This paper addresses the application of stochastic optimization approaches to the synthesis of heatintegrated complex distillation system, which is characterized by large-scale combinatorial feature. Conventionaland c...This paper addresses the application of stochastic optimization approaches to the synthesis of heatintegrated complex distillation system, which is characterized by large-scale combinatorial feature. Conventionaland complex columns, thermally coupled (linked) side strippers and side rectifiers as well as heat integration betweenthe different columns are simultaneously considered. The problem is formulated as an MINLP (mixed-integernonlinear programming) problem. A simulated annealing algorithm is proposed to deal with the MINLP problemand a shortcut method is applied to evaluate all required design parameters as well as the total cost function. Twoillustrating examples are presented.展开更多
This paper presents structural approach for the valuation of credit risk. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. It is closely tied to the potential return ...This paper presents structural approach for the valuation of credit risk. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. It is closely tied to the potential return of investment, the most notable being that the yields on bonds correlate strongly to their perceived credit risk. Structural approach is based on the volatility of the total value of the firm. The credit risk to this measured in a standard way. The random time of default is defined in an intuition way. The default event is linked to the notion of the firm＇s insolvency. This approach is known to generated low credit spreads for corporate bonds close to maturity. It requires a judicious specification of the default barrier in order to get a good fit to the observed spread curves.展开更多
基金Supported by the National Fundamental Research Development Program of China (No. 2000026308).
文摘This paper addresses the application of stochastic optimization approaches to the synthesis of heatintegrated complex distillation system, which is characterized by large-scale combinatorial feature. Conventionaland complex columns, thermally coupled (linked) side strippers and side rectifiers as well as heat integration betweenthe different columns are simultaneously considered. The problem is formulated as an MINLP (mixed-integernonlinear programming) problem. A simulated annealing algorithm is proposed to deal with the MINLP problemand a shortcut method is applied to evaluate all required design parameters as well as the total cost function. Twoillustrating examples are presented.
文摘This paper presents structural approach for the valuation of credit risk. Credit risk arises whenever a borrower is expecting to use future cash flows to pay a current debt. It is closely tied to the potential return of investment, the most notable being that the yields on bonds correlate strongly to their perceived credit risk. Structural approach is based on the volatility of the total value of the firm. The credit risk to this measured in a standard way. The random time of default is defined in an intuition way. The default event is linked to the notion of the firm＇s insolvency. This approach is known to generated low credit spreads for corporate bonds close to maturity. It requires a judicious specification of the default barrier in order to get a good fit to the observed spread curves.
