides by almost the same margin, bringing little benefit to the United States.展开更多
This paper investigates a linear strategy equilibrium in insider trading in continuous time allowing market makers to know some information on the value of a stock. By the use of filtering theory,the authors prove tha...This paper investigates a linear strategy equilibrium in insider trading in continuous time allowing market makers to know some information on the value of a stock. By the use of filtering theory,the authors prove that in a monopoly market, there exists a unique equilibrium of linear strategy of intensity in a closed form, such that the insider can make positive profits and at which, all of the private information on the value of the stock is released; and the more accurate the information on the value of the stock observed by the market makers, the less the positive profits are made by the insider, and even go to zero. However, there is no Nash equilibrium in a Cournot competition market between two insiders if they both adopt a linear strategy of intensity.展开更多
There are two methods on option pricing, no-arbitrage and equilibrium analysis. We construct a simple economy with continuous consumption, in which we “endogenize” the stochastic process of prices in the option pric...There are two methods on option pricing, no-arbitrage and equilibrium analysis. We construct a simple economy with continuous consumption, in which we “endogenize” the stochastic process of prices in the option pricing model based on no-arbitrage analysis. With constant relative risk aversion type utility function assumption, we present Merton （1973） option pricing model and find the consistency of the model with a general equilibrium framework. We extend the model to the market with m securities and it turns out similar results.展开更多
基金Supported by China Postdoctoral Science Foundation (No.20030056007).
文摘Group multicast routing algorithms satisfying quality of service requirements of real-time applications are essential for high-speed networks. A heuristic algorithm was presented for group multicast routing with bandwidth and delay constrained. A new metric was designed as a function of available bandwidth and delay of link. And source-specific routing trees for each member were generated in the algorithm by using the metric, which satisfy member′s bandwidth and end-to-end delay requirements. Simulations over random network were carried out to compare the performance of the proposed algorithm with that from literature.Experimental results show that the algorithm performs better in terms of network cost and ability in constructing feasible multicast trees for group members. Moreover,the algorithm can avoid link blocking and enhance the network behavior efficiently.
文摘The Sino-U.S. trade imbalance and the related debate on RMB appreciation have attracted much attention in recent years. Judging objectively, however, the trade imbalance does not necessarily result in an imbalance in the distribution of trade benefits. By analyzing the distribution of benefits in Sino-U.S. trade from 1978 to 2007, this paper finds that bilateral trade has brought positive benefits to both sides, differentially in terms of production and consumption. Simply put, China has gained benefits for production yet suffered in terms of consumption, whereas the opposite is true for the U.S.. Moreover, even during periods in which the U.S. experienced a trade deficit, its citizens gained larger total individual benefits than those in a period of trade surplus. We argue, therefore, that appreciation of the RMB would reduce the trade benefits for both sides by almost the same margin, bringing little benefit to the United States.
基金supported by the National Natural Science Foundation of China under Grant No.11161011China Scholarship Council under Grant No.201308525118
文摘This paper investigates a linear strategy equilibrium in insider trading in continuous time allowing market makers to know some information on the value of a stock. By the use of filtering theory,the authors prove that in a monopoly market, there exists a unique equilibrium of linear strategy of intensity in a closed form, such that the insider can make positive profits and at which, all of the private information on the value of the stock is released; and the more accurate the information on the value of the stock observed by the market makers, the less the positive profits are made by the insider, and even go to zero. However, there is no Nash equilibrium in a Cournot competition market between two insiders if they both adopt a linear strategy of intensity.
文摘There are two methods on option pricing, no-arbitrage and equilibrium analysis. We construct a simple economy with continuous consumption, in which we “endogenize” the stochastic process of prices in the option pricing model based on no-arbitrage analysis. With constant relative risk aversion type utility function assumption, we present Merton （1973） option pricing model and find the consistency of the model with a general equilibrium framework. We extend the model to the market with m securities and it turns out similar results.
