带风险指数的金融均衡的存在性定理及其结构特征(下)

本文主要论证了在不完全市场条件下带风险指数的金融均衡的存在性，并揭示其均衡结构的特征．本文中建立的模型是一、二期货币投入产出金融经济且具有可微的资产结构，这一模型包括了许多具有特殊资产结构的均衡模型，如实资产结构、虚资产结构、恒秩资产结构的均衡模型．因此本文的这一模型具有广泛的应用前景和实用价值．接着给出了本文的金融均衡的存在性定理，再借助微分拓扑给出它的证明过程，这一证明过程较之以前证明均衡存在性的经典方法（如Duffie，D＆W．Shfer（1985）的方法）要简便得多．同时也应注意到本文的这一结论既适用于资产市场下会随机风险因素的情形，也适用于商品空间为无限维的情形，除此之外，还给出了怎样判别资产结构是否属于T类的判别法，为检验均衡存在性提供了更为便利的途径．最后，本文论证了在金融市场里，尽管由于稀缺性的存在，从而导致均衡分配的多样化，然而均衡分配集却形成了一光滑子流，但该流形的维数与稀缺性有关．换句话说，尽管市场是不完全的，但均市分配不确定性的反却是可比的．如此使得人们对均衡资产结构的认识更进一步．     

Efficiency of connected binary block designs when a single observation is unavailable

In this paper the problem of finding the design efficiency is considered when a single observation is unavailable in a connected binary block design. The explicit expression of efficiency is found for the resulting design when the original design is a balanced incomplete block design or a group divisible, singular or semiregular or regular with ₁>0, design. The efficiency does not depend on the position of the unavailable observation. For a regular group divisible design with ₁>0, the efficiency depends on the position of the unavailable observation. The bounds, both lower and upper, on the efficiency are given in this situation. The efficiencies of designs resulting from a balanced incomplete block design and a group divisible design are in fact high when a single observation is unavailable.The work of the first author is sponsored by the Air Force Office of Scientific Research under Grant AFOSR-90-0092.On leave from Indian Statistical Institute, Calcutta, India. The work of the third author was supported by a grant from the CMDS, Indian Institute of Management, Calcutta.     

On the strategic origin of Brownian motion in finance

This paper is concerned with the strategic use of a private information on the stock market. A repeated auction model is used to analyze the evolution of the price system on a market with asymmetric information.  The model turns out to be a zero-sum repeated game with one-sided information, as introduced by Aumann and Maschler.  The stochastic evolution of the price system can be explicitly computed in the n times repeated case. As n grows to ∞, this process tends to a continuous time martingale related to a Brownian Motion.  This paper provides in this way an endogenous justification for the appearance of Brownian Motion in Finance theory. Received: February 2002     

The design of a Tort law to control accidents

In this paper we analyse a two-stage game involving the government and n agents who engage in a single activity (driving). The government establishes the legal policy setting and the agents proceed to play a non-cooperative game of incomplete information with a risk of accident in which their behavioral strategy is their level of care. We examine the Nash-equilibrium conditions for single-activity accidents between heterogeneous agents, ‘good’ drivers or ‘bad’ drivers allowing a variable damage function and a liability rule defined on the cube. The relative desirability for society of alternative equilibria and the conditions under which they can obtain are discussed. The constraints which circumscribe the ability of the government to induce an equilibrium involving careful driving are demonstrated. It transpires that when the proportion of good drivers increases, it becomes more difficult to sustain a careful equilibrium whereas an equilibrium of reckless behavior becomes easier to sustain. Various extensions of the models are also presented.     

Generation of anti-trenbolone monoclonal antibody and establishment of an indirect competitive enzyme-linked immunosorbent assay for detection of trenbolone in animal tissues, feed and urine

Trenbolone (TRE) is a steroid used by veterinarians on livestock to increase appetite and body weight. The use of TRE has been restricted because of its harmful side effect for consumers. To effectively control TRE residue in food and food product, a rapid and convenient immunoassay was developed by preparing an anti-TRE monoclonal antibody. The immunogen and coating antigen were prepared by coupling TRE hapten with carrier proteins via 1-ethyl-3-(dimethylaminopropyl)carbodiimide hydrochloride (EDC) method. The optimized method gave an average IC₅₀ value of 0.323 ng mL⁻¹ towards TRE and an average detection limit (LOD) of 0.06 ng mL⁻¹, which is much lower than the maximum residue levels (2.0 ng g⁻¹) accepted by the Joint FAO/WHO Expert Committee on Food Additives (JECFA). The specificity of the antibody was evaluated by measuring cross-reactivity of six structurally related compounds, including 19-nortestosterone (9.7%), testosterone (0.13%), methyltestosterone (<0.01%), methandrostenolone (<0.01%), (+)-dehydroisoandrosterone (<0.001%) and β-estradiol (<0.001%). The recovery rates of the test in detection of TRE-fortified animal tissue, urine and animal feed samples were in the range of 81.3-89.4%, while the intra- and inter-assay coefficients of variation were less than 12.0%.     

The circular chemistry conceptual framework: A way forward to sustainability in industry 4.0

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The Existence of Partitioned Generalized Balanced Tournament Designs with Block Size 3

A generalized balanced tournament design, GBTD(n, k), defined on a kn-set V, is an arrangement of the blocks of a (kn, k, k – 1)-BIBD defined on V into an n × (kn – 1) array such that (1) every element of V is contained in precisely one cell of each column, and (2) every element of V is contained in at most k cells of each row. Suppose we can partition the columns of a GBTD(n, k) into k + 1 sets B1, B2,..., Bk + 1 where |Bi| = n for i = 1, 2,..., k – 2, |Bi| = n–1 for i = k – 1, k and |Bk+1| = 1 such that (1) every element of V occurs precisely once in each row and column of Bi for i = 1, 2,..., k – 2, and (2) every element of V occurs precisely once in each row and column of Bi Bk+1 for i = k – 1 and i = k. Then the GBTD(n, k) is called partitioned and we denote the design by PGBTD(n, k). The spectrum of GBTD(n, 3) has been completely determined. In this paper, we determine the spectrum of PGBTD(n,3) with, at present, a fairly small number of exceptions for n. This result is then used to establish the existence of a class of Kirkman squares in diagonal form.     

基于利率市场化的银行贷款竞争导向定价策略研究

本文着重对两个银行之间竞争导向定价策略博弈行为进行了分析，认为在利率管制条件下，银行难以运用利率杠杆在信贷市场进行有效竞争；利率市场化之后，监管者不再对利率进行约束，银行信贷竞争的广度和深度都会随之加大。因此价格竞争将是银行信贷市场竞争的常态。     

两两正交拉丁方最大数目的新上界

记D（x）是使得TD（x，n）存在的最小的数．本文给出D（x）的一个上界．