Optimal investment based on relative performance and weighted utility

This paper studies the optimal portfolio allocation of a fund manager when he bases decisions on both the absolute level of terminal relative performance and the change value of terminal relative performance comparison to a predefined reference point. We find the optimal investment strategy by maximizing a weighted average utility of a concave utility and an Sshaped utility via a concavification technique and the martingale method. Numerical results are carried out to show the impact of the extent to which the manager pays attention to the change of relative performance related to the reference point on the optimal terminal relative performance.

Consumers’ Perception and Knowledge of Food Additives in Senegal: A Pilot Study

Food safety has become a major concern for consumers, as well as a priority for regulatory authorities. Faced with the growing industrial and domestic use of food additives, many questions are being asked and concerns are being felt by consumers around the world. Consumer perception defines the acceptability or rejection of food products, and has an impact on consumption patterns and behavior. To assess the level of knowledge and perception of food additives, a pilot study was carried out on a sample of 200 people in Dakar and Saint-Louis. A questionnaire was used to assess the acceptance or rejection, use and impact of food additives by consumers in Senegal. The results revealed several aspects. On the whole, the people surveyed expressed great mistrust and even rejection of these substances added to food products. This consumer perception is shared throughout the world, as indicated in numerous surveys. It also emerges from this study that, although most consumers are aware of the existence of these additives and their uses in the home, they feel that the use of these substances in industrial production is too excessive. What’s more, consumers associate food additives with numerous pathologies such as cancer, diabetes, hypertension, stroke and even sexual impotence. For some of these indexed pathologies, scientific studies have reached the same conclusions, although controversy still persists. On the other hand, for some of the other adverse effects mentioned, no cause-and-effect relationship has been scientifically demonstrated. In these latter cases, it seems that negative communication, misinformation and misconceptions have a major influence on consumer perception of food additives.

Study on the Influence of Food Packaging on the Psychology of Different Groups of Consumers

With the vigorous development of consumer culture in today’s society,various types of food packaging also appear in front of consumers in different forms.There are very big differences in food packaging in terms of shape,color,style and other aspects of information transmission,which have the most direct impact on the audience’s food consumption needs.Driven by the consumption-oriented society,food packaging has shown very obvious comprehensive characteristics,is significantly interdisciplinary,and has close connections with other disciplines.This article will analyze and sort out the impact of food packaging on consumer psychology from different perspectives.

PHUI-GA: GPU-based efficiency evolutionary algorithm for mining high utility itemsets

Evolutionary algorithms(EAs)have been used in high utility itemset mining(HUIM)to address the problem of discover-ing high utility itemsets(HUIs)in the exponential search space.EAs have good running and mining performance,but they still require huge computational resource and may miss many HUIs.Due to the good combination of EA and graphics processing unit(GPU),we propose a parallel genetic algorithm(GA)based on the platform of GPU for mining HUIM(PHUI-GA).The evolution steps with improvements are performed in central processing unit(CPU)and the CPU intensive steps are sent to GPU to eva-luate with multi-threaded processors.Experiments show that the mining performance of PHUI-GA outperforms the existing EAs.When mining 90%HUIs,the PHUI-GA is up to 188 times better than the existing EAs and up to 36 times better than the CPU parallel approach.

An estimation approach for dividable multiattribute utility of housing via questionnaires of consumers’ ordinal multicriteria preferences

Compared with ordinary commercial products, housing has many special characteristics including the multi-function characteristic. How to evaluate the multi-functional nature of housing is very useful in both theory and in application, yet it is often ignored in China. This paper introduces an approach to estimate the multicriteria function of housing using multiattribute utility theory (MAUT) based on consumers’ ordinal multicriteria preferences as determined via questionnaires. When compared with the classic framework in which MAUT is applied, this approach needs less prior information and subjective comparisons and thus can allay many of the operational difficulties involved in assessment. Some potential applications to the China housing market are also discussed.

EOS Utility软件在摄影理论可视化教学中的应用

可视化的理论知识更容易被识记、理解,而在摄影理论教学中,运用静态的图形图像,并不能理想地将复杂理论知识及其相互间的关系表征、可视化。运用EOS Utility软件进行摄影理论知识的辅助教学,可将各知识点内涵及其相互间的关系进行动态地表征,实现摄影参数可视化、摄影过程可视化、摄影效果可视化,使摄影知识点及其相互间的关系更容易被识记、理解,提高教学效率。

Consumers’experiences and preferences for plant-based meat food:Evidence from a choice experiment in four cities of China

This paper examined consumers’experiences in and preferences for plant-based meat(PBM)food and their respective correlates,based on data from an online survey of 579 consumers in four major cities in China in early 2021.We first described consumers’experiences in consuming and purchasing PBM food and their correlates,and then analyzed consumer preferences using hypothetical choice experiment.The experiment offered consumers various options to purchase burgers made from PBM or animal-based meat(ABM),combined with different countries of origin(COO),taste labels,and prices.Our data showed that respondents hold overall positive attitudes toward PBM food;85 and 82%of respondents reported experience in eating and purchasing PBM food,respectively.More than half of them ate PBM food because they wanted to try new food(58%),or were interested in healthy food(56%).Income,religion,and dietary restrictions were significantly correlated with consumers’experiences in PBM food consumption.Results from the Random Parameter Logit Model based on the hypothetical choice experiment data showed that 79%of respondents chose PBM burgers and were willing to pay an average of 88 CNY for a PBM burger.We also found that 99.8 and 83%of respondents are willing to buy burgers made in China and those with a taste label,with a willingness to pay(WTP)of 208 and 120 CNY,respectively.The heterogeneity test revealed that females and those with at least a bachelor’s degree,higher income,religious beliefs,and dietary restrictions are more likely to buy PBM burgers than their counterparts.

Optimal consumption-leisure, portfolio and retirement selection based on α-maxmin expected CES utility with ambiguity

This article studies optimal consumption-leisure, portfolio and retirement selection of an infinitely lived investor whose preference is formulated by a-maxmin expected CES utility which is to differentiate ambiguity and ambiguity attitude. Adopting the recursive multiple- priors utility and the technique of backward stochastic differential equations （BSDEs）, we transform the （^-maxmin expected CES utility into a classical expected CES utility under a new probability measure related to the degree of an investor＇s uncertainty. Our model investi- gates the optimal consumption-leisure-work selection, the optimal portfolio selection, and the optimal stopping problem. In this model, the investor is able to adjust her supply of labor flex- ibly above a certain minimum work-hour along with a retirement option. The problem can be analytically solved by using a variational inequality. And the optimal retirement time is given as the first time when her wealth exceeds a certain critical level. The optimal consumption-leisure and portfolio strategies before and after retirement are provided in closed forms. Finally, the distinctions of optimal consumption-leisure, portfolio and critical wealth level under ambiguity from those with no vagueness are discussed.

Structural properties of residual carbon in coal gasification fine slag and their influence on flotation separation and resource utilization:A review

Coal gasification fine slag(FS)is a typical solid waste generated in coal gasification.Its current disposal methods of stockpil-ing and landfilling have caused serious soil and ecological hazards.Separation recovery and the high-value utilization of residual carbon(RC)in FS are the keys to realizing the win-win situation of the coal chemical industry in terms of economic and environmental benefits.The structural properties,such as pore,surface functional group,and microcrystalline structures,of RC in FS(FS-RC)not only affect the flotation recovery efficiency of FS-RC but also form the basis for the high-value utilization of FS-RC.In this paper,the characteristics of FS-RC in terms of pore structure,surface functional groups,and microcrystalline structure are sorted out in accordance with gasification type and FS particle size.The reasons for the formation of the special structural properties of FS-RC are analyzed,and their influence on the flotation separation and high-value utilization of FS-RC is summarized.Separation methods based on the pore structural characterist-ics of FS-RC,such as ultrasonic pretreatment-pore-blocking flotation and pore breaking-flocculation flotation,are proposed to be the key development technologies for improving FS-RC recovery in the future.The design of low-cost,low-dose collectors containing polar bonds based on the surface and microcrystalline structures of FS-RC is proposed to be an important breakthrough point for strengthening the flotation efficiency of FS-RC in the future.The high-value utilization of FS should be based on the physicochemical structural proper-ties of FS-RC and should focus on the environmental impact of hazardous elements and the recyclability of chemical waste liquid to es-tablish an environmentally friendly utilization method.This review is of great theoretical importance for the comprehensive understand-ing of the unique structural properties of FS-RC,the breakthrough of the technological bottleneck in the efficient flotation separation of FS,and the expansion of the field of the high value-added utilization of FS-RC.

THE OPTIMAL REINSURANCE-INVESTMENT PROBLEM CONSIDERING THE JOINT INTERESTS OF AN INSURER AND A REINSURER UNDER HARA UTILITY

This paper focuses on an optimal reinsurance and investment problem for an insurance corporation which holds the shares of an insurer and a reinsurer.Assume that the insurer can purchase reinsurance from the reinsurer,and that both the insurer and the reinsurer are allowed to invest in a risk-free asset and a risky asset which are governed by the Heston model and are distinct from one another.We aim to find the optimal reinsuranceinvestment strategy by maximizing the expected Hyperbolic Absolute Risk Aversion(HARA)utility of the insurance corporation’s terminal wealth,which is the weighted sum of the insurer’s and the reinsurer’s terminal wealth.The Hamilton-Jacobi-Bellman(HJB)equation is first established.However,this equation is non-linear and is difficult to solve directly by any ordinary method found in the existing literature,because the structure of this HJB equation is more complex under HARA utility.In the present paper,the Legendre transform is applied to change this HJB equation into a linear dual one such that the explicit expressions of optimal investment-reinsurance strategies for-1≤ρi≤1 are obtained.We also discuss some special cases in a little bit more detail.Finally,numerical analyses are provided.

Entrepreneur Education Level and Its Utility Maximization

The education level of entrepreneurs plays an important role in the decision-making process of loan financing. In this paper, the research method of optimization theory is used to study the problem of the education level and maximizing utility of entrepreneurs, and the optimal analytic solution is obtained. On this basis, the influence of the change of bank loan interest rate, the marginal effect of entrepreneur’s effort, the marginal effect of entrepreneur’s investment, the elastic coefficient of entrepreneur’s effort and the elastic coefficient of entrepreneur’s investment on the optimal solution of entrepreneur’s effort and investment amount is discussed.

High Utility Periodic Frequent Pattern Mining in Multiple Sequences

Periodic patternmining has become a popular research subject in recent years;this approach involves the discoveryof frequently recurring patterns in a transaction sequence. However, previous algorithms for periodic patternmining have ignored the utility (profit, value) of patterns. Additionally, these algorithms only identify periodicpatterns in a single sequence. However, identifying patterns of high utility that are common to a set of sequencesis more valuable. In several fields, identifying high-utility periodic frequent patterns in multiple sequences isimportant. In this study, an efficient algorithm called MHUPFPS was proposed to identify such patterns. To addressexisting problems, three new measures are defined: the utility, high support, and high-utility period sequenceratios. Further, a new upper bound, upSeqRa, and two new pruning properties were proposed. MHUPFPS usesa newly defined HUPFPS-list structure to significantly accelerate the reduction of the search space and improvethe overall performance of the algorithm. Furthermore, the proposed algorithmis evaluated using several datasets.The experimental results indicate that the algorithm is accurate and effective in filtering several non-high-utilityperiodic frequent patterns.

Temporal Preferences-Based Utility Control for Smart Homes

The residential sector contributes a large part of the energy to the global energy balance.To date,housing demand has mostly been uncontrollable and inelastic to grid conditions.Analyzing the performance of a home energy manage-ment system requires the creation of various profiles of real-world residential demand,as residential demand is complex and includes multiple factors such as occupancy,climate,user preferences,and appliance types.Average Peak Ratio(A2P)is one of the most important parameters when managing an efficient and cost-effective energy system.At the household level,the larger relative magni-tudes of certain energy devices make managing this ratio critical,albeit difficult.Various Demand Response(DR)and Demand Side Management(DSM)systems have been proposed to reduce this ratio to 1.The main ways to achieve this are economic incentives,user comfort modeling and control,or preference-based.In this study,we propose a unique opportunistic social time approach called the Time Utility Based Control Feature(TUBCF),which uses the concept of a utility function from economics to model and control consumer devices.We propose a DR model for residential customers to reduce Peak-to-Average Ratio(PAR)and improve customer satisfaction by eliminating Appliance Wait Time(WTA)during peak periods.For PAR reduction and WTA,we propose a system architecture and mathematical formulation.Our proposed model automatically schedules devices based on their temporal preferences and considers six households with different device types and operational characteristics.Simulation results show that using this strategy can reduce A2P by 80%and improve user comfort during peak hours.

A Study on The Factors Influencing the Facial Apparent Age of Chinese Cosmetic Consumers

To investigate the apparent age of Chinese cosmetic consumers and its influencing factors.The subjects’skin conditions in all dimensions were collected using professional instruments and clinical expert assessment,subjects’lifestyles,skin care and makeup habits were obtained through questionnaire.The apparent age of the subjects was obtained based on the visual perception of photos judged by observers and then averaged.The association between apparent age and skin characteristics,the association between the difference between apparent age and actual age and the subjects'lifestyle and its difference among cities were investigated.The results showed that apparent age had a high correlation with skin tone and severity of skin problems.The model of multiple regression analysis obtained a high resolution(R2=0.704).The use of skin care products may help to delay the apparent aging of the skin.The results of the study have some guiding significance for the development of anti-aging products and the evaluation of anti-aging efficacy and is informative for lifestyle choices to maintain youthfulness.

A Study on Emotional Design for Vitamin C Dietary Supplements(Chinese Market,Generation Z Consumers)

China,recognized as the world’s largest developing nation,displays considerably lower per capita consumption of dietary supplements in comparison to Asian nations such as Japan and South Korea.However,in recent years,there has been a substantial surge in health consciousness among the Chinese populace.This trend is not confined to the middle-aged and elderly;even younger consumer demographics are exhibiting increased health awareness.Consequently,the target demographic for dietary supplements is transitioning towards a younger demographic.Within the Chinese dietary supplement industry,vitamin C has consistently held the largest market share,commanding a broad consumer base.This underscores the substantial role of vitamin C in the dietary supplement sector.In response to the trend towards a younger target demographic in the dietary supplement industry,adjustments are required to accommodate the preferences of this younger consumer group.This research,guided by Norman’s emotional design framework,executed a survey of over 200 respondents to investigate the preferences of Generation Z consumers in China.The research encompassed packaging,product forms,and brand imagery,corresponding to the emotional design’s visceral,behavioral,and reflective layers,with a primary focus on optimally meeting the emotional needs of Generation Z.The findings indicated that consumers favor products in capsule form,packaged in zip-lock.The predominant color scheme is clean white,accented by vibrant orange elements,while emphasizing the product’s health and scientific attributes.This study offers valuable insights for the continued evolution of the vitamin C dietary supplement market in China.

Data-Driven Model for Risk Assessment of Cable Fire in Utility Tunnels Using Evidential Reasoning Approach

Cable fire is one of the most important events for operation and maintenance(O&M)safety in underground utility tunnels(UUTs).Since there are limited studies about cable fire risk assessment,a comprehensive assessment model is proposed to evaluate the cable fire risk in different UUT sections and improve O&M efficiency.Considering the uncertainties in the risk assessment,an evidential reasoning(ER)approach is used to combine quantitative sensor data and qualitative expert judgments.Meanwhile,a data transformation technique is contributed to transform continuous data into a five-grade distributed assessment.Then,a case study demonstrates how the model and the ER approach are established.The results show that in Shenzhen,China,the cable fire risk in District 8,B Road is the lowest,while more resources should be paid in District 3,C Road and District 25,C Road,which are selected as comparative roads.Based on the model,a data-driven O&M process is proposed to improve the O&M effectiveness,compared with traditional methods.This study contributes an effective ER-based cable fire evaluation model to improve the O&M efficiency of cable fire in UUTs.

Utility Impact below Bridge or Culvert Soffit on Open Channel Flow

The background to this research was a flooding incident that occurred in Bridgend, Co. Donegal, Ireland in August 2017. While several properties were flooded, a flooding case study of a single dwelling house adjacent to the Bridgend River at Riverdale, Bunamayne, Co. Donegal, Ireland is used herein. For this study the flooded site shall be referred to as the “Hegarty property”. A structure in the form of a stone arched culvert is located directly adjacent to the two-storey detached dwelling house on the Hegarty Property. While the culvert is referred to locally as a bridge, within this research the word culvert will be used in connection with the structure. The culvert has a concrete surrounded utility (watermain) crossing at a gradient below the culvert soffit on the upstream face of the structure. The utility obstructed flow through the culvert and contributed to the flooding event. Given the implication of climate change and the increased probability of more extreme flooding events, it was decided to explore the case study to ascertain the factors that contribute to flooding events when utilities are positioned at culvert or bridge structures. This work was completed to assist undergraduate students, researchers, and local authorities in a relatively unknown area of flood causation.

SPI软件Import Utility模块在仪表数字化交付中的应用

为满足仪表数字化交付要求,基于Smart Plant Instrumentation(SPI)软件Import Utility导入模块的使用,对数字化交付这项内容采用的主要解决方法和主要流程进行了阐述,提出了在前期设计未使用SPI软件的情况下,设计院如何满足业主数字化交付的需求。

Understanding Expected Utility for Decision Making

In this paper,we present a brief version of de Finetti-Ramsey’s subjective probability theory and provide a rigorous yet intuitively plausible explanation of expected utility using elementary mathematics.In a final section,we take up the case of some“Paradoxes in Expected Utility Theory”and try to reconcile them with the help of subjective probabilities.

Ordering and Pricing Strategies for Fresh Products with Multiple Quality Levels Considering Consumer Utility

In this paper, considering a scenario in which there are two quality levels of fresh products and introduction of consumer utility function, we studied the optimal ordering and pricing strategies under certain quantity. Our results showed that, facing the two quality levels of fresh products, retailers would not benefit from sales of lower quality of fresh products with the deterministic demand. In the pursuit of profit maximization, the initial order quantity is smaller than the potential demand for market.