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.

A utility and easily fabricated dual-mode fiber film for efficient and comfortable thermal management

Nowadays, the global climate is constantly being destroyed and the fluctuations in ambient temperature are becoming more frequent. However, conventional single-mode thermal management strategies(heating or cooling) failed to resolve such dynamic temperature changes. Moreover, developing thermal management devices capable of accommodating these temperature variations while remaining simple to fabricate and durable has remained a formidable obstacle. To address these bottlenecks, we design and successfully fabricate a novel dual-mode hierarchical(DMH) composite film featuring a micronanofiber network structure, achieved through a straightforward two-step continuous electrospinning process. In cooling mode, it presents a high solar reflectivity of up to 97.7% and an excellent atmospheric transparent window(ATW) infrared emissivity of up to 98.9%. Noted that this DMH film could realize a cooling of 8.1 ℃ compared to the ambient temperature outdoors. In heating mode, it also exhibits a high solar absorptivity of 94.7% and heats up to 11.9 ℃ higher than black cotton fabric when utilized by individuals. In practical application scenarios, a seamless transition between efficient cooling and heating is achieved by simply flipping the film. More importantly, the DMH film combining the benefits of composites demonstrates portability, durability, and easy-cleaning, promising to achieve large-scale production and use of thermally managed textiles in the future. The energy savings offered by film applications provide a viable solution for the early realization of carbon neutrality.

Optimal investment with transaction costs based on exponential utility function:a parabolic double obstacle problem

This paper concerns optimal investment problem with proportional transaction costs and finite time horizon based on exponential utility function. Using a partial differential equation approach, we reveal that the problem is equivalent to a parabolic double obstacle problem involving two free boundaries that correspond to the optimal buying and selling policies. Numerical examples are obtained by the binomial method.

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.

Current standard values of health utility scores for evaluating costeffectiveness in liver disease:A meta-analysis

BACKGROUND Health utility assessments have been developed for various conditions,including chronic liver disease.Health utility scores are required for socio-economic evaluations,which can aid the distribution of national budgets.However,the standard health utility assessment scores for specific health conditions are largely unknown.AIM To summarize the health utility scores,including the EuroQOL 5-dimensions 5-levels(EQ-5D-5L),EuroQol-visual analogue scale,short from-36(SF-36),RAND-36,and Health Utilities Index(HUI)-Mark2/Mark3 scores,for the normal population and chronic liver disease patients.METHODS A systematic literature search of PubMed and MEDLINE,including the Cochrane Library,was performed.Meta-analysis was performed using the RevMan software.Multiple means and standard deviations were combined using the StatsToDo online web program.RESULTS The EQ-5D-5L and SF-36 can be used for health utility evaluations during antiviral therapy for hepatitis C.HUI-Mark2/Mark3 indicated that the health utility scores of hepatitis B patients are roughly 30% better than those of hepatitis C patients.CONCLUSION The EQ-5D-5L is the most popular questionnaire for health utility assessments.Health assessments that allow free registration would be useful for evaluating health utility in patients with liver disease.

Alternative mix-and-match COVID-19 vaccine administration versus standard vaccination for prevention of severe COVID-19: A specific cost utility analysis

Till now,over 220 million people throughout the world have already been affected by coronavirus disease(COVID-19).Vaccination is the most effective strategy to prevent the spread of COVID-19[1].Several pharmaceutical companies have announced the success of their COVID-19 vaccine study.Additional publications on the vaccine's efficacy and inoculation costs are available.When it comes to a new immunization,the cost and accessibility of the vaccine are crucial considerations[2].

Follow the nevus: the cost-utility of monitoring for growth of choroidal nevi

AIM: To develop a model to evaluate the cost-utility of choroidal nevi monitoring recommendations with varying clinical risk factors.METHODS: A Markov model was created to evaluate the cost-utility in cost per quality-adjusted life-year($/QALY) for monitoring patients with choroidal nevus. This probabilistic model was applied both to a hypothetically monitored and unmonitored group of patients beginning at different ages and with varying clinical risk factors of the nevus. Duration of screening was modeled for the remainder of the patients’ life expectancy. Best available clinical data on the prevalence and incidence of choroidal nevi/melanoma, and relative risk of nevus transformation were combined with the initial and downstream costs of screening, downstream costs of melanoma-related mortality, and QALY saved by monitoring, to estimate the best monitoring regimen. Main outcome measures were average $/QALY saved by consensus recommended monitoring scenarios for the duration of a patient’s remaining life expectancy in comparison with no follow-up, and the cost-utility of modified regimens. RESULTS: The $/QALY of the recommended monitoring scenarios varied substantially based on nevus clinical risk factors, patient age, frequency of follow-up, and objective testing utilized. The $/QALY for the recommended monitoring scenario of a flat nevus without risk factors in a 60-yearold patient was $77 180. The $/QALY for monitoring a nevus with 3 clinical risk factors in a 60-year-old patient was $85 393. The $/QALY values for differently-aged patients were larger, and intermediate degrees of risk factors for nevus growth varied, depending largely upon the specifics of the modeled monitoring scenarios.CONCLUSION: The average $/QALY of currently recommended monitoring scenarios fall within economically acceptable standards and could provide insight for formulating appropriate clinical strategies. Cost-utility could be enhanced by targeting higher risk groups and considering less frequent monitoring for the lower risk groups.

A Cost-Utility Analysis Comparing Oncoplastic Breast Surgery to Standard Lumpectomy in Large Breasted Women

Purpose: Ablative options, beyond mastectomy, for large breasted patients with breast cancer include oncoplastic resection via reduction pattern and standard lumpectomy. Oncoplastic resection also entails a contralateral procedure for symmetry and the potential benefit of a superior cosmetic outcome. Our aim was to examine the cost-effectiveness of this treatment strategy comparing it to standard lumpectomy in treating breast cancer patients. Methods: A literature review was performed of the probabilities and outcomes related to treatment of unilateral breast cancer via oncoplastic resection or unilateral lumpectomy. Utility score surveys were used to estimate the quality adjusted life years (QALYs) associated with a successful procedure, additional margins excision and post-operative complications. A decision analysis tree was developed to highlight the more cost-effective strategy. An Incremental Cost-Utility Ratio (ICUR) was calculated. Sensitivity analysis was performed to check the robustness of our data. Results: Oncoplastic resection was associated with fewer positive margins relative to standard lumpectomy (10.0% versus 18%). In cases with positive margins, a greater percentage of oncoplastic resection patients chose a mastectomy compared to the lumpectomy patients (72% versus 19%). Utility scores for a successful operation favored oncoplastic resection (92.6 versus 86.55), but in instances of positive margins, favored the lumpectomy patients (74.2 versus 70.2). Decision tree analysis revealed that oncoplastic resection was more cost-effective with an ICUR of $2609.66/QALY gained. Conclusion: Oncoplastic resection represents a cost-effective strategy for the large breasted patient and provides the surgical team yet another reasonable option for the appropriate patient.

Cost-utility of molecular adsorbent recirculating system treatment in acute liver failure

AIM:To determine the short-term cost-utility of mo-lecular adsorbent recirculating system(MARS) treatment in acute liver failure(ALF).METHODS:A controlled retrospective study was conducted with 90 ALF patients treated with MARS from 2001 to 2005.Comparisons were made with a historical control group of 17 ALF patients treated from 2000 to 2001 in the same intensive care unit(ICU) specializing in liver diseases.The 3-year outcomes and number of liver transplantations were recorded.All direct liver disease-related medical expenses from 6 mo before to 3 years after ICU treatment were determined for 31 MARS patients and 16 control patients.The health-related quality of life(HRQoL) before MARS treatment was estimated by a panel of ICU doctors and after MARS using a mailed 15D(15-dimensional generic healthrelated quality of life instrument) questionnaire.The HRQoL,cost,and survival data were combined and the incremental cost/quality-adjusted life years(QALYs) was calculated.RESULTS:In surviving ALF patients,the health-related quality of life after treatmeant was generally high and comparable to the age-and gender-matched general Finnish population.Compared to the controls,the average cost per QALY was considerably lower in the MARS group(64 732€ vs 133 858€) within a timeframe of 3.5 years.The incremental cost of standard medical treatment alone compared to MARS was 10 928€,and the incremental number of QALYs gained by MARS was 0.66.CONCLUSION:MARS treatment combined with standard medical treatment for ALF in an ICU setting is more cost-effective than standard medical treatment alone.

Cost Utility Analysis of Dapagliflozin in Egyptian Patients with CKD from the Payer Perspective

Background: Chronic kidney disease is a serious public health issue in Egypt. An estimated 13% of individuals in Egypt are expected to have CKD, with a higher prevalence among older adults and in rural regions. The primary goal of the study was to compare the cost-utility of the standard of care alone against add-on medication, dapagliflozin, as a preventative measure against complications of CKD in cases with or without diabetes mellitus. Methods: A lifetime Markov state transition model with a 3-month cycle was employed based on the clinical evidence from the DAPA-CKD clinical trial. The model was to provide estimates of the long-term economic and health impact of managing CKD patients. Cost-effectiveness is assessed regarding the cost per quality-adjusted life year (QALY) gained. This economic evaluation study used a payer perspective. Moreover, the study evaluated the impact on the budget due to the undertaking of dapagliflozin. One-way deterministic sensitivity analyses, as well as a probabilistic sensitivity analysis, were employed. Results: During a lifetime horizon, the difference in cost between dapagliflozin and SOC was EGP -65,212 (USD 2126.89). The difference in QALY between dapagliflozin and SOC was 4.3. In CKD patients, adding dapagliflozin to ramipril generates better QALYs and lower costs than ramipril alone. Dapagliflozin improved the outcomes and generated cost savings. A deterministic one was sensitivity analysis revealed that the model is robust to changes in all variables included. Probabilistic sensitivity analysis using Monte Carlo simulation with 10,000 iterations showed that in about 82.64% of trials, dapagliflozin is cost-saving. The undertaking of dapagliflozin by any percent will have a positive impact on the budget. Conclusion: During the lifetime horizon, dapagliflozin is cost-saving;it benefits the quality of life and the total cost. The addition of dapagliflozin to SOC has a saving effect of 11.9% of the budget.

Cost-Utility Analysis of Nivolumab plus Chemotherapy in the First-Line Treatment of Upper Gastrointestinal Adenocarcinoma

Objective: To evaluate the cost-utility of nivolumab plus chemotherapy compared with chemotherapy alone as the first-line treatment for advanced gastric, gastro-oesophageal junction, and esophageal adenocarcinoma in China. Methods: Based on CheckMate649, a partitioned survival model was carried out with a circulation cycle of 6 weeks to simulate the patient’s lifetime. Sensitivity analysis were adopted to verify the robustness of the results. Results: The results of the base-case analysis showed that both the total cost and utility of the nivolumab group were higher, and the ICUR value was CNY 267498.67/QALY, more than 3 times the GDP per capita of China in 2020. The results of deterministic sensitivity analysis indicated that the three most influential factors were the utility value of PFS state, the cost of nivolumab and the discount rate. The results of probabilistic sensitivity analysis were consistent with those of base-case analysis, proving that the results were robust. The scenario analysis illustrated that economical price of nivolumab was CNY 3652.71. Conclusions: Under the willing-to-pay threshold of three times the GDP per capita of China in 2020, compared with chemotherapy alone, nivolumab plus chemotherapy is not a cost-effective option in China.

Cost-Utility Analysis of Liraglutide in Type 2 Diabetes Patients in China after Chinese Reformation of Medical Care System

Objectives: The cost-utility analysis of Liraglutide is aimed at evaluating whether Liraglutide is cost-effective or not after Chinese reformation on medical insurance. The analysis is based on the results of clinical trial conducted in Asia. Methods: We applied a Markov model to estimate the quality-adjusted life years, medical cost and incidence of diabetes-related complications for patients receiving the Liraglutide as an add-on to the metformin treatment. Baseline characteristics were taken from a China’s study while the treatment effect is from an Asian study. The related medical cost and utility score were obtained from a local study in China. Having set 30 years’ simulations, the incremental cost-effectiveness ratio was calculated comparing with glimepiride treatment. The ratio would be compared with the willingness to pay for a quality-adjusted-life-year (QALY) which is three times of the GDP per capita in Beijing. Sensitivity analysis was also performed. Result: During a period of 30 years, the base-case analysis which takes discount rate at 3% shows that Liraglutide 1.8 mg results in an average incremental cost of CNY 82,671.49, an improvement in 0.12 QALYs and a reduction of incidence of diabetes-related complications comparing to glimepiride. The associated incremental cost-effectiveness ratio is CNY 688,929.08. Conclusion: Long-term project shows that taking Liraglutide as an add-on to the metformin treatment will lead to increasing quality-adjusted life years and reduction of incidence of diabetes-related complications. When the price of Liraglutide is reduced by 43 percent in China’s yuan, Liraglutide will be cost-effective in China from the healthcare system perspective taking three times of GDP per capita as our WTP threshold.

Analyzing our educational resource deployment of compulsory education by marginal utility

In the base of utility and marginal utility,the article put forwardthe concept of utility and marginal utilityof educational outlay and the theory of them,and analyzed the actuality of educational resource deployment in ourcountry,gave some advice about howtoi mprove our educational resource deployment of compulsory education.

Neural network approach to predicting mercury emission from utility boiler

The feasibility of using an ANN method to predict the mercury emission and speciation in the flue gas of a power station under un-tested combustion/operational conditions is evaluated. Based on existing field testing datasets for the emissions of three utility boilers, a 3-layer back-propagation network is applied to predict the mercury speciation at the stack. The whole prediction procedure includes： collection of data, structuring an artificial neural network （ANN） model, training process and error evaluation. A total of 59 parameters of coal and ash analyses and power plant operating conditions are treated as input variables, and the actual mercury emissions and their speciation data are used to supervise the training process and verify the performance of prediction modeling. The precision of model prediction （ root- mean-square error is 0. 8 μg/Nm3 for elemental mercury and 0. 9 μg/Nm3 for total mercury） is acceptable since the spikes of semi- mercury continuous emission monitor （SCEM） with wet conversion modules are taken into consideration.

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。

CGE model-based analysis of the neutralized hybrid carbon policy and its decomposed effects on economic growth,carbon reduction,and energy utilization costs

The hybrid policy is a flexible policy tool that combines features of carbon trading and carbon taxation.Its economic and environmental effects under China's background are still not studied in detail.Given the exogenous carbon reduction targets,carbon prices,and carbon tax-rates,by computable general equilibrium modeling methods and factor decomposition methods,this article investigates direct and cascaded effects of the hybrid policy on economic growth,energy utilization,and carbon emission on the national level and the sector level,with China's national input-output data-set.Stepwisely,policy scenarios with irrational estimated results are selectively excluded based on comprehensive evaluation among economic,carbon reduction and other policy targets.As a result,against national economic conditions in 2007,the hybrid policy,with a carbon reduction target of -10%,a carbon tax-rate of around $10,and a ceiling carbon price of $40,is highly recommended,because of its significant lower economic loss,lower energy utilization cost,and practical robustness against fluctuation of energy market and carbon market.Furthermore,by decomposition analysis,carbon reduction-related costs are decomposed into a direct part that includes carbon allowance price and carbon tax,and an indirect part as the energy price incremental induced by direct carbon costs.Gross carbon reduction may be decomposed into three parts such as energy intensity,economic scale,and technical progress.And,carbon taxation is the main policy tool that stimulates to improve the energy efficiency.

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.

Seismic response of underground utility tunnels: shaking table testing and FEM analysis

Underground utility tunnels are widely used in urban areas throughout the world for lifeline networks due to their easy maintenance and environmental protection capabilities. However, knowledge about their seismic performance is still quite limited and seismic design procedures are not included in current design codes. This paper describes a series of shaking table tests the authors performed on a scaled utility tunnel model to explore its performance under earthquake excitation. Details of the experimental setup are first presented focusing on aspects such as the design of the soil container, scaled structural model, sensor array arrangement and test procedure. The main observations from the test program, including structural response, soil response, soil-structure interaction and earth pressure, are summarized and discussed. Further, a finite element model （FEM） of the test utility tunnel is established where the nonlinear soil properties are modeled by the Drucker- Prager constitutive model; the master-slave surface mechanism is employed to simulate the soil-structure dynamic interaction; and the confining effect of the laminar shear box to soil is considered by proper boundary modeling. The results from the numerical model are compared with experiment measurements in terms of displacement, acceleration and amplification factor of the structural model and the soil. The comparison shows that the numerical results match the experimental measurements quite well. The validated numerical model can be adopted for further analysis.

Dynamic response of utility tunnel during the passage of Rayleigh waves

The modeling methodologies and calculation of dynamic response of underground structure under Rayleigh waves is investigated in this paper. First the free field responses under Rayleigh waves are analyzed and the numerical results agree well with the theoretical results. Then, the approximate Rayleigh waves are put forward based on the preliminary re- search, and Rayleigh wave field is obtained through fast Fourier transform technique. Taking a utility tunnel as an example, its dynamic responses under Rayleigh waves is calculated by ABAQUS. The results demonstrate that bending deformation is the main component of structural deformation and the deformation at the top of the structure is about twice as much as that at bottom of the structure. The effect of soil-structure interface and the buried depth of underground structure are also investi- gated via parameter analysis. For the shallow buffed underground structures, Rayleigh waves can be the key factor to control the responses and damage of the structure.

Cooperative adaptive bidirectional control of a train platoon for efficient utility and string stability

This paper proposes cooperative adaptive control schemes for a train platoon to improve efficient utility and guarantee string stability. The control schemes are developed based on a bidirectional strategy, i.e., the information of proximal（preceding and following） trains is used in the controller design. Based on available proximal information（prox-info） of location, speed, and acceleration, a direct adaptive control is designed to maintain the tracking interval at the minimum safe distance. Based on available prox-info of location, an observer-based adaptive control is designed to achieve the same target, which alleviates the requirements of equipped sensors to measure prox-info of speed and acceleration. The developed schemes are capable of on-line estimating of the unknown system parameters and stabilizing the closed-loop system, the string stability of train platoon is guaranteed on the basis of Lyapunov stability theorem. Numerical simulation results are presented to verify the effectiveness of the proposed control laws.