Optimal assets allocation and benefit outgo policies of DC pension plan with compulsory conversion claims

In this paper, we study optimal asset allocation and benefit outgo policies of DC (defined contribution) pension plan. We extend He and Liang model (2013a,b) to describe dynamics of individual fund scale during distribution period. The fund scale is affected by investment return, benefit outgo and mortality credit. The management of the pension plan controls the asset allocation and benefit outgo policies to achieve the objective of pension members. The goal of the management is to minimize accumulated deviations between the actual benefit outgo and a pre-set target during the whole distribution period. The performance function (criterion) is the weighted average of the square and linear deviations to express more penalty on negative deviation than positive deviation. Using HJB (Hamilton–Jacobi–Bellman) equations and variational inequality methods, the closed-forms of the optimal policies are derived. The counterintuitive effect of the optimal proportion allocated in the risky asset with respect to the fund scale is also derived, and the optimal benefit outgo has the form of the spread method. Moreover, we use Monte Carlo Methods (MCM) to analyze economic behaviors of the optimal asset allocation and benefit outgo policies.     

Application of complexation high-speed counter-current chromatography in the separation of 5-hydroxyisoflavone isomers from Belamcanda chinensis (L.) DC

A novel separation technique of complexation high-speed counter-current chromatography (HSCCC) using copper ion as a complexation agent was first developed to isolate 5-hydroxyisoflavone isomers from Belamcanda chinensis (L.) DC. According to the partition coefficient and separation factor, the two-phase solvent system composed of light petroleum-ethyl acetate-methanol-water (3:5:3:5, v/v) and copper nitrate (0.10mol/L in the lower phase) was selected. 9.2mg isoirigenin (1), 46.4mg irigenin (2) and 1.2mg 5,7,4'-trihydroxy-6,3',5'-trimethoxyisoflavone (3) were simultaneously purified from 100mg crude extract by HSCCC with the purity of 95.06%, 96.98% and 93.69%, respectively. As evidenced by the results of UV-Vis spectroscopy, the stoichiometries of the copper ion with the three 5-hydroxyisoflavones were all 1:1 and their chelating power was 3>2>1. Those explained the complexation HSCCC behavior. It is the first report that includes the practical application of complexation HSCCC and explanation of its chromatographic behavior.     

Optimal investment strategies and risk-sharing arrangements for a hybrid pension plan

A continuous time stochastic model is used to study a hybrid pension plan, where both the contribution and benefit levels are adjusted depending on the performance of the plan, with risk sharing between different generations. The pension fund is invested in a risk-free asset and multiple risky assets. The objective is to seek an optimal investment strategy and optimal risk-sharing arrangements for plan trustees and participants so that this proposed hybrid pension system provides adequate and stable income to retirees while adjusting contributions effectively, as well as keeping its sustainability in the long run. These goals are achieved by minimizing the expected discount disutility of intermediate adjustment for both benefits and contributions and that of terminal wealth in finite time horizon. Using the stochastic optimal control approach, closed-form solutions are derived under quadratic loss function and exponential loss function. Numerical analysis is presented to illustrate the sensitivity of the optimal strategies to parameters of the financial market and how the optimal benefit changes with respect to different risk aversions. Through numerical analysis, we find that the optimal strategies do adjust the contributions and retirement benefits according to fund performance and model objectives so the intergenerational risk sharing seem effectively achieved for this collective hybrid pension plan.     

Modelling of DC Electric Fields Induced by RF Sheath in Front of ICRF Antenna

Reducing the ICRH (ion cyclotron range frequency) antenna-plasma interaction is one of the key points for reaching very long tokamak discharges. One problem which limits such discharges, is the appearance of hot spots on the surface of the antenna: Radio Frequency (RF) sheaths modify the properties of the edge plasma by rectifying the RF potential along open magnetic field lines and can induce hot spots. This paper investigates the corrections to sheath potentials introduced by the interactions between adjacent flux tubes. Our theoretical study started from an oscillating double Langmuir probe model, in which a transverse influx of current was included. This model was confronted with 1D PIC simulations along a magnetic field line, and demonstrated that current exchanges can decrease mean potentials. A 2D electrostatic fluid code was then developed, which couples adjacent flux tubes in a poloidal cross section with collisional conductivity or polarization currents. It showed that transverse currents are able to smooth structures smaller than a characteristic size in the sheath potential maps (results for Tore Supra). These computed rectified potentials can be used to obtain the DC electric fields in front of the antenna. And then, it gives an estimate of the particle drift and the energy flux on the antenna structure, which can explain hot spots.     

LIA注入器发射度增长机理研究及其抑制措施

根据直线感应加速器(LIA)的特点采用了轴对称直流模型,结合E.P.Lee的理论导出了发射度增长的微分方程,提出了一种直线感应加速器发射度增长的机理,根据该机理计算了从均匀分布到高斯分布的演变过程中发射度增长的大小,指出直线感应加速器(LIA)注入器阶段束流发射度增长主要是由于非线性效应导致的束刨面电流密度分布变化引起的.根据研究结果,提出了相应的抑制发射度增长的措施.     

分派问题的灵敏度分析及其应用

讨论分派问题的效率矩阵的元素发生变化时,对最优解的影响;在保持分派问题最优解不变的情况下,效率矩阵的元素的变化范围;及当分派问题的最优解发生变化后,如何用简单的方法求得新的最优解等.     

紫外光电材料ZnO的反应溅射制备及研究

采用直流反应溅射法分别在Si(111),Si(001),及K4玻璃衬底上制备ZnO薄膜,研究了氧氩比、衬底温度以及退火处理对于晶体结晶质量的影响,发现生长过程中的退火处理提高了薄膜质量和晶面取向.通过优化生长条件,在衬底温度为350℃,氧氩比为1:2的条件下生长出了XRD半高宽为01°、C轴取向高度一致的ZnO薄膜.     

应用微机数模转换接口控制小直流电机的转速

介绍了采用微机数模转换器接口技术实现对小直流电机转速控制的实验方案，并对实验结果进行了讨论．     

A New General Equation of the Polarographic Waves

A new general equation of the polarographic waves that improves the accuracy of the analysis has been obtained. The theoretical approach has been developed for Current Sampled DC Polarography or TAST Polarography, and can be used to study reversible, irreversible and quasi‐reversible waves. In order to facilitate the use of the new equation proposed, we have developed a computer program, TOP v1.0. This version works on Windows 32 bits systems (95/98/NT/Xp).     

直流溅射电致变色NiOxHy膜的研究

采用直流溅射Ni(OH)2粉末压实靶制作了电致变色膜.介绍了制膜工艺,用XRD谱研究了着色前、后膜的结构,XPS谱研究Ni、O的结合.谱响应特性和电化学特性表明,膜的电色活性良好.