A heterogeneous boundedly rational expectation model for housing market

This research aims to test the housing price dynamics when considering heterogeneous boundedly rational expectations such as naive expectation, adaptive expectation and biased belief. The housing market is investigated as an evolutionary system with heterogeneous and competing expectations. The results show that the dynamics of the expected housing price varies substantially when heterogeneous expectations are considered together with some other endogenous factors. Simulation results explain some stylized phenomena such as equilibrium or oscillation, convergence or divergence, and over-shooting or under-shooting. Furthermore, the results suggest that variation of the proportion of groups of agents is basically dependent on the selected strategies. It also indicates that control policies should be chosen carefully in consistence with a unique real estate market during a unique period since certain parameter portfolio may increase or suppress oscillation.     

Consumer memory and price fluctuations in commodity markets: An integrodifferential model

A model for the dynamics of price adjustment in a single commodity market is developed. Nonlinearities in both supply and demand functions are considered explicitly, as are delays due to production lags and storage policies, to yield a nonlinear integrodifferential equation. Conditions for the local stability of the equilibrium price are derived in terms of the elasticities of supply and demand, the supply and demand relaxation times, and the equilibrium production-storage delay. The destabilizing effect of consumer memory on the equilibrium price is analyzed, and the ensuing Hopf bifurcations are described.     

Comments on “Design of fractional-order variants of complex LMS and NLMS algorithms for adaptive channel equalization”

This paper explores a nonlinear Cournot oligopoly with n firms displaying general isoelastic demand. The marginal profits-based gradient rule and the expectation rule Local Monopolistic Approximation were employed in two Cournot oligopoly games. Nash equilibrium stability analysis is carried out on each of the two games to throw light on the effects of demand elasticity and other parameters on the dynamics of the game. Our results show that the influence of demand elasticity on stability depends on firms’ expectation rules.     

ANALYSIS OF FINANCIAL DERIVATIVES BY MECHANICAL METHOD (Ⅱ)-BASIC EQUATION OF MARKET PRICE OF OPTION

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Infinite Memory Expectations in a Dynamic Model with Hyperbolic Demand

In this study we will research the dynamics shown by a cobweb-type model with hyperbolic demand, sigmoidal supply and with backward-looking mechanism of expectation creation, whereby the new state of the system is obtained from all the previous states observed by weighted arithmetical mean with exponentially decreasing weights in the region. The study herewith presented aims at confirming the existence of a stabilising effect due to the presence of infinite memory since, with all the other conditions begin the same, a memory rate > exists at which market equilibrium is a sink. An unstable system, therefore, becomes stable in the presence of sufficiently resistant expectations with infinite historical memory, although this transition to stability is accompanied by the onset of chaos. The resulting effect, therefore is one of qualitative destabilisation, that is with reference to the qualitative dynamic performance produced, associated to a quantitative stabilisation, that is to say with reference to the decreasing width of the invariant sets within which relevant dynamics occur.     

Heterogeneous triopoly game with isoelastic demand function

In this paper, we analyze a triopolistic market with heterogeneous firms when the demand function is isoelastic. We consider the same heterogeneous firms as Elabbasy et al. (Comput. Math. Appl. 57:488?C499, 2009) introducing a nonlinearity in the demand function instead of the cost function. Stability conditions of the two equilibrium points and complex dynamics are studied. The main novelty consists of the double route to chaos, via period-doubling bifurcations and via Neimark?CSacker bifurcation. The two routes have important differences from the economic point of view.     

Fast and slow dynamics in a nonlinear elastic bar excited by longitudinal vibrations

The dynamics of heterogeneous materials, like rocks and concrete, is complex. It includes such features as nonlinear elasticity, hysteresis, and long-time relaxation. This dynamics is very sensitive to microstructural changes and damage. The goal of this paper is to propose a physical model describing the longitudinal vibrations in heterogeneous material, and to develop a numerical strategy to solve the evolution equations. The theory relies on the coupling of two processes with radically different time scales: a fast process at the frequency of the excitation, governed by nonlinear elasticity and viscoelasticity, and a slow process, governed by the evolution of defects. The evolution equations are written as a nonlinear hyperbolic system with relaxation. A time-domain numerical scheme is developed, based on a splitting strategy. The features observed by numerical simulations show qualitative agreement with the features observed experimentally by Dynamic Acousto-Elastic Testing.     

Backward and forward-looking expectations in a chaotic cobweb model

In this study we research the dynamics shown by a cobweb-type model with linear demand, non-invertible supply function and with forward-looking expectations associated to backward looking ones. The study of the dynamics exhibited by our model will show how the presence of forward-looking expectations represents a stabilising factor: As the weight attributed to the above mentioned foreseeing form increases, the system becomes less and less complex until it only generates orbits converging either to the fixed point or to a cycle-2. It is particularly interesting to analyse at the same time the role played by the two forms of expectations considered, both of which contribute to market stabilization.     

The Determinants of Stock Price Volatility: An Industry Study

The currently ongoing IT-revolution is a great challenge for economists. The industry displays ever arising new technologies, unstable market shares, long-term swings, and short-term volatility of stock prices. Yet, to study those phenomena empirically one is constrained by a lack of data. The U.S. auto industry, for which long-term time series are available, has shared a similar experience since its early development. This paper studies how long-term swings and short-term stock price volatility in the U.S. auto industry is related to innovative efforts and switching of market shares of firms. The early period of the life-cycle of the industry was characterized by high product innovation, high market share instability, volatile stock prices, and the later period by fewer firms, process innovation, more stable market shares and less stock price volatility. In this paper we focus on the transition period leading from the first to the second period and study the relation of innovative effort, market share fluctuations and stock price dynamics. After presenting stylized facts on the life-cycle of the industry we introduce a dynamic model that is able to replicate some of the stylized facts. The dynamic model admits heterogeneous firms and encompasses both evolutionary as well as optimizing approaches.     

Analysis of diffusion-induced bubble growth in viscoelastic liquids

Transport models of diffusion-induced bubble growth in viscoelastic liquids are developed and evaluated. A rigorous model is formulated that can be used to describe bubble growth or collapse in a non-linear viscoelastic fluid, and takes into account convective and diffusive mass transport as well as surface tension and inertial effects. Predictions for bubble growth dynamics demonstrating the importance of fluid elasticity are presented. These predictions indicate that for diffusion-induced bubble growth in viscoelastic liquids, the lower bound for growth rate is given by growth in a Newtonian fluid and the upper bound by diffusion-controlled growth. The influence of non-linear fluid rheology on bubble growth dynamics is examined and found to be relatively minor in comparison to fluid elasticity. It is shown how previously published models employing various approximations can be derived from the rigorous model. Comparisons of predicted bubble growth dynamics from the rigorous and approximate models are used to establish the ranges of applicability for two commonly-used approximations. These comparisons indicate that models using a thin boundary layer approximation have a rather limited range of applicability. An analysis of published experimental bubble growth data is also carried out using appropriate transport models.     

复合材料有效弹性性质分析方法eeeeee

建立复合材料的有效性质与微结构参数的关联,是复合材料优化设计的基础。本文具体针对有效弹性性质,重点介绍了建立有效性的基本思路 和主要分析方法。首先讨论了代表单元的概念,然后分别从复合材料有效性质的普适关系、界限理论和近似方法三个不同的视角较全面的介绍了建立非均质材料有效性质的方法、主要结果和最新进展。重点从构型的概念和微结构分布形式上分析了各种模型间及分析方法之间的联系与差别。最后还就建立非均质材料有效性质中存在的问题和研究热点做了简单的介绍。     

Virtual improvement of ice cream properties by computational homogenization of microstructures

Optimal shape design of microstructured materials has recently attracted a great deal of attention in materials science. The shape and the topology of the microstructure have a significant impact on the macroscopic properties. This paper presents different computational models of random microstructures, to virtually improve the physical properties of ice cream. Several sensory properties of this heterogeneous material issued from food industry are directly controlled by the elastic and thermal conducting ones. The material effective elastic and thermal conducting properties are obtained through direct large scale numerical simulations. The different formulations address the problem of finding the shape of the representative microstructural element for random heterogeneous media that increase the elastic moduli and thermal conductivity compared to existing products. The computational models are established using finite element method and images of virtual microstructures. In this paper we propose a new model of microstructures. This model is constructed with hexagonal prismatic rods and plates with volume fractions around 0.7 for the hard phase represented by hexagons of ice. A comparison between three two-phase elastic heterogeneous microstructures models is drawn. This illustrates the concept of design of microstructures using computational homogenization tools.     

Generalisations of the strain-energy function of linear elasticity to model biological soft tissue

Strain measures consistent with the linear, infinitesimal form of the strain-energy function are obtained within the context of isotropic, homogeneous, compressible, and non-linear elasticity. It will be shown that there are two distinct families of such measures. One family has already been much studied in the literature, the most important member being the strains whose principal values are a function only of the corresponding principal stretches. The second family of strains appears new. The motivation for studying such strains is the intuitive expectation that, for at least moderate deformations, a good fit with experimental data from material characterisation tests will be obtained with the corresponding strain-energy functions. In particular, there is the expectation that such models could prove useful for the modelling of biological soft tissue, whose physiological response is characterised by moderate strains. It will be shown that this is indeed the case for simple tension tests on porcine brain tissue.     

Random homogenization analysis in linear elasticity based on analytical bounds and estimates

In this work, random homogenization analysis of heterogeneous materials is addressed in the context of elasticity, where the randomness and correlation of components’ properties are fully considered and random effective properties together with their correlation for the two-phase heterogeneous material are then sought. Based on the analytical results of homogenization in linear elasticity, when the randomness of bulk and shear moduli, the volume fraction of each constituent material and correlation among random variables are considered simultaneously, formulas of random mean values and mean square deviations of analytical bounds and estimates are derived from Random Factor Method. Results from the Random Factor Method and the Monte-Carlo Method are compared with each other through numerical examples, and impacts of randomness and correlation of random variables on the random homogenization results are inspected by two methods. Moreover, the correlation coefficients of random effective properties are obtained by the Monte-Carlo Method. The Random Factor Method is found to deliver rapid results with comparable accuracy to the Monte-Carlo approach.     

Multiscale coupling of compliant and rigid walls blood flow models

Numerical methods based on geometrical multiscale models of blood flows solve for averaged flow statistics on a network of vessels while providing more detailed information about fluid dynamics in a specific region of interest. In such an approach, a 3D model based on the Navier–Stokes equations posed in a domain with rigid walls is often used to describe blood flow dynamics in the refined region. While ignoring elasticity effects in 3D models is plausible in certain applications and saves computational time significantly, coupling such models with 1D flow models may result in non‐physiological phenomena in the computed solutions. Thus, the immediate coupling conditions based on continuity of normal stresses, flow rate, pressure, or a combination of thereof do not account for the inconsistency between elasticity effects in the 1D model and the non‐compliance of the 3D model. In this paper, we introduce and study an auxiliary absorbing 0D model, which is placed at the interface between 1D and 3D models. A virtual device mimics the effect of the 3D model compliance and hence reduces pressure wave reflection and instabilities caused by the inconsistency. The absorbing model is developed from basic mechanical principles. As a result, parameters of the 0D model can be designed based on hemodynamic data. We analyze the stability of the geometrical multiscale model and perform several numerical experiments to assess its computational efficiency. Copyright © 2016 John Wiley & Sons, Ltd.     

Perturbing moments in a floating gyroscope with elastic device housing on a vibrating base in the case of a nonsymmetric end outflow

The influence of elastic compliance of the float housing on the vibration perturbing moment in gyros with cylindrical floating suspension in the case of symmetric fluid outflow was studied in [1, 2]. It was shown that, for a sufficiently thick float housing made of a material of small density and large Young modulus, the influence of elastic compliance can be neglected, and one can assume that the float housing is absolutely rigid. In the case of collet fixation of the gyro at the working position, to ensure the heat withdrawal to the end faces, the device housing is constructed as an elastic cylindrical shell with rigid attachment on the end faces. The influence of the device housing elasticity in the case of symmetric fluid outflow through the end faces was considered in [3], and the influence of the nonsymmetric fluid outflow through the end faces for the case of a rigid device housing was studied in [4].We consider the influence of the perturbing moment of the floating gyroscope with elastic device housing in the case of nonsymmetric fluid outflow through the ends on a vibrating base in the case of translational and angular vibrations of the base. We show that the elasticity of the device housing and the nonsymmetry of the fluid outflow significantly affect the hydrodynamic perturbing moment.     

机器人柔性手臂的动力学有限元分析

本文将弹性动力学虚功原理推广到机器人柔性动力学,建立了计及关节弹性和关节阻尼的柔性手臂有限元动力学模型,模型中包括了非线性刚体运动和弹性变形间的耦合。文中还导出了手臂参考坐标系间的运动学递推关系。本文方法推演简单、计算效率高,能够用于具有任意复杂部件的柔性机器人动力学分析。     

Micromechanical modeling of linear viscoelastic behavior of heterogeneous materials

Study of effective behavior of heterogeneous materials, starting from the properties of the microstructure, represents a critical step in the design and modeling of new materials. Within this framework, the aim of this work is to introduce a general internal variables approach for scale transition problem in linear viscoelastic case. A new integral formulation is established, based on the complete taking into account of field equations and differential constitutive laws of the heterogeneous problem, in which the effects of elasticity and viscosity interact in a representative volume element. Thanks to Green’s techniques applied to space convolution’s term, a new concentration relation is obtained. The step of homogenization is then carried out according to the self-consistent approximation. The results of the present model are illustrated and compared with those provided by Hashin’s and Rougier’s ones, considered as references, and by internal variables models such as those of Weng and translated fields.     

Robustness of pulsating jet-like layers in sheared nano-rod dispersions

Nano-rod dispersions in steady shear exhibit persistent transient responses both in experiments and simulations. The rotational contribution from shear flow couples with orientational diffusion, excluded-volume interactions, and distortional elasticity to yield complex dynamics and gradient morphology of the rod ensemble. The classification of sheared responses has mostly focused on “nematodynamics” of the collective particle response known as tumbling, wagging and kayaking; in heterogeneous simulations, one monitors the variability in nematodynamics across the domain. In this paper, we focus on flow coupling and non-Newtonian feedback in transient heterogeneous simulations, and in particular on a remarkable effect: the formation of localized, pulsating jet layers in the shear gap. We solve the Navier–Stokes momentum equations coupled through an orientation-dependent stress to three different orientational models (a kinetic Smoluchowski equation and two tensor models, one from kinetic closure and another from irreversible thermodynamics). A similar spurt phenomenon was reported in 1D simulations of a model for planar nematic liquids by Kupferman et al. [R. Kupferman, M. Kawaguchi, M.M. Denn, Emergence of structure in models of liquid crystalline polymers with elasticity, J. Non-Newt. Fluid Mech. 91 (2000) 255–271], which we extend to full orientational configuration space. We show: the pulsating jet layers correlate, in space and time, with the formation of a non-topological “oblate defect phase” in which the principal axis of orientation spreads from a unique direction to a circle; the jet-defect layers form where the local nematodynamics transitions from finite oscillation (wagging) to continuous rotation (tumbling), and when neighboring directors lose phase coherence; and, a negative first normal stress difference develops in the pulsating jet-defect layers. Finally, we extend one model algorithm to two space dimensions and show numerical stability of the jet-defect phenomenon to 2D perturbations.