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主管:中国科学院
主办:中国优选法统筹法与经济数学研究会
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Table of Content

    20 August 2017, Volume 25 Issue 8 Previous Issue    Next Issue
    Articles
    Influence Factors VS.Developments of China's Household Carbon Emissions
    WANG Hui-juan, XIA Yan
    2017, 25 (8):  1-10.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.001
    Abstract ( 1341 )   PDF (1677KB) ( 1391 )   Save
    Due to the pressure of "carbon emission peak" target in 2030, it's extremely urged to industrial transform and upgrade and residential low carbon development. As a vital component in gross domestic product, household consumption will cause carbon emission that can give impetus to new round carbon emission in the future. Based on the international input-output tables, carbon emission of Chinese household consumption in 1995-2009 is calculated by using the method of non-competitive input-output analysis. Secondly, by using structural decomposition model, the influencing factors of carbon emission variation are analyzed and the effect of national emission reduction policy in 2007 is investigated. Furthermore, how consumption carbon emissions should develop until 2030 is forecasted by using regression model. Empirical results show that even though the carbon emission of household consumption causes a remarkable increasing trend on total national carbon emission during the study period, it still on the way of low carbon emission development under structural and factors influencing perspective. Especially, though analyzing the implementation effect of low carbon policy in 2007, it is found find that the policy doesn't fail to reduce emissions, it leads the carbon intensity, technology, consumption structure and popularity to an emission reduction way. Also, consumption scale per capita is the critical factor in carbon emission increasing which caused by household consumption. In conclusion, our emission reduction efforts do not decrease at the expense of residents' demand, which is necessary for our low carbon development during the special economy and consumption development phase.
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    Analysis of Yield and Volume in China's Stock Market-Based on IVQR Models
    REN Yan-yan, Li Shao-min
    2017, 25 (8):  11-18.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.002
    Abstract ( 1443 )   PDF (1923KB) ( 1261 )   Save
    Based on quantile regression models, the correlation between volumeand yield on different levels is studied.In order to eliminate the influence of yield's level to the volume, an instrumental variable and instructa IVQR model are introduced, based on which the effect of volume on yield of different levels can be analyzed objectively.Monte Carlo simulation shows that IVQR estimator has less bias and stronger robustness.In empirical analysis,it is found that yield and volume are positively correlated if the yield is on a high level, the higher the level is,the larger the correlation will be;and that yield and volume arenegativelycorrelated if the yield is on a low level, the lower the level is,the larger the correlation will be.We also find that the volume's effects on yields of most levels are similar.The outcome simultaneously shows that IVQR can dispose the endogeneity in models.
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    Dynamic Measurement of Extreme Risk among Various Crude Oil Markets Based on R-vine copula
    YANG Kun, YU Wen-hua, WEI Yu
    2017, 25 (8):  19-29.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.003
    Abstract ( 1149 )   PDF (1184KB) ( 728 )   Save
    In recent years, the strong fluctuations in crude oil prices bring many uncertain factors to the stable development of real economy, so there is an important theoretical and practical significance in accurately characterizing and predicting the extreme volatility riskamong various crude oil markets. In this paper, combining extreme value theory(EVT) with fivecategories of R-vine copula models, the extreme dependence relationship between six crude oil markets is depicted. Based on that the value at risk(VaR) and expected shortfall(ES) models are constructed to measure the out-of-sample extreme risk using a sliding time window method. Finally, a backtesting for unconditional coverage and backtesting based on bootstrap are, and carried out the VaR and ES measurement accuracy of different models is compared. The empirical results are summarized as follows:(1) Mixed R-vine-EVT model can describe the extreme dependence relationshipamong various crude oil marketsmore excellent and show a better risk measures efficiency.(2) VaR model can well depict the riskstatusat low risk levels, while the measure precision at high risk levels is insufficient. On the contrary, ES model shows a better risk measurement capability at the high risk levels.Accordingly, some practical suggestions are put forward e.g., investors should introduceextreme value theory to describe the extreme risk situation of crude oil markets; under the background of sharp fluctuations in international crude oil prices, Mixed R-vine model can more adapt to the changes of dependency relationship among various crude oil markets.
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    Analysis of Balanced Portfolio Strategy and Determinants on China's Social Security Fund under the New Normal Economic State——Based on the Comparison of Shanghai and Shenzhen
    WANG Zeng-wen
    2017, 25 (8):  30-38.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.004
    Abstract ( 1006 )   PDF (1044KB) ( 733 )   Save
    The social security fund is becoming the focus of personal, social and governmental concern point. It is not only because of the fund itself, but also because that the social security fund belongs to the system and social attributes. From the viewpoint of the current social security fund investment channels, almost more than 90% investment is concerned with banks and the purchase of Treasury bonds. In view of this, the modern portfolio theory model and the robust test are adopted to analyze the lopsided effect of social security fund investment strategy. Empirical analysis results show that this single investment strategy, the current financial market development, the National Council for social security fund of social security fund investment channels and investment proportion limit the positive correlation is significant. However, in the current financial market development pattern, the social security fund invested heavily banks and bonds will result in "hedge" under the strategy of "depreciation" pattern generation. In view of the results of this study, it should be gradually put the social security fund investment strategy for single value-added government gradually transition to the equilibrium investment strategy by the society dominated by multiple channels. In this regard, the government leading behavior should gradually transit to the market behavior, and the government should return to its supervision and service responsibilities.
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    Dynamic Portfolio Choice based Bayesian Learning Approach
    GUO Wen-ying
    2017, 25 (8):  39-45.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.005
    Abstract ( 1068 )   PDF (1589KB) ( 1084 )   Save
    In this paper, the optimal dynamic portfolio choice is analyzed under Bayesian learning. Assuming that there are two kinds of risky assets, the returns of each asset are predictable by unobservable predictor, and risks of each asset have both systematic and own risks. The empirical results highlight that the proportion of the investor's wealth invested in every risky asset is decreasing with the degree of risk aversion over short horizon, but it is opposite when the investment horizon is long. When the degree of risk aversion is constant, the Bayesian learning makes different about the long and short-horizon investment strategy. This critical point decreases with the degree of risk aversion of investor. The correlation between risk assets and the unobservable predictor is inversely proportional to the size of the risk of asset.
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    Nonlinear Shrinkage Estimation of High Dimensional Conditional Covariance Matrix and its Application in Portfolio Selection
    ZHAO Zhao
    2017, 25 (8):  46-57.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.006
    Abstract ( 1278 )   PDF (1590KB) ( 1133 )   Save
    It is well known that the traditional maximum likelihood estimation of GARCH model is severely biased in high dimensions. In this paper, the nonlinear shrinkage method proposed by Ledoit and Wolf is used to estimate DCC and BEKK models. In particular, the initial sample covariance estimator in maximum m-profile quasi-likelihood estimation (MMLE) proposed by Engle et al. is substituted by the nonlinear shrinkage estimator, which turns out to largely improve the estimation efficiency of high dimensional DCC and BEKK models, and for the first time, makes the valid estimation possible when the sample size is larger than the time series dimension. Based on the Percentage Relative Improvement in Average Loss (PRIAL), the Monte-Carlo simulations verify the obvious superiority of the nonlinear shrinkage substitution over the usual DCC and BEKK, which even strengthens as the ratio between sample size and time series dimension increases. Besides, for both DCC and BEKK, the performance of nonlinear shrinkage estimation is better than that of linear shrinkage, while linear shrinkage estimation is better than the usual estimation. Furthermore, the performance of DCC is better than BEKK, and the optimizing effect of nonlinear shrinkage on DCC is more significant than on BEKK. Finally, in the empirical part, using daily stock return data from the Center for Research in Security Prices (CRSP), the global minimum variance (GMV) portfolios of stocks traded in NYSE and NASDAQ are constructed based on various methods, and their real variances are compared. The empirical result supports the important role nonlinear shrinkage plays in promoting the estimation of high dimensional conditional covariance matrix, and thus in optimizing the portfolio selection.
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    Study on Asymmetric Effect of Risk Transmission between Different Financial Sectors in China
    ZENG Yu-feng, JIAN Zhi-hong, PENG Wei
    2017, 25 (8):  58-67.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.007
    Abstract ( 1026 )   PDF (1567KB) ( 876 )   Save
    Ever since the 2008 global financial crisis, the supervision of systemic financial risk has been a hot topic in the field of academic and policy-making departments, both at home and abroad. Especially since 2012, financial system reform began to accelerate, and investment constrain have been gradually deregulated. The extensive relevance and intersectionality of the financial services business brought about significant changes in the financial sector, which led to a substantial increase in systemic financial risk.The multivariate quantile regression model provides a good tool for analyzing systemic risk. Considering the deficiency of original MVMQ-CAViaR model ignores the asymmetric impacts of positive and negative shock. In this paper, it is extended to asymmetric MVMQ-CAViaR model and joint asymmetric MVMQ-CAViaR model. Subsequently, these models are used to study China's financial industry risk transmission effect between different sectors. Then both Kupiec LR(likelihood ratio) test and dynamic quantile test are used to backtest the prediction performance of these models.
    The results show that:Banks have significant spillover effects on securities and insurance sectors, while securities can just unidirectional absorb other sectors' risk;The impacts of good and bad news exhibit leverage effect to some extent to their own as well as other sectors. In general, negative shock has greater effect than positive effect. Furthermore, joint negative impact will amplify the current risk level;Two newly constructed models can significantly improve the risk prediction accuracy, and joint asymmetric MVMQ-CAViaR model is relatively more competitive.
    Important practical and social implication are suggested.First of all. Regulators should pay special attention on strengthening the disclosure system of bank risk and the transparency of bank financial information. Then policy makers should strengthen the macro-prudential regulatory requirements and build good co-operation relationship between different industries in order to deal with emergency warning system.
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    Long and Short Term Impacts to Global Oil Prices
    HAN Li-yan, ZHEN Zhen, CAI Li-xin
    2017, 25 (8):  68-78.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.008
    Abstract ( 1093 )   PDF (1256KB) ( 759 )   Save
    The global oil price is an endless issue in research. After tumbling in twelve years, oil price comes back to its origin in 2003 with thirty dollar a barrel. In the paper, new evidence to long and short impact factors which influence oil prices is provided in the new stage of globalization in the new century, by applying several dynamic econometric models with monthly data. It is found that, firstly, international trade and the US dollar index are the most important positive impact factor and negative impact factor, respectively, in term of elasticity. As the real economic signal, the impact of GDP is weaker than that of international trade;secondly, the speculative proportion is a driver to oil price while its impact is dominated and induced by international trade; thirdly, the related variables for both the real and virtual economy are co-integrated with oil prices, working as the attractor in the short term volatility. It is also revealed that the oil price in the new century possesses the clear and robust lagged effect for one month momentum and two month inversion. Therefore, we should pay close attention to the international trade and the US dollar index for predicting the trend of global oil prices.
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    Co-evolutionary Analysis on the Composite System of Insurance, Credit and Stock Markets
    REN Teng, ZHOU Zhong-bao
    2017, 25 (8):  79-88.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.009
    Abstract ( 1092 )   PDF (1030KB) ( 946 )   Save
    The co-evolution analysis is critical for managers to understand the internal mechanism of composite system, without exception to financial system with insurance, banking and stock markets. There are only few researches on the issue of the composite system with two subsystems using time series, and how to assess the dynamic relationship of the composite system with three or more subsystems is underestimated. Especially, the lag effect across different subsystems is very common in the real world, and some economic and management policy as well as major events have remarkable effects on the operation of composite system. Furthermore, considering the fact that the sample in time series is always ineffective to estimate the coefficients in the co-evolutionary equation, it is necessary to propose a new method which can be applied to panel fata. To overcome the three drawbacks, in this paper, a general framework is built.
    Based on the theoretical analysis of the linkages among insurance, credit and stock markets, combining synergistic theory and the improved PSO based on dynamic neighbor topology and local search (DNLPSO), a dynamic co-evolution model is proposed for analyzing the development process of three opening multiplexed system. The computation method for order degree is constructed on the basis of DEAHP, and then the corresponding computational approach is given based on DNLPSO algorithm. Further, the stability analysis of the new co-evolutionary model is given. With the nonlinear relationship among differentsubsystems taken into consideration, the parameters of structural change and lag structures depict the impact of major events and lag effects. Using provincial penal data, the empirical study of coordination evolves in insurance, credit and stock composite systems covering 2004-2013 is unfolded. Results indicate that this model reflects the effects of lag structures and the 2008 financial crisis well, and manifests this complicated system's partial relevance and the whole evolution trends stable completely, and puts forward a basic paradigm for empirical analysis on co-evolution of three composite systems.
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    The Impact of Government Guarantee on Efficiency of PPP Projects
    ZHANG Lu, SHI Lei, DAI Da-shuang, MA Li
    2017, 25 (8):  89-102.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.010
    Abstract ( 1068 )   PDF (1196KB) ( 882 )   Save
    In recent years, public-private partnerships (PPPs) have been widely applied to infrastructure projects in China. Due to the great financial risks of PPP projects, the government often provides guarantees for these projects to attract private participation. However, although the guarantee reduces the cost of the debt, it may also lead to opportunistic behaviors on the part of the private company. Focusing on the renegotiation between project company and the bank when project risk occurs, the debt contract for a PPP project is formulated in the form of an incomplete contract model and the impacts of government guarantee on both ex-ante (before the renegotiation) and ex-post (after the renegotiation) efficiencies of the project are analyzed. Ex-ante efficiency loss caused by asset substitution may arise from incompleteness of debt contract and limited recourse of project financing. Meanwhile, ex-post efficiency loss arises from project termination, when the project company has failed to meet its debt obligations and cannot obtain additional loans from the bank. First, basic model investigates conditions that trigger the ex-ante asset substitution and ex-post project liquidation in the incomplete debt contract, via which the project company determined by a competitive bidding raises project funds. Based on the basic model, how the government guarantee influences the ex-ante and ex-post efficiencies of the project in government guarantee model is analyzed. Furthermore, contractual deposit system is introduced to improve the effects of government guarantee. The results indicate that competitive bidding cannot prevent the occurrence of both asset substitution and project termination. Although government guarantees can avoid ex-post project termination, they cannot prevent asset substitution. Therefore, the government should take the tradeoff between ex-ante efficiency loss and ex-post efficiency improvement into account when adopting the government guarantee. Finally, it is found the contract deposit system is complementary to the government guarantee to improve the social efficiency as well as the financial efficiency. The results obtained in this paper provide a theoretical support for the implementation of PPP projects.
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    Inventory Rationing and Money-Back Guarantees with Heterogeneous Strategic Consumers
    DUAN Yong-rui, XU Jian
    2017, 25 (8):  103-113.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.011
    Abstract ( 1133 )   PDF (1687KB) ( 1042 )   Save
    More and more retailers are willing to offer consumers money-back guarantees in regular seasons,which allows customers to return products that do not meet their expectation for a full refund. On the other hand,some consumers often wait to buy until the price mark down in clearance season, and this strategic behavior has a great impact on retailer's inventory and product returns strategies due to the uncertainty of demand. In the meantime, the strategic consumers have the risk of stockout in the clearance season, so they need to decide whether to buy in the regular season. In view of the complex behavior of the consumers, some retailers are attempting to reduce the loss by rationing the inventory reasonably. In this paper, the inventory rationing decisions and consumer return policies are examined in a two-period setting, where the first period is the regular selling season and the second is the clearance season.In this paper, it is assumed that consumers' valuations of products are heterogeneous and they are uncertain about their satisfaction until receiving the products. In addition, consumers' perceived fill rate is not always consistent with the actual fill rate, which reflects the cautious attitude of consumers. First, the base model without money-back guarantees is formulated and the retailer's optimal inventory rationing strategies are obtained. Then the scenario that the retailer offers money-back guarantees in the first period but not in the second period is analyzed. Through the comparison of these two scenarios, some thresholds for the retailer's money-back guarantees are identified.Our study shows that:markdown pricing is optimal when the range of consumers' valuations is large, otherwise uniform pricing is preferred; in the case of no-return, the number of consumers who purchase in regular season is increasing in consumers' satisfaction of products; in the case with money-back guarantees, the number of consumers who purchase inregular season is increasing in both retailer's and consumer's returns cost. Further more the profits under the cases of no-return and money-back guarantees are compared, and the conditions of implementing different returns policies are given.By comparing the case with myopic consumers and that with strategic consumer, it is found that the retailer suffers a loss due to consumers' strategic behavior. Finally, some numerical examples are present to investigate the impacts of consumers' satisfaction, return cost and price on the retailer's optimal decisions and profit. The results of this study can help managers develop better inventory rationingand product return policies.
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    Research on the Route Optimization of Ambulance Treatment and Transportation after Disaster Based on the Injured Classification
    WANG Jing, LIU Hao-tian, Huang Jun
    2017, 25 (8):  114-122.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.012
    Abstract ( 950 )   PDF (1721KB) ( 831 )   Save
    The rescue of the wounded after the disaster is the core of the post disaster relief work. The number of ambulances compared to the quantity of casualties is obviously insufficient,so the rescue to the wounded is very difficult. However, the severity of the wounded is on the different level. According to "Emergency Time Window" theory, rescuing those who are badly wounded in the first hours after disaster can greatly improve their chance of survival. Beyond the "Emergency Time Window", the badly wounded have less rescuing value than the slightly wounded gradually. In short, the wounded should be classified according to their different characteristics and ambulance resources should be coordinated.
    In this context, in order to achieve rapid treatment and placement of the wounded in large-scale disaster, and improve the utilization rate of ambulance resources, the triage treatment and transportation rescue mode, namely taking local treatment to the slightly injury and transporting the badly wounded into hospital by ambulances is proposed. Trauma index is used to calculate the change of the severity of the wounded during the waiting period. The optimization goal is to minimize the trauma index of all wounded, and the Multi-Trip, Split-Demand ambulance VRP mathematical model(MTSD-VRP) is established.
    Based on the aboveissues, an approach base-on tabu search algorithm considering vehicle trips is developed for ambulance path optimization. The algorithm uses the "vehicle trip pool" to preserve the trips in better solution and generate new trips, and design the search operator and search strategy based on the trip. The algorithm flow mainly includes the trip generating process, the trip distribution process and the trip refreshing process.
    The simulation result shows that the MTSDVRP model and the tabu search algorithm is suitable for ambulance path optimization with wounded classification. The data used in numerical simulation is primarily references to the actual situation of Ya'an City, Sichuan Province. The MTS-DVRP model with wounded classification and the tabu search algorithm based on the vehicle trip can be used as reference for other related studies.
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    Analysis on Collaborative Governance of Regional Contingencies based on Evolutionary Game Theory
    XU Song-he, HAN Chuan-feng, SHAO Zhi-guo
    2017, 25 (8):  123-133.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.013
    Abstract ( 946 )   PDF (2184KB) ( 1094 )   Save
    Regional contingencies are becoming more frequent occurrences along with the advancement of China's regional economic integration. Collaborative governance becomes the inevitable choice of local government in one area. China's increasing emphasis on regional cooperation in response to emergencies, emphasizing the coordination of local government organizations within the region, but with little success. For the collaborative governance of regional contingencies, evolutionary process of decision among local government from the perspective of evolutionary game theory is discussed. The evolutionary game model considering fixed cost and social capital of decision between local governments is established. Behavioral evolutionary law and evolutionarily stable strategies are given. The sensitive to initial value in evolutionary paths of local government behavior is analyzed. The results show that the evolutionary paths of collaborative governance of regional contingencies are complicated. Evolutionary stable state depends on the initial status of the strategy and social capital and fixed costs of local government. The organizational behavior in regional emergent event cooperation governance is studied from the perspective of dynamic game. The conclusion of this study can provide guidance for the optimization ofcollaborative governance mechanism.
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    Grey Wave Forecasting Model with Generalized Contour Lines and its Application
    CHEN Yan-hui, LIU Bin
    2017, 25 (8):  134-139.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.014
    Abstract ( 938 )   PDF (1518KB) ( 800 )   Save
    In this paper, a modified grey wave forecasting model with generalized contour lines is proposed to forecast time series which is increasing (or decreasing) and fluctuating with time. The modified model identifies the slope of contour lines through a linear regression model with time trend and estimates the regression model with ordinary least square method. And then a set of parallel lines between the minimum and maximum values of original data series are chosen as the generalized contour lines. In the last step, GM(1,1) models are established based on the elements in generalized contour time sequences. In the empirical analysis, the proposed model is used to forecast Chinese airline passenger volume, which fluctuates with increasing trend and crude oil price, which fluctuates with decreasing trend in the past several months. The result indicates that grey wave forecasting model with generalized contour lines can improve the accuracy of grey wave forecasting model with horizontal contour lines. Also it is useful to forecast the development of emerging things, since it just uses relatively few sample data.
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    New Information Priority Accumulated Grey Discrete Model and Its Application
    ZHOU Wei-jie, ZHANG Hong-ru, DANG Yao-guo, WANG Zheng-xin
    2017, 25 (8):  140-148.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.015
    Abstract ( 1020 )   PDF (1829KB) ( 966 )   Save
    The accumulated generation is an important part of grey prediction model, which helps mine information and finds the rule in sequence. According to the axiom of new information priority using in grey systems, new accumulated generation operator with parameter is defined, and then the new information priority accumulated grey discrete model (NIPDGM (1,1)) is constructed. Based on four kinds of error minimization criterions (mean squared error, mean absolute error, mean relative squared error, and mean absolute percentage error), the parameters optimization steps are presented. Through numerical simulating, the information weight in NIPDGM (1,1) model with different error criterions is studied. The result shows that the four kinds of optimization form for information weight are almost identical in sequence accumulated generation process. In the empirical analysis, expressway soft soil roadbed settlement and energy consumption problems in Jiangsu province are taken as examples, and the NIPDGM (1,1) modeling is used for two cases. In order to compare the modeling accuracy of new model, other grey model and some artificial intelligence models are also adopted for two cases, such as grey model(GM (1,1)), grey opposite model (GOM(1,1)), grey reciprocal model(GRM(1,1)), discrete grey model(DGM(1,1)), radial basis function(RBF) neural network, support vector machine (SVM) and so on. The results show that the information weights (or the parameter in accumulated generation) are not subjected to the different error minimization methods, which is consistent with the numerical simulating experiment. Compared with GOM (1,1) model, GRM(1,1)model, GM(1,1) model, DGM(1,1)model, grey model with time power (GM (1,1, t2)), and unbiased GM (1,1) power model, NIPDGM (1,1) model has a higher modeling precision in simulating and forecasting period for roadbed settlement. Among RBF neural network, grey accumulation generation RBF neural network (GRBF), support vector machine (SVM), grey accumulated generation support vector machine (GSVM) and NIPDGM (1,1) model for energy consumption modeling, the NIPDGM (1,1) model has a lager error in simulating period, but the smaller error in forecasting period, which indicates that the NIPDGM (1,1) model exhibits better generalization ability. The new accumulated generation operator can also be combined with other grey model, so as to enhance the model accuracy.
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    Demand Information Sharing Strategies in Online Platform Selling Mode
    LUO Chun-lin, MAO Xiao-bing, TIAN Xin
    2017, 25 (8):  149-157.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.016
    Abstract ( 1175 )   PDF (1570KB) ( 884 )   Save
    Recent years have witnessed the development of electronic commerce. A large number of manufacturers have transferred the selling mode from the traditional wholesale mode to the online platform selling mode through a platform such as tmall.com. Under the traditional wholesale mode, the retailer buys the products from the manufacturer and then sells them to the consumers. However, under the online platform selling mode, the platform just provides the service for the manufacturers' selling products and keeps a percentage of the sales revenue. The platform acquires rich market data about sales and consumers, and thus has more accurate demand information than the manufacturers. How to share the demand information strategically in online selling mode is an interesting research question. On the other hand, there often are several competing manufacturers (e.g., different brand manufacturers) that produce the similar products and sell them through a common online platform. In the paper, the information sharing problem is studied based on the approach of game theory with incomplete information, in which the platform firstly offers the information contracting and then the manufacturers determine to accept the offer or not. Our research contributes to the literature in considering the information sharing strategies in online selling mode. The extant researches revealed that sharing information will benefit the firms by earning more profit. However, our analytical results show that when the percentage of commission is large and the economy of scale is high, sharing information may not bring more profits for the platform. When the production is economy of scale, the manufacturer who is uninformed of the demand information, acting as a free rider, may benefit from the behavior that the competing manufacturer acquires the demand information; whereas the production is diseconomy of scale, the uninformed manufacturer will be hurt by such behavior. And the more accurate the information is, the more profit acquiring information will bring.Moreover, our numerical analysis reveals that the pricing of the demand information data decreases in the competing intensity between the manufacturers, whereas the increment of the manufacturer's expected profit resulting from the knowledge of demand information increases in the intensity. And if the platform keeps more percentage of the sales revenue, the value of the demand information will be reduced.
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    An Optimization Model for System Component Selection to Minimize Cost and Combinational Risk
    WU Zhi-qiao, LU Xiang-yuan, MU Li-feng, TANG Jia-fu
    2017, 25 (8):  158-165.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.017
    Abstract ( 977 )   PDF (1272KB) ( 929 )   Save
    In contrast to the traditional process of product development, Component-Based Development (CBD) focuses on building products by integrating previously-existing components. So to start with, an available set of components should be identified. In this paper, this major problem of component-based system development involves the effective evaluation and selection alternative system components is addressed by considered the cost and combinational risk factors. Based on a bi-objective 0-1 integer programming, an optimization model is proposed that can assist decision-makers in selecting system components for minimizing cost and combinational risk, and satisfying system requirements. The condition of application of the proposed model is further proposed based on the Maclaurin expansion with second order Lagrange remained term. To solve the model efficiently, a supported efficient solution based algorithm is presented that can find the entire set of efficient solutions. Computational experience also describes in solving the problems using the Metaheuristics and the proposed algorithm.
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    A Modified Three-stage DEA Model with Undesirable Output Consideration——an empirical analysis based on Chinese provincial logistics efficiency
    FAN Jian-ping, XIAO Hui, FAN Xiao-hong
    2017, 25 (8):  166-174.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.018
    Abstract ( 1110 )   PDF (1557KB) ( 673 )   Save
    DEA model in traditional three-stage methods is limited to radial or non-radial measurement methods. This model is only based on technique, scale, and pure technical efficiency, and without considering undesirable output. In this study, a modified EBM-DEA three-stage model is proposed based on the considerations of environmental, economic and technical efficiency, and the environment DEA technology is also used to take undesirable outputs into account in this model. It turns out that the new proposed model can effectively overcome the shortcomings of the traditional method which only considers radial or non-radial. The performance of Chinese provincial logistics industry is evaluated using the proposed model. The results indicate that the environmental efficiency of the logistics industry is low in general and the economic efficiency presents decreasing trend from the east coast to the west inland. The economic efficiency can be improved by strengthening the environmental regulation. The technical efficiencies of the eastern, central and western regions still vary noticeably even external environmental factors and random errors are amended.
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    The Mechanism of How Supervisor Ostracism Impacts on EmployeeVoice Behavior
    LI Cheng-feng, TIAN Ye-zhuang
    2017, 25 (8):  175-183.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.019
    Abstract ( 1238 )   PDF (1046KB) ( 1331 )   Save
    The major purpose of the study is to examine the impact of supervisor ostracism on employee voice behavior in Chinese organizational context. Furthermore,the mediating role of psychological safety and organizational based self-esteem, and the moderating effect of traditionality on the relationship between supervisor ostracism and employee voice behavior are explored. Hierarchical regression analyses on 262 matched samples of employees and supervisors dyads show that:(1)supervisor ostracism related negatively to employee voice behavior;(2) psychological safety and organizational based self-esteem partially mediates the relationship between supervisor ostracism and employee voice behavior;(3) traditionality moderate the relationship between supervisor ostracism and employee voice behavior such that supervisor ostracism has a stronger negative effect on voice behavior when traditionality of employee are low rather than high.
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    Game Research on the Influence of Technical Barriers to Trade on Food Enterprises'Decision Making
    CAO Yu, LI Qing-song, LI Ye-mei
    2017, 25 (8):  184-196.  doi: 10.16381/j.cnki.issn1003-207x.2017.08.020
    Abstract ( 962 )   PDF (12433KB) ( 1054 )   Save
    In recent years,the trend of economic globalization is becoming increasingly obvious and tariff levels are constantly decreasing.However,this is not on behalf of the full liberalization of the global economy and trade.Because technical barrier has its own characteristics,that is concealment,rationality and flexibility.It has gradually become the main form of non-tariff barriers.According to the research center of China's technical barriers to trade,the notification of food has reached more than half.As a result,relevant issues related technical trade barriers of food enterprise has caused wide attention of scholars at home and abroad.Besides,available literature shows technical differentiation is one of the crucial reasons of generating technical barriers to trade.However,more research is mainly focused on the causes of technical trade barriers and its influence on export enterprises.There is less study focused on food enterprises'technology choice, while the enterprises will inevitably consider the cost factor at the time they choose technology improvement strategy.In this paper,under the hypothesis of duopoly market, an enterprise of developing country for exporting products as well as an enterprise of developed country for domestic sale is investigated under the circumstances whether there exist technical trade barriers or not.After that,two enterprises'technology selection cost,labor resources cost and product disposal cost in different cases are set up and calcalated so as to get the total cost of product sales process.Based on price-sensitive consumers, product market demand function of two enterprises in both cases is built,which is distinguished with whether technical trade barriers exist.Then the enterprise product price and technology selection decisions objective function is established according to enterprise product price,market demand and the total cost of sales process under two different circumstances.After that,by solving analysis method of two-phase game model,two enterprises' technology selection strategy and the impact of cost on enterprise technology choice in the process of the product sales are discussed in both cases of whether technical barriers to trade exist.Besides,two enterprises' product prices,sales amounts and profit changes under the circumstance of optimal technology selection are compared.Numerical analysis is used to show the practical applicability of the proposed model in context on the basis of apple export trade data in 20 15.The result shows,under the circumstance of no technical barriers,enterprise in developing country won't change the level of production technology;while in the presence of technical trade barrier,enterprises'technology selection strategies will be affected by the cost of disposal cost factors.Furthermore,compared with developed country,the impact of above factors on developing country is more significant,and this effect will further exacerbate with the increase of product recall coefficient.Finally,relevant policy suggestion is put forward that Chinese authorities are supposed to enhance construction of food safety standards,and food enterprises should strengthen their awareness of food safety social responsibility.
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