Optimal asset allocation for pension funds under mortality risk during the accumulation and decumulation phases

In a financial market with one riskless asset and n risky assets whose prices are lognormal, we solve in a closed form the problem of a pension fund maximizing the expected CRRA utility of its surplus till the (stochastic) death time of a representative agent. We consider a unique asset allocation problem for both accumulation and decumulation phases. The optimal investment in the risky assets must decrease during the first phase and increase during the second one. We accordingly suggest it is not optimal to manage the two phases separately, and outsourcing of allocation decisions should be avoided in both phases. JEL: G23, G11 MSC 2000: 62P05, 91B28, 91B30, 91B70, 93E20     

A rule-based risk decision-making approach and its application in China's customs inspection decision

This paper addresses a kind of risk decision-making problem existing widely in public administration and business management, which is characterized by (1) occurrence probabilities of states of nature can be estimated by analysing historical observations, but historical observations of different objects are unhomogeneous, (2) the relation between observations and occurrence probabilities of states of nature are affected by some qualitative and quantitative indicators, (3) it is a real-time decision-making problem, that is, there are many decisions for different objects to be made in a limited time, (4) considering decision's execution, impact of resource constrains is an important issue in decision-making process. In this paper, we develop a rule-based approach to address the problem. In the proposed approach, a two-step clustering method is employed to classify objects into categories, and observations in each category can be approximately viewed as homogeneous. For objects in each category, occurrence probabilities of states of nature are estimated by logistic regression, and the decision rule is obtained through solving an optimization model, which is to minimize the total decision risks while satisfying resource constrains. Effect and efficacy of our approach are illustrated through its application to China's customs inspection decision.     

Magnetic properties of nickel-zinc ferrites synthesized from liquid solutions produced in chemical and electrochemical processing of metals

Nickel-zinc ferrite was prepared by coprecipitation from liquid waste formed in chemical and electrochemical processing of metals.     

基于反相位脉冲技术的生物组织谐波成像研究

理论及实验研究了反相位脉冲技术在生物组织二次谐波成像中的应用。结合有限振幅声波的非线性传播理论,从理论上证明了反相位脉冲技术可有效抑制基波信号,同时二次谐波信号增强两倍,轴向及径向声场的实验测量结果基波被抑制30～50dB,二次谐波提高6dB,与理论相符。建立了相应的成像系统,对若干生物离体组织进行了基于反相位脉冲相位技术的二次谐波成像,并与常规的基波及二次谐波图像对比,进一步证明了该技术能有效提高图像的对比度和清晰度。     

An Enhancement of the Drezner—Wesolowsky Algorithm for Single-Facility Location with Maximin of Rectilinear Distance

In this note, we examine the algorithm of Drezner and Wesolowsky for locating a facility with maximin rectilinear distance to a given set of demand points. The concept of the closest-point constraint is introduced as a technique for increasing the efficiency of the algorithm. This potential increase in efficiency is demonstrated by an example.     

Modelling treatment effects in the HIV/AIDS epidemic

Advances in recent treatments for HIV/AIDS patients have shown dramatic outcomes in extending the incubation period and AIDS survival time, while also providing significant improvements in the quality of patients' lives. A compartmental model is proposed to analyse the effects of the various treatment regimens which have been introduced. The results produced are in good agreement with routinely collected data relating to levels of HIV/AIDS incidence and prevalence in the UK homosexual population. Some parameter values within the model are obtained from surveys, census results, etc, but others are derived using a maximum likelihood estimation procedure. Finally, the model is used to project levels of incidence and prevalence over the next few years, and to investigate several possible scenarios.     

Rational Homotopy Theory and Nonnegative Curvature

in this note, we answer positively a question by Belegradek and Kapovitch about the relation between rational homotopy theory and a problem in Riemannian geometry which asks that total spaces of which vector bundles over compact non-negative curved manifolds admit （complete） metrics with non-negative curvature.     

Double neutron/proton ratio of nucleon emissions in isotopic reaction systems as a robust probe of nuclear symmetry energy

The double neutron/proton ratio of nucleon emissions taken from two reaction systems using four isotopes of the same element, namely, the neutron/proton ratio in the neutron-rich system over that in the more symmetric system, has the advantage of reducing systematically the influence of the Coulomb force and the normally poor efficiencies of detecting low energy neutrons. The double ratio thus suffers less systematic errors. Within the IBUU04 transport model the double neutron/proton ratio is shown to have about the same sensitivity to the density dependence of nuclear symmetry energy as the single neutron/proton ratio in the neutron-rich system involved. The double neutron/proton ratio is therefore more useful for further constraining the symmetry energy of neutron-rich matter.     

On local optima in multiobjective combinatorial optimization problems

In this article, local optimality in multiobjective combinatorial optimization is used as a baseline for the design and analysis of two iterative improvement algorithms. Both algorithms search in a neighborhood that is defined on a collection of sets of feasible solutions and their acceptance criterion is based on outperformance relations. Proofs of the soundness and completeness of these algorithms are given.     

A note on the acyclicity of the Koszul complex of a module

We prove the vanishing of the Koszul homology group H _μ(Kos(M)_μ), where μ is the minimal number of generators of M. We give a counterexample that the Koszul complex of a module is not always acyclic and show its relationship with the homology of commutative rings.