Stochastic impulse control with regime switching for the optimal dividend policy when there are business cycles,taxes and fixed costs

We consider the problem of finding the optimal dividend policy for a company whose cash reserve follows a Brownian motion with drift and volatility modulated by an observable finite-state continuous-time Markov chain. The Markov chain represents the regime of the economy. We allow fixed costs and taxes associated with the dividend payments. This optimization problem generates a stochastic impulse control problem with regime switching. We solve this problem and obtain the first analytical solutions for the optimal dividend policy when there are simultaneously fixed costs, taxes and business cycles. Our results show that the optimal dividend policy depends strongly on the regime of the economy, on fixed costs and on taxes.     

基于网络均衡的电力市场排污权交易政策研究

本文构建了电力供应链网络均衡模型,网络中包含三级决策主体,分别是:发电厂、电力服务商和用电市场.在分析各级决策者行为的基础上,得到了基于变分不等式的均衡条件,研究了针对发电厂的排污权交易政策设计问题.研究发现:排污交易政策实施后,总排污量不会超过给定的排污权总量;发电厂清洁生产能力的差异对排污权交易政策影响显著.     

Line Broadening and Enthalpy: Some Empirical Calibrations of Solid Solution Behaviour from IR Spectra

Following recent developments in the application of autocorrelation analysis of line broadening in powder absorption IR spectra, the possibility that elastic strain heterogeneities are responsible both for such broadening and for enthalpy variations in solid solutions has been explored systematically. Recent data for five silicate solid solutions, augite-jadeite, almandine-grossular, albite-anorthite, anthophyllite-grunerite and clinoenstatite-clinoferrosilite, are reviewed. Variations in the autocorrelation parameter for line broadening, j corr, scale linearly with calorimetric data for enthalpy variations, j H , associated with cation substitutions and ordering in these systems. It is proposed that, while there may not be a universal calibration of j H in terms of j corr for all structures, it should be possible to produce empirical calibrations for groups of solid solutions with the same basic structure. Variations in j corr at different phonon frequency ranges provide additional insights into the structural mechanisms by which ordering, mixing, displacive and reconstructive processes occur in silicate solid solutions.     

A comprehensive extension of an integrated inventory model with ordering cost reduction and permissible delay in payments

Huang (2010) [1] proposed an integrated inventory model with trade credit financing in which the vendor decides its production lot size while the buyer determines its expenditure to minimize the annual integrated total cost for both the vendor and the buyer. In this paper, we extend his integrated supply chain model to reflect the following four facts: (1) generated sales revenue is deposited in an interest-bearing account for the buyer, (2) the buyer’s interest earned is not always less than or equal to its interest charged, (3) the total number of shipments in one lot size is the vendor’s decision variable to minimize the cost, and (4) it is vital to have a discrimination term which can determine whether the buyer’s replenishment cycle time is less than the permissible delay period or not. We then derive the necessary and sufficient conditions to obtain the optimal solution, and establish some theoretical results to characterize the optimal solution. Finally, numerical examples are presented to illustrate the proposed model and its optimal solution.     

Stable coexistence mediated by specialist harvesting in a two zooplankton–phytoplankton system

This paper deals with a predator–prey model with specialist harvesting, representing a two predators (Zooplankton) and one resource (Phytoplankton) system. First, the existence and stability of equilibria is analyzed both from local and global point of view. Our results indicate that a specialist harvesting which is discriminate may mediate the coexistence of the two zooplankton species which competitively exclude each other in absence harvesting. Although in most cases increasing harvesting reduces the two zooplankton species numbers, when harvesting leads to coexistence, it may also lead to increase the two zooplankton species numbers. Furthermore, to protect fish population from over exploitation a control instrument tax is imposed. The problem of optimal taxation policy is then solved by using Pontryagin’s maximal principle. It is established that the zero discounting leads to the maximization of the net economic revenue to the society and an infinite discount rate leads to complete dissipation of the net economic revenue to the society. Finally, the impact of harvesting is mentioned along with numerical results to provide some support to the analytical findings.     

Real Valuations and Orderings on a Module

The purpose of this article is to introduce the notion of real valuations on modules over commutative rings. These real valuations are characterized by their associated valuation triples, and a necessary and sufficient condition for a module to possess a real valuation is established. Moreover, the close interplay between valuations and orderings on a module is investigated by introducing the compatibility of valuations with orderings. Via the compatibility of valuations with orderings, the reality of valuations on a module also is characterized.     

超声波对合成介孔材料Al-MCM-41的有序度的影响

在超声频率为20 kHz,电功率为500 W的超声波作用下,分别以Al（NO₃）₃和Al₂ （SO₄）₃做铝源合成了具有不同Si/Al比的Al-MCM-41。XRD结果显示,尽管超声波作用下,掺杂杂原子Al也要降低介孔材料的有序度,但其有序度降低的程度比普通水热法要小,超声波的辅助可以在同样反应时间内得到比普通水热法具有更高有序度的Al-MCM-41,即在掺杂过程中,超声波要比普通搅拌有利于介孔材料保持其骨架稳定性。此外考察了超声波作用时间对产品有序度和粒度的影响。     

A computational study on fill rate expressions for single-stage periodic review under normal demand and constant lead time

This paper reviews fill rate expressions for a single stage periodic review inventory system under normal demand and constant lead time, discusses the relationship among all expressions in the literature, and evaluates their robustness and accuracy. Monte Carlo simulation is used to numerically compare all expressions. We present conditions under which some expressions produce higher values than others.     

Boosting Charge Transport in a 2D/3D Perovskite Heterostructure by Selecting an Ordered 2D Perovskite as the Passivator

We demonstrate that an ordered 2D perovskite can significantly boost the photoelectric performance of 2D/3D perovskite heterostructures. Using selective fluorination of phenyl-ethyl ammonium (PEA) lead iodide to passivate 3D FA_0.8Cs_0.2PbI₃, we find that the 2D/3D perovskite heterostructures passivated by a higher ordered 2D perovskite have lower Urbach energy, yielding a remarkable increase in photoluminescence (PL) intensity, PL lifetime, charge-carrier mobilities (ϕμ), and carrier diffusion length (L_D) for a certain 2D perovskite content. High performance with an ultralong PL lifetime of ≈1.3 μs, high ϕμ of ≈18.56 cm² V⁻¹ s⁻¹, and long L_D of ≈7.85 μm is achieved in the 2D/3D films when passivated by 16.67 % para-fluoro-PEA₂PbI₄. This carrier diffusion length is comparable to that of some perovskite single crystals (>5 μm). These findings provide key missing information on how the organic cations of 2D perovskites influence the performance of 2D/3D perovskite heterostructures.