Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This as...Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This assumption,however,may not accommodate realistic scenarios in which projects,not initially anticipated,arrive at later times.To accommodate this,we employ forward indifference valuation criteria,which by construction are flexible enough to adapt to such"non-anticipated"cases while yielding time-consistent indifference prices.We consider and analyze in detail two representative cases:valuation adjustments due to incoming non-anticipated project and the relative forward indifference valuation of new projects in relation to existing ones.展开更多
This paper provides a review on China＇s meat trade for the 2000–2012 period and discusses its future development, with reference to China＇s grain trade. With marginal decreases in meat exports and slight increases ...This paper provides a review on China＇s meat trade for the 2000–2012 period and discusses its future development, with reference to China＇s grain trade. With marginal decreases in meat exports and slight increases in their imports, China＇s net imports of major meat products（including pork, beef, mutton and poultry but excluding meat offal） were just below 1 million tons in 2012, dwarfed by China＇s net imports of grains which reached 66.7 million tons in the same year. This slow growth in meat trade seems to contradict earlier expectations on increasing meat demand and imports, based upon projected shifts in consumption patterns driven by rapid per capita income growth. Several plausible explanations of this paradoxical trade pattern are offered, including mass imports of feed grains, persistent（but shrinking） gaps between Chinese and international meat prices, tariff barriers, and non-tariff measures. In the near future China may not be able to maintain such a lower profile on the world meat markets, as per capita income is projected to continue to rise and domestic production cost advantages erode due to rising labor costs. A model-based projection exercise indicates that under plausible assumptions China＇s meat imports may rise sharply by 2030.展开更多
It seems that an effective way of how to make the right choice of Various investment projects is based on the theory of average internal income rate, or the theory of weight-added internal income rate. With several ex...It seems that an effective way of how to make the right choice of Various investment projects is based on the theory of average internal income rate, or the theory of weight-added internal income rate. With several examples of numerical value, this paper proves that this method is not as effective as expected, but indirectly testifies that only with the principle of maximization of NPV that independent projects can be the best combination of projects with limited investment that is achieved.展开更多
文摘Classical indifference valuation,a widely studied approach in incomplete markets,uses critically the a priori knowledge of the characteristics(arrival,maturity,payoff structure)of the projects in consideration.This assumption,however,may not accommodate realistic scenarios in which projects,not initially anticipated,arrive at later times.To accommodate this,we employ forward indifference valuation criteria,which by construction are flexible enough to adapt to such"non-anticipated"cases while yielding time-consistent indifference prices.We consider and analyze in detail two representative cases:valuation adjustments due to incoming non-anticipated project and the relative forward indifference valuation of new projects in relation to existing ones.
基金financial support from the National Natural Science Foundation of China(71203096 and 71303112)the Doctoral Program of Higher Education,China(20120097120042 and 20123204120017)
文摘This paper provides a review on China＇s meat trade for the 2000–2012 period and discusses its future development, with reference to China＇s grain trade. With marginal decreases in meat exports and slight increases in their imports, China＇s net imports of major meat products（including pork, beef, mutton and poultry but excluding meat offal） were just below 1 million tons in 2012, dwarfed by China＇s net imports of grains which reached 66.7 million tons in the same year. This slow growth in meat trade seems to contradict earlier expectations on increasing meat demand and imports, based upon projected shifts in consumption patterns driven by rapid per capita income growth. Several plausible explanations of this paradoxical trade pattern are offered, including mass imports of feed grains, persistent（but shrinking） gaps between Chinese and international meat prices, tariff barriers, and non-tariff measures. In the near future China may not be able to maintain such a lower profile on the world meat markets, as per capita income is projected to continue to rise and domestic production cost advantages erode due to rising labor costs. A model-based projection exercise indicates that under plausible assumptions China＇s meat imports may rise sharply by 2030.
文摘It seems that an effective way of how to make the right choice of Various investment projects is based on the theory of average internal income rate, or the theory of weight-added internal income rate. With several examples of numerical value, this paper proves that this method is not as effective as expected, but indirectly testifies that only with the principle of maximization of NPV that independent projects can be the best combination of projects with limited investment that is achieved.
