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
We discuss Ky Fan's theorem and the variational inequality problem for discontinuous mappings f in a Banach space X. The main tools of analysis are the variational characterizations of the metric projection operat...We discuss Ky Fan's theorem and the variational inequality problem for discontinuous mappings f in a Banach space X. The main tools of analysis are the variational characterizations of the metric projection operator and the order-theoretic fixed point theory. Moreover, we derive some properties of the metric projection operator in Banach spaces. As applications of our best approximation theorems, three fixed point theorems for non-self maps are established and proved under some conditions. Our results are generalizations and improvements of various recent results obtained by many authors.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supported by National Natural Science Foundation of China(Grant No.11371221)the Specialized Research Foundation for the Doctoral Program of Higher Education of China(Grant No.20123705110001)the Program for Scientific Research Innovation Team in Colleges and Universities of Shandong Province
文摘We discuss Ky Fan's theorem and the variational inequality problem for discontinuous mappings f in a Banach space X. The main tools of analysis are the variational characterizations of the metric projection operator and the order-theoretic fixed point theory. Moreover, we derive some properties of the metric projection operator in Banach spaces. As applications of our best approximation theorems, three fixed point theorems for non-self maps are established and proved under some conditions. Our results are generalizations and improvements of various recent results obtained by many authors.
