Model uncertainty is a type of inevitable financial risk.Mistakes on the choice of pricing model may cause great financial losses.In this paper we investigate financial markets with mean-volatility uncertainty.Models ...Model uncertainty is a type of inevitable financial risk.Mistakes on the choice of pricing model may cause great financial losses.In this paper we investigate financial markets with mean-volatility uncertainty.Models for stock market and option market with uncertain prior distributions are established by Peng’s G-stochastic calculus.On the hedging market,the upper price of an(exotic)option is derived following the Black–Scholes–Barenblatt equation.It is interesting that the corresponding Barenblatt equation does not depend on mean uncertainty of the underlying stocks.Appropriate definitions of arbitrage for super-and sub-hedging strategies are presented such that the super-and sub-hedging prices are reasonable.In particular,the condition of arbitrage for sub-hedging strategy fills the gap of the theory of arbitrage under model uncertainty.Finally we show that the term K of finite variance arising in the superhedging strategy is interpreted as the max Profit&Loss(P&L)of shorting a delta-hedged option.The ask-bid spread is in fact an accumulation of the superhedging P&L and the sub-hedging P&L.展开更多
China is one of the most important rapeseed producing countries in the world. Effective mechanical harvesting time for decreasing harvesting loss of winter oilseed rape has been becoming a critical factor. An elite cu...China is one of the most important rapeseed producing countries in the world. Effective mechanical harvesting time for decreasing harvesting loss of winter oilseed rape has been becoming a critical factor. An elite cultivar Zhongshuang 11 （Brassica napus L.） was employed in two rounds of field experiments from 2009 to 2011. Seeds were sown with machine, three combine harvesting times namely combine harvesting A, B, and C （CHA, CHB, and CHC） were designed and manual harvesting （MH） as control was performed at maturity. The harvesting treatments were determined according to color of pod and seed in the field. Seed yield loss and quality in different treatments were evaluated. Results showed that both seed yields and harvesting losses in 2009-2010 were higher than that in 2010-2011, whereas seed oil contents in 2010-2011 were higher than that in 2009-2010. The highest yield appeared in CHB, which was significantly higher than that in MH. Furthermore, harvesting loss in CHB were 50% that in MH. Seed oil content and chlorophyll exhibited no obvious difference between CHB and MH. Economic profit analysis demonstrated that mechanical sowing/combine harvesting （MS/CH） showed an input/output ratio of 1：1.6, and it was 1：1.2 in mechanical sowing/manual harvesting （MS/MH）. Labor-cost accounted for more than 70% of the total cost in MS/MH, which led to low profitability to a great extent. Our results suggested that CHB was the optimum harvesting time for winter oilseed rape along the Yangtze River.展开更多
Models about four aspects according to the balance principle and practice in China were established, which involve the minimum production scale, alert production scale, safe running scale, and the goal production scal...Models about four aspects according to the balance principle and practice in China were established, which involve the minimum production scale, alert production scale, safe running scale, and the goal production scale for specified profit level. It provides an effective quantitative analyzing method for the investors of coal bed gas exploitation project.展开更多
An analysis of the sources of profit growth for China's state-owned industry since 1999 indicates that the key source of profit growth is not the high productivity of state-owned enterprises (SOEs) but rather thei...An analysis of the sources of profit growth for China's state-owned industry since 1999 indicates that the key source of profit growth is not the high productivity of state-owned enterprises (SOEs) but rather their monopoly position and pricing power in some basic industries. From an overall social perspective, such high profitability means an inefficient allocation of industrial resources and a potential loss of social welfare. Therefore, further expanding and deepening the reform of SOE property rights, encouraging the development of non-SOEs and boosting the competitiveness of basic industries will significantly improve the resource allocation efficiency of the Chinese industry and enhance overall social welfare.展开更多
目的:探讨医保专员干预管理在疾病诊断相关分组(diagnosis-related groups,DRGs)支付模式下医保的盈亏情况,为优化诊疗过程及控制不合理的医疗收费提供管理依据和决策参考。方法:收集南京市某三甲医院2022年1月-7月胃肠外科胃癌住院病...目的:探讨医保专员干预管理在疾病诊断相关分组(diagnosis-related groups,DRGs)支付模式下医保的盈亏情况,为优化诊疗过程及控制不合理的医疗收费提供管理依据和决策参考。方法:收集南京市某三甲医院2022年1月-7月胃肠外科胃癌住院病例医保DRGs系统数据,根据有无医保专员干预管理分为干预组和对照组,统计分析医保专员干预管理对该病种在DRGs中盈亏情况的影响,评估管理效果。结果:本研究共收集206例患者信息,其中干预组127例,对照组79例。干预组盈余多于对照组(P=0.025),DRGs分组中干预组严重并发症或合并症(Major Complication or Comorbidity,MCC)组和并发症或合并症(Complication or Comorbidity,CC)组的入组人数显著多于对照组(P=0.007)。随着干预的进行,胃癌手术患者贡献的病例组合指数(case mix index,CMI)值呈上升趋势,医保结余呈现正增长趋势。结论:通过医保专员的干预可明显增加DRGs中胃癌组医保节余费用,指导胃癌病种合理化分配费用,优化资源配置,进一步管控医疗成本,降低患者住院费用。展开更多
基金The author was supported by the National Natural Science Foundation of China(No.11401414)the National Natural Science Foundation of Jiangsu Province(Nos.BK20140299 and 14KJB110022).
文摘Model uncertainty is a type of inevitable financial risk.Mistakes on the choice of pricing model may cause great financial losses.In this paper we investigate financial markets with mean-volatility uncertainty.Models for stock market and option market with uncertain prior distributions are established by Peng’s G-stochastic calculus.On the hedging market,the upper price of an(exotic)option is derived following the Black–Scholes–Barenblatt equation.It is interesting that the corresponding Barenblatt equation does not depend on mean uncertainty of the underlying stocks.Appropriate definitions of arbitrage for super-and sub-hedging strategies are presented such that the super-and sub-hedging prices are reasonable.In particular,the condition of arbitrage for sub-hedging strategy fills the gap of the theory of arbitrage under model uncertainty.Finally we show that the term K of finite variance arising in the superhedging strategy is interpreted as the max Profit&Loss(P&L)of shorting a delta-hedged option.The ask-bid spread is in fact an accumulation of the superhedging P&L and the sub-hedging P&L.
基金supported by the Special Funding for Modern Agricultural Technical System of China (Rapeseed)the National Natural Science Foundation of China (31071372)
文摘China is one of the most important rapeseed producing countries in the world. Effective mechanical harvesting time for decreasing harvesting loss of winter oilseed rape has been becoming a critical factor. An elite cultivar Zhongshuang 11 （Brassica napus L.） was employed in two rounds of field experiments from 2009 to 2011. Seeds were sown with machine, three combine harvesting times namely combine harvesting A, B, and C （CHA, CHB, and CHC） were designed and manual harvesting （MH） as control was performed at maturity. The harvesting treatments were determined according to color of pod and seed in the field. Seed yield loss and quality in different treatments were evaluated. Results showed that both seed yields and harvesting losses in 2009-2010 were higher than that in 2010-2011, whereas seed oil contents in 2010-2011 were higher than that in 2009-2010. The highest yield appeared in CHB, which was significantly higher than that in MH. Furthermore, harvesting loss in CHB were 50% that in MH. Seed oil content and chlorophyll exhibited no obvious difference between CHB and MH. Economic profit analysis demonstrated that mechanical sowing/combine harvesting （MS/CH） showed an input/output ratio of 1：1.6, and it was 1：1.2 in mechanical sowing/manual harvesting （MS/MH）. Labor-cost accounted for more than 70% of the total cost in MS/MH, which led to low profitability to a great extent. Our results suggested that CHB was the optimum harvesting time for winter oilseed rape along the Yangtze River.
文摘Models about four aspects according to the balance principle and practice in China were established, which involve the minimum production scale, alert production scale, safe running scale, and the goal production scale for specified profit level. It provides an effective quantitative analyzing method for the investors of coal bed gas exploitation project.
文摘An analysis of the sources of profit growth for China's state-owned industry since 1999 indicates that the key source of profit growth is not the high productivity of state-owned enterprises (SOEs) but rather their monopoly position and pricing power in some basic industries. From an overall social perspective, such high profitability means an inefficient allocation of industrial resources and a potential loss of social welfare. Therefore, further expanding and deepening the reform of SOE property rights, encouraging the development of non-SOEs and boosting the competitiveness of basic industries will significantly improve the resource allocation efficiency of the Chinese industry and enhance overall social welfare.
文摘目的:探讨医保专员干预管理在疾病诊断相关分组(diagnosis-related groups,DRGs)支付模式下医保的盈亏情况,为优化诊疗过程及控制不合理的医疗收费提供管理依据和决策参考。方法:收集南京市某三甲医院2022年1月-7月胃肠外科胃癌住院病例医保DRGs系统数据,根据有无医保专员干预管理分为干预组和对照组,统计分析医保专员干预管理对该病种在DRGs中盈亏情况的影响,评估管理效果。结果:本研究共收集206例患者信息,其中干预组127例,对照组79例。干预组盈余多于对照组(P=0.025),DRGs分组中干预组严重并发症或合并症(Major Complication or Comorbidity,MCC)组和并发症或合并症(Complication or Comorbidity,CC)组的入组人数显著多于对照组(P=0.007)。随着干预的进行,胃癌手术患者贡献的病例组合指数(case mix index,CMI)值呈上升趋势,医保结余呈现正增长趋势。结论:通过医保专员的干预可明显增加DRGs中胃癌组医保节余费用,指导胃癌病种合理化分配费用,优化资源配置,进一步管控医疗成本,降低患者住院费用。
