Credit Default Swaps （CDSs） and Systemic Risks

The use of credit default swaps （CDSs） has become increasingly popular over time. Between 2002 and 2007, gross notional amounts outstanding grew from below S2 trillion to nearly S60 trillion. The recent crisis has revealed several shortcomings in CDS market practices and structure. In addition, management of counterparty risk has proved insufficient, as has in some instances the settlement of contracts following a credit event. However, past problems should not distract from the potential benefits of these instruments. In particular, CDSs help complete markets, as they provide an effective means to hedge and trade credit risk. CDSs allow financial institutions to better manage their exposures, and investors benefit from an enhanced investment universe. The purpose of this paper is to present a complete and practical exposition of the CDS market and to explore how the development of the CDS market has played an important role in the credit risk markets. Currently, the CDS market is transforming into a more stable system. Various measures are being put in place to help enhance market transparency and mitigate operational and systemic risk. In particular, central counterparties have started to operate, which will eventually lead to an improved management of individual as well as system-wide risks.

改进量子位初始映射的综合SWAP优化策略

在嘈杂的中尺度量子时代,传统的初始映射策略忽略了后续操作中可能出现的邻接性的问题。针对这一挑战,综合考虑量子比特间的距离、交互时间和门操作的错误率,设计了一个多因素交互成本函数,并提出综合SWAP优化策略(comprehensive SWAP optimization strategy,CSOS)。该策略包括最佳SWAP选择和基于SWAP的批量更新策略,用于优化量子电路的局部量子位映射。最佳SWAP选择通过对比SWAP操作的效益,选择最佳收益的SWAP门;批量更新策略在映射阶段考虑即将执行的量子操作序列,预先执行批量的SWAP操作。二者综合可以减少整个电路执行过程中的SWAP数量,以最大程度减少映射开销。实验结果显示,CSOS优化方式可以平均减少38.1%的插入SWAP门数量,并降低约12%的硬件门计数开销。

不同矿化度水源膜下滴灌棉田土壤水盐动态和作物生长模拟

为构建适用于干旱区膜下滴灌条件的土壤水盐动态分布和棉花生长模型,基于2020—2021年的田间试验,经过对SWAP模型的土壤、土壤水力功能和作物生长等模块进行率定和验证,对灌溉水矿化度为1、2、3、4、5、6 g·L^(-1)时的土壤水盐分布特征、作物生长过程和干物质累积分配进行数值模拟。结果表明:(1)土壤含水率与土壤含盐量的模拟精度以20~100 cm土层较好,0~20 cm土层模拟精度较差,其中土壤含水量的模拟效果优于土壤含盐量;随着灌溉水源矿化度的增加,土壤含水率和含盐量的模拟误差逐渐变小。(2)不同矿化度水源膜下滴灌棉花叶面积指数模拟效果较好(R2=90.72%,RMSE=0.35 cm^(2)·cm^(-2),NRMSE=8.73%,IOA=0.98)。(3)不同矿化度水源膜下滴灌棉花茎干物质累积量模拟效果较好(R2=89.08%,RMSE=6.12 g,NRMSE=23.16%,IOA=0.96)。研究结果表明,SWAP模型可以较好地对不同矿化度水源膜下滴灌的土壤水盐动态分布和棉花生长过程进行模拟。

Pricing Variance Swaps Under Stochastic Volatility with an Ornstein-Uhlenbeck Process

Pricing variance swaps under stochastic volatility has been an important subject pursued recently. Various approaches have been proposed, mainly due to the substantially increased trading activities of volatility-related derivatives in the past few years. In this note, the authors develop analytical method for pricing variance swaps under stochastic volatility with an Ornstein-Uhlenbeck(OU) process. By using Fourier transform algorithm, a closed-form solution for pricing variance swaps with stochastic volatility is obtained, and to give a comparison of fair strike value based on the discrete model, continuous model, and the Monte Carlo simulations.

An Improved Iterated Greedy Algorithm for Solving Rescue Robot Path Planning Problem with Limited Survival Time

Effective path planning is crucial for mobile robots to quickly reach rescue destination and complete rescue tasks in a post-disaster scenario.In this study,we investigated the post-disaster rescue path planning problem and modeled this problem as a variant of the travel salesman problem(TSP)with life-strength constraints.To address this problem,we proposed an improved iterated greedy(IIG)algorithm.First,a push-forward insertion heuristic(PFIH)strategy was employed to generate a high-quality initial solution.Second,a greedy-based insertion strategy was designed and used in the destruction-construction stage to increase the algorithm’s exploration ability.Furthermore,three problem-specific swap operators were developed to improve the algorithm’s exploitation ability.Additionally,an improved simulated annealing(SA)strategy was used as an acceptance criterion to effectively prevent the algorithm from falling into local optima.To verify the effectiveness of the proposed algorithm,the Solomon dataset was extended to generate 27 instances for simulation.Finally,the proposed IIG was compared with five state-of-the-art algorithms.The parameter analysiswas conducted using the design of experiments(DOE)Taguchi method,and the effectiveness analysis of each component has been verified one by one.Simulation results indicate that IIGoutperforms the compared algorithms in terms of the number of rescue survivors and convergence speed,proving the effectiveness of the proposed algorithm.

Solving the Generalized Traveling Salesman Problem Using Sequential Constructive Crossover Operator in Genetic Algorithm

The generalized travelling salesman problem(GTSP),a generalization of the well-known travelling salesman problem(TSP),is considered for our study.Since the GTSP is NP-hard and very complex,finding exact solutions is highly expensive,we will develop genetic algorithms(GAs)to obtain heuristic solutions to the problem.In GAs,as the crossover is a very important process,the crossovermethods proposed for the traditional TSP could be adapted for the GTSP.The sequential constructive crossover(SCX)and three other operators are adapted to use in GAs to solve the GTSP.The effectiveness of GA using SCX is verified on some GTSP Library(GTSPLIB)instances first and then compared against GAs using the other crossover methods.The computational results show the success of the GA using SCX for this problem.Our proposed GA using SCX,and swap mutation could find average solutions whose average percentage of excesses fromthe best-known solutions is between 0.00 and 14.07 for our investigated instances.

Cathode nanoarchitectonics with Na_(3)VFe_(0.5)Ti_(0.5)(PO_(4))_(3): Overcoming the energy barriers of multielectron reactions for sodium-ion batteries

High electrochemical stability and safety make Na+superionic conductor(NASICON)-class cathodes highly desirable for Na-ion batteries(SIBs).However,their practical capacity is limited,leading to low specific energy.Furthermore,the low electrical conductivity combined with a decline in capacity upon prolonged cycling(>1000 cycles)related to the loss of active material-carbon conducting contact regions contributes to moderate rate performance and cycling stability.The need for high specific energy cathodes that meet practical electrochemical requirements has prompted a search for new materials.Herein,we introduce a new carbon-coated Na_(3)VFe_(0.5)Ti_(0.5)(PO_(4))_(3)(NVFTP/C)material as a promising candidate in the NASICON family of cathodes for SIBs.With a high specific energy of∼457 Wh kg^(-1) and a high Na+insertion voltage of 3.0 V versus Na^(+)/Na,this cathode can undergo a reversible single-phase solid-solution and two-phase(de)sodiation evolution at 28 C(1 C=174.7 mAh g^(-1))for up to 10,000 cycles.This study highlights the potential of utilizing low-cost and highly efficient cathodes made from Earth-abundant and harmless materials(Fe and Ti)with enriched Na^(+)-storage properties in practical SIBs.

Informed Trading, Heterogeneity Investment, Liquidity Shocks and the Valuation of Credit Default Swaps

This paper explores the effect of informed trading, heterogeneity investment and liquidity shocks on the valuation of credit default swaps(CDSs). Under the condition of asymmetric information, the informed trading plays an important role in the valuation of CDS. Instruction order flow has a significant influence on CDS price.And the scope of influence changes in accordance with different time interval, company status and the size of bid-ask spread. Heterogeneity of investors seriously affects the market liquidity and subsequently affects the CDS price. The bigger heterogeneity of the investment philosophy, investment habits, investment preference and so on is the bigger risk for market liquidity, and the higher price for CDS shall be. On the contrary, the conclusion is also consistent. The effectiveness of liquidity, whether it is before or after the financial crisis, dominates the fluctuation of CDS price. The premium of liquidity accounts for 36% to 50% of the CDS price.

季节性冻融期SWAP和SHAW模型土壤水热运移模拟效果评价

基于不同模型研究季节性冻融期土壤水热运移规律,对干旱半干旱地区水资源高效利用的定量化评价具有重要意义。分别运用SWAP和SHAW模型对季节性冻融期土壤水分、温度和蒸发量进行了模拟,并对模拟效果加以评价。模拟结果表明:对于整个冻融期而言,利用SHAW模型模拟的土壤含水量的NRMSE基本保持在30%以内,RMSE均在0.09 cm^(3)/cm^(3)以下,利用SWAP模型模拟的土壤含水量的NRMSE基本保持在35%以内,RMSE均在0.13 cm^(3)/cm^(3)以下;利用SHAW模型模拟20 cm以下土层温度的NRMSE均保持在30%以内,RMSE均在0.94℃以下,利用SWAP模型模拟的土壤温度基本可以反映实测值的变化趋势;在模拟土壤累积蒸发量方面,相比SWAP模型,SHAW模型的模拟值更接近实测值。总体而言,在干旱半干旱地区对于季节性冻融期,SHAW模型对土壤水热运移的模拟效果均较为理想,SWAP模型对土壤水分运移模拟较好,但对土壤温度模拟相对较差。对于土壤累积蒸发量的模拟效果,两个模型均不十分理想,有待进一步改进。

基于SWAP模型的河套灌区向日葵农田土壤水盐通量模拟

为了探究河套灌区节水实施现状条件下农田土壤水盐动态变化规律,利用向日葵田间试验观测资料,对SWAP模型进行参数率定和验证,并利用该模型模拟向日葵生长条件下0~100 cm土层土壤水盐通量及水盐平衡状况。研究结果表明:在灌溉阶段,向日葵根系层土壤水分主要向下渗漏,水分通量和盐分通量为负,土壤盐分被淋洗;在非灌溉阶段,地下水向上补给向日葵根系层土壤,水分通量和盐分通量为正,根系层土壤积盐。2019、2020年模拟期间水分通量累计量分别为52.5、60.6 mm,盐分通量累计量分别为-4.5、-4.9 mg/cm^(2),0~100 cm土层土壤盐分通量分别增加了7.5、7.1 mg/cm^(2)。向日葵现状灌溉条件下0~100 cm土层土壤积盐,可能产生土壤次生盐碱化的风险,向日葵生育期结束后需要进行秋浇淋洗盐分来保证下一年度向日葵的正常生长。

Minimum dose path planning for facility inspection based on the discrete Rao-combined ABC algorithm in radioactive environments with obstacles

Workers who conduct regular facility inspections in radioactive environments will inevitably be affected by radiation.Therefore,it is important to optimize the inspection path to ensure that workers are exposed to the least amount of radiation.This study proposes a discrete Rao-combined artificial bee colony(ABC)algorithm for planning inspection paths with minimum exposure doses in radioactive environments with obstacles.In this algorithm,retaining the framework of the traditional ABC algorithm,we applied the directional solution update rules of Rao algorithms at the employed bee stage and onlooker bee stage to increase the exploitation ability of the algorithm and implement discretion using the swap operator and swap sequence.To increase the randomness of solution generation,the chaos algorithm was used at the initialization stage.The K-opt operation technique was introduced at the scout bee stage to increase the exploration ability of the algorithm.For path planning in an environment with complex structural obstacles,an obstacle detour technique using a recursive algorithm was applied.To evaluate the performance of the proposed algorithm,we performed experimental simulations in three hypothetical environments and compared the results with those of improved particle swarm optimization,chaos particle swarm optimization,improved ant colony optimization,and discrete Rao’s algorithms.The experimental results show the high performance of the proposed discrete Rao-combined ABC algorithm and its obstacle detour capability.

FSA-Net:A Cost-efficient Face Swapping Attention Network with Occlusion-Aware Normalization

The main challenges in face swapping are the preservation and adaptive superimposition of attributes of two images.In this study,the Face Swapping Attention Network(FSA-Net)is proposed to generate photoreal-istic face swapping.The existing face-swapping methods ignore the blending attributes or mismatch the facial keypoint(cheek,mouth,eye,nose,etc.),which causes artifacts and makes the generated face silhouette non-realistic.To address this problem,a novel reinforced multi-aware attention module,referred to as RMAA,is proposed for handling facial fusion and expression occlusion flaws.The framework includes two stages.In the first stage,a novel attribute encoder is proposed to extract multiple levels of target face attributes and integrate identities and attributes when synthesizing swapped faces.In the second stage,a novel Stochastic Error Refinement(SRE)module is designed to solve the problem of facial occlusion,which is used to repair occlusion regions in a semi-supervised way without any post-processing.The proposed method is then compared with the current state-of-the-art methods.The obtained results demonstrate the qualitative and quantitative outperformance of the proposed method.More details are provided at the footnote link and at https://sites.google.com/view/fsa-net-official.

Study on pricing decision of new energy vehicle supply chain under Baa S model

Based on the Baa S model,a new energy vehicle supply chain game model composed of battery-swapping operators and vehicle manufacturers was constructed,and the corresponding optimal decisions of the supply chain members were obtained.The influence of related parameters on the equilibrium results was analyzed,and the Matlab was used for example analysis.The results show that:(1)The increase in the average consumer commuter mileage over the life of the vehicle can promote the increase in the demand for new energy vehicles and the profits of the supply chain members,which has a driving effect on the development of the battery swap industry.(2)Consumer sensitivity coefficient to the price of battery swap has a negative impact on battery-swapping price,new energy vehicle price,market demand for new energy vehicles,and profits of vehicle manufacturers and battery-swapping operators.

Automatic Driving Material Handling Vehicle Station Location and Scheduling Mathematical Modeling and Analysis

Traditional material handling vehicles often use internal combustion engines as their power source, which results in exhaust emissions that pollute the environment. In contrast, automated material handling vehicles have the advantages of zero emissions, low noise, and low vibration, thus avoiding exhaust pollution and providing a more comfortable working environment for operators. In order to achieve the goals of “peaking carbon emissions by 2030 and achieving carbon neutrality by 2060”, the use of environmentally friendly autonomous material handling vehicles for material transportation is an inevitable trend. To maximize the amount of transported materials, consider peak-to-valley electricity pricing, battery pack procurement, and the construction of charging and swapping stations while achieving “minimum daily transportation volume” and “lowest investment and operational cost over a 3-year settlement period” with the shortest overall travel distance for all material handling vehicles, this paper examines two different scenarios and establishes goal programming models. The appropriate locations for material handling vehicle swapping stations and vehicle battery pack scheduling schemes are then developed using the NSGA-II algorithm and ant colony optimization algorithm. The results show that, while ensuring a daily transportation volume of no less than 300 vehicles, the lowest investment and operational cost over a 3-year settlement period is approximately 24.1 million Yuan. The material handling vehicles follow the shortest path of 119.2653 km passing through the designated retrieval points and have two shortest routes. Furthermore, the advantages and disadvantages of the proposed models are analyzed, followed by an evaluation, deepening, and potential extension of the models. Finally, future research directions in this field are suggested.

Design and Implementation of Quantum Repeaters:Insights on Quantum Entanglement Purification

Quantum communication is a groundbreaking technology that is driving the future of information transmission and communication technologies to a new paradigm.It relies on quantum entanglement to facilitate the transmission of quantum states between parties.Quantum repeaters are crucial for facilitating long-distance quantum communication.These quantum devices act as intermediaries between adjacent communication channel segments within a fragmented quantum network,allowing for entanglement swapping between the channel segments.This entanglement swapping process establishes entanglement links between the endpoints of adjacent segments,gradually creating a continuous entanglement connection over the entire length of the transmission channel.The established quantum link can be utilized for secure and efficient quantum communication between distant sender and receiver nodes.This study focuses on quantum entanglement purification,a protocol aimed at maintaining high fidelity entangled states above the operational threshold of the communication channel.This study investigates the optimal stage for executing the purification protocol and applies optimization schemes to evaluate various purification protocols.We use IBM Qiskit for circuit implementation and simulation.The results offer valuable insights into future approaches to implementing practical quantum repeaters and shed light on existing and anticipated challenges.

A Protocol for Conversion of Path-Spin to Spin-Spin Quantum Entanglement

The present model deals with a protocol which involves the generation and conversion of entanglement from pathspin(P-S)hybrid entanglement associated with half-spin particle to spin-spin(S-S)interparticle entanglement.This protocol finds its applications in quantum information processing via a series of operations which include a beam splitter,spin flipper,spin measurement,classical channel,unitary transformations.Finally,it leads to two particles having completely entangled spin variables,without any requirement of any simultaneous operation on the two particles.

内蒙古河套灌区灌溉入渗对地下水的补给规律及补给系数

为准确估计内蒙河套灌区灌溉水入渗补给地下水量,采用试验研究与数值模拟相结合的方法,分别根据灌水前后地下水位变化和土壤含水率变化计算了灌溉水入渗补给地下水系数,并依据土壤水动力学原理,采用数值模拟验证,得到作物生育期灌溉补给地下水系数为0.15,秋浇灌溉补给地下水系数为0.3。河套灌区地下水位埋深相对较浅,通过灌水前后的土壤含水率变化情况和数值模拟结果显示,灌水2～4d补给地下水量达到最大,8～10d后即完成对地下水的入渗补给,不同灌水量灌溉水入渗规律基本一致,入渗补给量和入渗时间与灌溉水量直接相关。研究结果将为确定维持灌区生态环境良性发展的引水量阈值提供参考。

河套灌区咸水灌溉试验研究

以内蒙古河套灌区红卫节水示范园的咸水灌溉试验为基础,以荷兰Wageningen农业大学等单位开发的土壤—水分—大气—作物系统模拟软件SWAP为工具,应用示范园的土壤、水、盐分试验资料对模型的参数进行了率定和验证。在此基础上设计了示范园不同灌溉水量、不同灌溉方式、不同灌溉次数的多种灌溉方案,并应用SWAP模拟了各种方案的水盐平衡。以作物产量为指标,采用正交设计进行直观分析,提出了适合当地条件的以咸淡水轮灌作为灌溉方式,灌水3次,灌溉定额2812.5m3/hm2的咸水灌溉指导方案。研究结果对河套地区的咸水利用具有一定的借鉴意义。

苏北滩涂水稻微咸水灌溉模式及土壤盐分动态变化

为研究微咸水灌溉对水稻水分利用效率和土壤盐分动态的影响，利用田间试验资料对SWAP（Soil—Water-Atmosphere．Plant）模型进行了率定和验证。用验证认可的模型模拟并分析了水稻生育期水盐运移规律和水稻水分利用效率，并预测了长期微咸水灌溉对土壤盐分的影响。结果表明：1．5mg／cm3矿化度微咸水足量灌溉可以获得较高的产量和水分利用效率；各微咸水处理在60-90cm土层均出现不同程度的盐分累积现象，具体累积深度和土壤盐分浓度与灌水量和灌水矿化度有关；采用1．5mg／cm2矿化度微咸水进行微咸水长期灌溉研究，10a的模拟结果显示此灌溉制度不会引起0—100cm土层土壤次生盐渍化。该研究为滨海地区微咸水合理利用提供了理论依据。

宁夏引黄灌区春小麦微咸水灌溉管理的模拟

为探讨宁夏引黄灌区春小麦适宜的微咸水灌溉管理模式,该文根据2007年田间试验的实测资料,应用SWAP模型在田间尺度上对微咸水灌溉条件下春小麦田间土壤水盐运移规律和灌溉制度进行模拟,对拟定的各种灌溉方案进行评价分析。结果表明,率定与验证的SWAP模型可用于当地微咸水灌溉管理,在当地微咸水与引黄水为1︰1的混灌条件下,试验年份春小麦优化灌溉方案为全生育期灌4水(分蘖水、拔节水、抽穗水和灌浆水),灌溉定额为2400m3/hm2;在75%和50%降雨年型下,春小麦优化灌溉方案为全生育期灌4水(分蘖水、拔节水、抽穗水和灌浆水),灌溉定额分别为3000m3/hm2和2300m3/hm2;在25%降雨年型下,春小麦优化灌溉方案为全生育期灌2水(拔节水和抽穗水),灌溉定额为2000m3/hm2。该研究所提出的优化灌溉模式对于引黄灌区微咸水高效灌溉利用具有一定的指导意义。