FUNCTIONAL ANALYSIS METHOD FOR THE M/G/1 QUEUEING MODEL WITH OPTIONAL SECOND SERVICE

By studying the spectral properties of the underlying operator corresponding to the M/G/1 queueing model with optional second service we obtain that the time-dependent solution of the model strongly converges to its steady-state solution. We also show that the time-dependent queueing size at the departure point converges to the corresponding steady-state queueing size at the departure point.

OPTIONAL AND PREDICTABLE PROJECTIONS OF SET-VALUED MEASURABLE PROCESSES

In this paper,the optional and predictable projections of set-valued measurable processes are studied.The existence and uniqueness of optional and predictable projections of set-valued measurable processes are proved under proper circumstances.

China-EU Forum on Anti-Torture Convention and Optional Protocol

A China-Europe international forum on the Convention against Torture and Other Cruel, Inhuman or Degrading Treatment or Punish-ment and the optional protocol to the convention was held in Beijing from August 12-13, 2006,

Five Years after the Entry of Force of the Optional Protocol to the International Covenant on Economic,Social and Cultural Rights: Some Observations

The optional Protocol to the international covenant on economic, Social and cultural Right was adopted in 2008 and entered into force in 2013? During the five years after its entry into force, 23 States have ratified the optional Protocol, and 23 individual communications have been submitted to the committee on economic,Social and cultural Rights? comparing with the acceptance of individual communication procedures under other core international human rights treaties, the record of ratification of the optional Protocol is not satisfactory? in its examination of individual communications,the committee on economic, Social and cultural Rights has made detailed reasoning, extensively referred to its previous general comments, and in case of violations found, suggested both specific and general remedies? in its practice of examining individual communications, the committee on economic, Social and cultural Rights needs to clarify and define the rights under the covenant and their corresponding obligations, while maintaining its nature and role as a supervisory body, without expanding its competence to an unacceptable extent?

基于互信息优化的Option-Critic算法

时序抽象作为分层强化学习的重要研究内容,允许分层强化学习智能体在不同的时间尺度上学习策略,可以有效解决深度强化学习难以处理的稀疏奖励问题。如何端到端地学习到优秀的时序抽象策略一直是分层强化学习研究面临的挑战。Option-Critic(OC)框架在Option框架的基础上,通过策略梯度理论,可以有效解决此问题。然而,在策略学习过程中,OC框架会出现Option内部策略动作分布变得十分相似的退化问题。该退化问题影响了OC框架的实验性能,导致Option的可解释性变差。为了解决上述问题,引入互信息知识作为内部奖励,并提出基于互信息优化的Option-Critic算法(Option-Critic Algorithm with Mutual Information Optimization,MIOOC)。MIOOC算法结合了近端策略Option-Critic(Proximal Policy Option-Critic,PPOC)算法,可以保证下层策略的多样性。为了验证算法的有效性,把MIOOC算法和几种常见的强化学习方法在连续实验环境中进行对比实验。实验结果表明,MIOOC算法可以加快模型学习速度,实验性能更优,Option内部策略更有区分度。

Analysis of the M~[X] /G/1 Queues with Second Multi-optional Service and Unreliable Server

A bulk-arrival single server queueing system with second multi-optional service and unreliable server is studied in this paper. Customers arrive in batches according to a homogeneous Poisson process, all customers demand the first ＂essential＂ service, whereas only some of them demand the second ＂multi-optional＂ service. The first service time and the second service all have general distribution and they are independent. We assume that the server has a service-phase dependent, exponentially distributed life time as well as a servicephase dependent, generally distributed repair time. Using a supplementary variable method, we obtain the transient and the steady-state solutions for both queueing and reliability measures of interest.

Modeling the Spatio-Temporal Dynamics of Local Context for a Contextualized Diffusion of Agroecological Intensification Options in Niger

Spatio-temporal variability and dynamics in Sahelian agro-pastoral zones make each local situation a special case. These specificities must be considered to guide the dissemination of agricultural options with a view to sustainable development. The territorial scale of municipalities is not sufficient for this necessary contextualization;the scale of the “village terroir” seems to be a better option. This is the hypothesis we put forward in the framework of the Global Collaboration for Resilient Food Systems program (CRFS), i.e. local context is spatially defined by village terroir. The study is based on data collected through participatory mapping and surveys in “village terroirs” in three regions of Niger (Maradi, Dosso and Tillabéri). Then the links between farm managers and their cultivated land, as well as the spatio-temporal dynamics of local context are analyzed. This study provides evidence of the existence and functional usefulness of the village terroir for farmers, their land management and their activities. It demonstrates the usefulness of contextualizing agricultural options at this scale. Their analysis elucidates the links between “terroirs village” and the specific functioning of the agrosocio-ecosystems acting on each of them, thus laying the systemic and geographical foundations for a model of the spatio- temporal dynamics of “village terroirs”. This initial work has opened up new perspectives in modeling and sustainable development.

Type 2 diabetes in children and adolescents:Exploring the disease heterogeneity and research gaps to optimum management

Over the past 20 years,the incidence and prevalence of type 2 diabetes mellitus(T2DM)in children and adolescents have increased,particularly in racial and ethnic minorities.Despite the rise in T2DM in children and adolescents,the pathophysiology and progression of disease in this population are not clearly understood.Youth-onset T2DM has a more adverse clinical course than is seen in those who develop T2DM in adulthood or those with T1DM.Furthermore,the available therapeutic options are more limited for children and adolescents with T2DM compared to adult patients,mostly due to the challenges of implementing clinical trials.A better understanding of the mechanisms underlying the development and aggressive disease phenotype of T2DM in youth is important to finding effective prevention and management strategies.This review highlights the key evidence about T2DM in children and adolescents and its current burden and challenges both in clinical care and research activities.

RBSDEs with optional barriers:monotone approximation

In this short note we consider reflected backward stochastic differential equations(RBSDEs)with a Lipschitz driver and barrier processes that are optional and right lower semicontinuous.In this case,the barrier is represented as a nondecreasing limit of right continuous with left limit(RCLL)barriers.We combine some well-known existence results for RCLL barriers with comparison arguments for the control process to construct solutions.Finally,we highlight the connection of these RBSDEs with standard RCLL BSDEs.

Research on Value Evaluation Method of Investment Project Based on Fuzzy Composite Real Options

Venture capital investments are characterized by high input,high yield,and high risk.Due to the complexity of the market environment,stage-by-stage investment is becoming increasingly important.Traditional evaluation methods like comparison,proportion,maturity,internal rate of return,scenario analysis,decision trees,and net present value cannot fully consider the uncertainty and stage characteristics of the project.The fuzzy real options method addresses this by combining real option theory,fuzzy number theory,and composite option theory to provide a more accurate and objective evaluation of Public-Private Partnership(PPP)projects.It effectively considers the interaction of options and the ambiguity of project parameters,making it a valuable tool for project evaluation in the context of venture capital investment.

A ’Concert of Powers’ in East Asia: a Building Foundation and Optional Paths

A concert of powers has become a new institutional arrangement for building a new-type major powers relationship in East Asia.In view of standardization,the consistency,legitimacy,accountability,inclusiveness,and self-restraint,etc.enjoyed by a concert of powers are very suitable for the East Asian multilateral security mechanism featuring"cooperative security"concept,"ASEAN Way"of decision-making as well as"open regionalism"approach.In view of the practical conditions,major powers peculiarities and effectively solving hot issues highlighted by the East Asia geopolitical ecology require a concert of powers while a relative equilibrium of the East Asian regional major powers is in favor of a concert of powers.In terms of experience,the peaceful settlement of the Cambodian issue and the Six-party Talks on the DPRK nuclear issue provide a feasible path to initiate a concert of powers in sub-regions regarding the traditional security matter related indirectly with major powers.A new concert of powers in East Asia has three options,namely"soft security"-oriented multilateral coordination,"comprehensive security"-oriented"bilateral coordination"and"multilateral coordination".East Asia Summit and the existing major powers’bilateral strategic dialogue mechanisms are available institutional assets to be used by above-mentioned first two paths.The ideal state of third path is an independent security mechanism,designed to respond to major regional conflicts and crises.In practice,these three kinds of path can overlap,and be in parallel operation,and constitute"a concert of powers network"with bilateral and multilateral interactions,thus,providing a solid and effective mechanism for the East Asian regional security governance.

基于轨迹信息量的分层强化学习方法

基于option的分层强化学习(The Option-Based Hierarchical Reinforcement Learning,O-HRL)算法具有时序抽象的特点,可以有效处理强化学习中难以解决的长时序、稀疏奖励等复杂问题。目前O-HRL方法的研究主要集中在数据效率提升方面,通过提高智能体的采样效率以及探索能力,来最大化其获得优秀经验的概率。然而,在策略稳定性方面,由于在上层策略引导下层动作的过程中仅仅考虑了状态信息,造成了option信息的利用不充分,进而导致下层策略的不稳定。针对这一问题,提出了一种基于轨迹信息量的分层强化学习(Hierarchical Reinforcement Learning Method Based on Trajectory Information,THRL)方法。该方法利用option轨迹的不同类型信息指导下层动作选择,通过得到的扩展轨迹信息生成推断option。同时引入鉴别器将推断option与原始option作为输入,以获得内部奖励,使得下层动作的选择更符合当前option策略,从而解决下层策略不稳定的问题。将THRL算法以及目前优秀的深度强化学习算法应用于MuJoCo环境问题中,实验结果表明,THRL算法具有更好的稳定性以及性能表现,验证了算法的有效性。

Upside and downside correlated jump risk premia of currency options and expected returns

This research explores upside and downside jumps in the dynamic processes of three rates:domestic interest rates,foreign interest rates,and exchange rates.To fill the gap between the asymmetric jump in the currency market and the current models,a correlated asymmetric jump model is proposed to capture the co-movement of the correlated jump risks for the three rates and identify the correlated jump risk premia.The likelihood ratio test results show that the new model performs best in 1-,3-,6-,and 12-month maturities.The in-and out-of-sample test results indicate that the new model can capture more risk factors with relatively small pricing errors.Finally,the risk factors captured by the new model can explain the exchange rate fluctuations for various economic events.

Intelligent option portfolio model with perspective of shadow price and risk‑free profit

Since Markowitz proposed modern portfolio theory,portfolio optimization has been being a classic topic in financial engineering.Although it is generally accepted that options help to improve the market,there is still an improvement for the portrayal of their unique properties in portfolio problems.In this paper,an intelligent option portfolio model is developed that allows selling options contracts to earn option fees and considers the high leverage of options in the market.Deep learning methods are used to predict the forward price of the underlying asset,making the model smarter.It can find an optimal option portfolio that maximizes the final wealth among the call and put options with multiple strike prices.We use the duality theory to analyze the marginal contribution of initial assets,risk tolerance limit,and portfolio leverage limit for the final wealth.The leverage limit of the option portfolio has a significant impact on the return.To satisfy the investors with different risk preferences,we also give the conditions for the option portfolio to gain a risk-free return and replace the Conditional Value-at-Risk.Numerical experiments demonstrate that the intelligent option portfolio model obtains a satisfactory out-of-sample return,which is significantly positively correlated with the volatility of the underlying asset and negatively correlated with the forecast error of the forward price.The risk-free option model is effective in achieving the goal of no drawdown and gaining satisfactory returns.Investors can adjust the balance point between returns and risks according to their risk preference.

Decarbonization options of the iron and steelmaking industry based on a three-dimensional analysis

Decarbonization is a critical issue for peaking CO_(2) emissions of energy-intensive industries,such as the iron and steel industry.The decarbonization options of China’s ironmaking and steelmaking sector were discussed based on a systematic three-dimensional low-carbon analysis from the aspects of resource utilization(Y),energy utilization(Q),and energy cleanliness which is evaluated by a process general emission factor(PGEF)on all the related processes,including the current blast furnace(BF)-basic oxygen furnace(BOF)integrated process and the specific sub-processes,as well as the electric arc furnace(EAF)process,typical direct reduction(DR)process,and smelting reduction(SR)process.The study indicates that the three-dimensional aspects,particularly the energy structure,should be comprehensively considered to quantitatively evaluate the decarbonization road map based on novel technologies or processes.Promoting scrap utilization(improvement of Y)and the substitution of carbon-based energy(improvement of PGEF)in particular is critical.In terms of process scale,promoting the development of the scrap-based EAF or DR-EAF process is highly encouraged because of their lower PGEF.The three-dimensional method is expected to extend to other processes or industries,such as the cement production and thermal electricity generation industries.

Design of the contingent royalty rate as related to the type of investment

This study investigates the design of the royalty rate in a first-price auction across three types of investments:incremental and lumpy with or without an exogenously given intensity.A bidder’s investment cost comprises private information.This,together with the stochastic evolution of the price of the output generated from the auctioned project,precludes the seller from setting the exact dates of investment with the winner.However,the seller can set the royalty rate to equate the winner’s royalty payment with the winner’s information rent so that the winner acts as if to maximize the seller’s revenue.We derive two main conclusions.First,compared with the case in which investment is lumpy with an exogenously given intensity,the seller can set a lower royalty rate on incremental investment because she can collect additional royalty payments from the winner,who has the option to later expand capacity.Second,the impact of output price uncertainty on the optimal royalty rate for the three types of investments exhibits two different patterns.When investment is either incremental or lumpy with an exogenously given intensity,greater output price uncertainty reduces the royalty rate.When investment is lumpy with variable intensity,greater output uncertainty raises the royalty rate.Our results imply that auctioneers may charge differential royalty rates for different types of investments.

A novel stochastic modeling framework for coal production and logistics through options pricing analysis

We propose a novel stochastic modeling framework for coal production and logistics using option pricing theory.The problem of valuing the inherent real optionality a coal producer has when mining and processing thermal coal is modelled as pricing spread options of three assets under the stochastic volatility model.We derive a three-dimensional Fast Fourier Transform(“FFT”)lower bound approximation to value the inherent real optionality and for robustness check,we compare the semi-analytical pricing accuracy with the Monte Carlo simulation.Model parameters are estimated from the historical monthly data,and stochastic volatility parameters are obtained by matching the Kurtosis of the low-ash diff data to the Kurtosis of the stochastic volatility process which is assumed to follow Cox–Ingersoll–Ross(“CIR”)model.

Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Investment Promotion for Development Zones in China:Underlying Rationale and Policy Options

Development zones(DZs)have emerged as a significant policy initiative for promoting regional coordination and facilitating resources allocation.They serve as an organizational framework for fostering industrial agglomeration and driving high-quality development.DZs attract and accommodate resource factors,firms,and projects,thereby functioning as a central catalyst for economic growth.This study utilizes data collected at the“DZ,City and Countrycountry”levels through manual compilation,textual analysis,and innovation measurement.It aims to empirically examine the theoretical rationale and practical preferences for promoting business and investment in China’s DZs.This study considers several factors such as industry attribute,firm attribute,agglomeration theory,and industrial chain layout.Based on our research findings,DZs exhibit distinct preferences.First,industry attribute:DZs align with both national and regional strategic planning and adhere to the industrial endowments of the respective areas.Second,firm attribute:DZs prioritize attracting firms that are productive and innovative,and have an international presence,rather than those that primarily contribute to taxes and job creation.Third,DZs are guided by the agglomeration theory,which suggests that they prefer firms that generate strong agglomeration externalities.Lastly,DZs also consider the industrial chain layout,aiming to attract firms that not only align with their existing industrial strengths but also extend to the upstream and downstream supply chain links.These conclusions are substantiated by the performance of robustness test.The success of DZs in China can be attributed to the five key principles:Adherence to national and regional strategic planning,prioritizing the actual industrial foundation,incorporating the theory of agglomeration externalities,strengthening corporate competitiveness,and expanding industrial chains.

Investment in Generation of Photovoltaic Solar Energy: A Fezsibility Study with Flexibility and Uncertainty

The objective of this research will be to calculate the feasibility of investing in a solar energy generation project through the development of a methodology that allows the capture of environmental uncertainties by improving decision making. The article presents a comparative study of the feasibility analysis of investment in a solar mini solar energy for a Shopping, considering a regime of certainty and uncertainty. The assumed stochastic variables were energy tariff and price of solar panels. The trajectories were simulated with the binomial approach that combined resulted in a quadratic diagram. The applied methodology presented the best recommendation and the option to wait was the most valuable. The exchange of the energy obtained from LIGHT by own generation of energy with solar photovoltaic source will be viable for the manager since it observes the behavior of the variables over time and follows the rules of optimal decision.