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.

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.

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。

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.

Low-income and overweight in China:Evidence from a life-course utility model

Previous literature has demonstrated that low-income people are more likely to settle for poor health choices in developed countries. By using income as a budget constraint and signal for future wellbeing in a life-course utility model, we examine the association amongst income and overweight. The data used for this study are from the China Health and Nutrition Survey(CHNS). Estimations are conducted for overweight initiation, cessation, and participation mirroring a decision to begin and a past decision to not terminate. Our findings propose that body weight and the likelihood of overweight commencement rise with additional income but at a diminishing degree, representing a concave relation;while the likelihood of overweight discontinuance declines with additional income but at an accelerating degree, suggesting a convex relation.We presume that, as opposed to developed countries, low-income people are less inclined to be overweight in China, a country in transition. This could be explained by an income constraint for unhealthy foodstuff. Nevertheless, it will switch when income surpasses the critical threshold of the concave or inverted U-shape curve indicating that low-income people appear to receive not as much utility from future health. Specifically, this adjustment seems to occur earlier for females and inhabitants of urban areas.

Utility function based fair data scheduling algorithm for OFDM wireless network

A system model is formulated as the maximization of a total utility function to achieve fair downlink data scheduling in multiuser orthogonal frequency division multiplexing （OFDM） wireless networks. A dynamic subcarrier allocation algorithm （DSAA） is proposed, to optimize the system model. The subcarrier allocation decision is made by the proposed DSAA according to the maximum value of total utility function with respect to the queue mean waiting time. Simulation results demonstrate that compared to the conventional algorithms, the proposed algorithm has better delay performance and can provide fairness under different loads by using different utility functions.

THE SPIRIT OF CAPITALISM, NON-EXPECTEDUTILITY AND ASSET PRICING

This paper investigates testable restrictions on the time-series behavior of consumption and asset returns implied by a representative agent model with the spirit of capitalism in which intertemporal preference is represented by a utility function that generalizes conventional, time-additive, expected utility. In the recursive structure of preference, the author examines the implication for cosumptions, portfolio holdings, and stock-market prices when investors accumulate wealth not only for the sake of consumption but also for wealth-induced social status. When investors care about relative social status, the propensity to consume and risk-taking behavior will depend on social standards, and stock prices will be volatible. Hence, the spirit of capitalism seems to be a driving force behind stock-market volatility and economic growth. Because the elasticity df substitution and the coefficient of relative risk aversion are independent and the spirit of capitalism is introduced, the equity premium puzzle can be partially explained in the model.

Large scale shaking table model test and analysis on seismic response of utility tunnel in non-homogeneous soil

Underground utility tunnels are the most fundamental and reliable lifeline network in urban cities,and are widely constructed throughout the world.In urban areas,most utility tunnels usually encounter the non-homogeneity of subsoil condition due to various construction effects.Studies have shown that the damage mechanism of shallow underground structures mainly depends on the inhomogeneity of the subsoil conditions.This would become a considerable factor for the stability of the underground utility tunnel structures.However,this type of research still needs to establish the vulnerable seismic design.In this study,a series of shaking table tests were conducted on non-homogenous soils to investigate the performance of seismic interaction between utility tunnels,surrounding soils and interior pipelines.The dynamic responses measured from the test account for the boundary condition of non-homogeneous soils,the internal forces,displacement of tunnel joints,the dynamic characteristics on interior pipelines and the reasonable spring stiffness with damping in the seismically isolated gas pipeline model inside the tunnel.The vulnerability of underground utility tunnel in non-homogeneous soil zone and the mechanism of the stability of interior facilities are the main topics discussed in this paper.

Study on information utility

Information has two aspects. One aspect is the objective one; another aspect is the subjective one. Shannon has discussed the objective aspect of information in information theory. But the subjective aspect of information has not been fully discussed. Someone use “Bayesian approaches” to evaluate the value of information. But in some cases it does not meet the information user＇s need. This paper is focus on the subjective aspect of objectively measurable information and gives formal definitions for information, information utility, and marginal information utility, normalized calculation of information utility. The information discussed in the paper has interdisciplinary nature. This work can be the foundation of many application areas.

Optimization of the Dressing Parameters in Cylindrical Grinding Based on a Generalized Utility Function

The existing studies, concerning the dressing process, focus on the major influence of the dressing conditions on the grinding response variables. However, the choice of the dressing conditions is often made, based on the experience of the qualified staff or using data from reference books. The optimal dressing parameters, which are only valid for the particular methods and dressing and grinding conditions, are also used. The paper presents a methodology for optimization of the dressing parameters in cylindrical grinding. The generalized utility function has been chosen as an optimization parameter. It is a complex indicator determining the economic, dynamic and manufacturing characteristics of the grinding process. The developed methodology is implemented for the dressing of aluminium oxide grinding wheels by using experimental diamond roller dressers with different grit sizes made of medium- and high-strength synthetic diamonds type AC32 and AC80. To solve the optimization problem, a model of the generalized utility function is created which reflects the complex impact of dressing parameters. The model is built based on the results from the conducted complex study and modeling of the grinding wheel lifetime, cutting ability, production rate and cutting forces during grinding. They are closely related to the dressing conditions （dressing speed ratio, radial in-feed of the diamond roller dresser and dress-out time）, the diamond roller dresser grit size/grinding wheel grit size ratio, the type of synthetic diamonds and the direction of dressing. Some dressing parameters are determined for which the generalized utility fimction has a maximum and which guarantee an optimum combination of the following： the lifetime and cutting ability of the abrasive wheels, the tangential cutting force magnitude and the production rate of the grinding process. The results obtained prove the possibility of control and optimization of grinding by selecting particular dressing parameters.

Blast resistance evaluation of urban utility tunnel reinforced with BFRP bars

To improve corrosion-resistance of shallow-buried concrete urban utility tunnels(UUTs),basalt fiber reinforced polymer(BFRP)bars are applied to reinforce UUTs.As the UUT must have excellent survival capability under accidental explosions,a shallow-buried BFRP bars reinforced UUT(BBRU)was designed and constructed.Repetitive blast experiments were carried out on this BBRU.Dynamic responses,damage evolutions and failure styles of the BBRU under repetitive explosions were revealed.The tunnel roof is the most vulnerable component and longitudinal cracks develop along the tunnel.When the scaled distance is larger than 1.10 m/kg1/3,no cracks are observed in the experiments.When the BBRU is severely damaged,there are five cracks forming and developing along the roof.The roof is simplified as a clamped-supported one-way slab,proved by the observation that the maximum strain of the transverse bar is much larger than that of the longitudinal bar.Dynamic responses of the roof slab are predicted by dynamic Euler beam theory,which can consistently predict the roof displacement under large-scaleddistance explosion.Compared with the UUT reinforced with steel bars,the BBRU has advantages in blast resistance with smaller deflections and more evenly-distributed cracks when the scaled distance is smaller than 1.260 m/kg1/3 and the steel bars enter plastic state.Longer elastic defamation of the BFRP bars endows the UUT more excellent blast resistance under small-scaled-distance explosions.

On Utility Maximization with Random Interval Payoffs

This article discusses the problem of utility maximization in a market with random-interval payoffs without short-selling prohibition. A novel expected utility model is given to measure an investor's subjective view toward random interval wealth. Some techniques are proposed to transfer a complex programming involving interval numbers into a simple non-linear programming. Under the existence of the optimal strategy, relations between the optimal strategy and assets' prices are discussed. Some properties of the maximal utility function with respect to the endowment are given.

Utility and Weight of Factors of Bus Transit's Service Quality Analysis in Nanjing

Service quality is a major factor that affects how public transport users evaluate bus service. In order to evaluate how bus users make trade-offs across travel cost,time,reliability,etc.,and to investigate the extent to which the components of service quality vary according to relevant trip characteristics,this paper analyzes service quality of bus transit with the conjoint analysis. Through data analysis,the levels 'utility values of reliability,waiting time,walking time,etc.,on the commuter trip and the non-commuter trip are gotten,so it is the utility function of the transit system. Then the factors' weights are obtained through the utility values. The results show that on the commuter trip,passengers value reliability the most,which is followed by waiting time and walking time,while in-bus environment,price and station environment's weights are small. While on the non-commuter trip,the weights in a higher order to lower order are the first for reliability,the second for in-bus environment,the third for walking time,the fourth for station environment and the last for ticket price.

RECURSIVE UTILITY,PRODUCTIVE GOVERNMENT EXPENDITURE AND OPTIMAL FISCAL POLICY

This paper employs a stochastic endogenous growth model extended to the case of a recursive utility function which can disentangle intertemporal substitution from risk aversion to analyze productive government expenditure and optimal fiscal policy, particularly stresses the importance of factor income. First, the explicit solutions of the central planner＇s stochastic optimization problem are derived, the growth maximizing and welfare-maximizing government expenditure policies are obtained and their standing in conflict or coincidence depends upon intertemporal substitution. Second, the explicit solutions of the representative individual＇s stochastic optimization problem which permits to tax on capital income and labor income separately are derived ,and it is found that the effect of risk on growth crucially depends on the degree of risk aversion,the intertemporal elasticity of substitution and the capital income share. Finally, a flexible optimal tax policy which can be internally adjusted to a certain extent is derived, and it is found that the distribution of factor income plays an important role in designing the optimal tax policy.