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     

Calorimetric analysis of the ethanolysis of 1,2-epoxybutane

Polyethers, which are produced by alcoholysis of oxiranes, are often used as solvents in chemical plants. The spectra of the products can be influenced by the choice of the catalyst (acid or base). The results of the base-catalyzed ethanolysis of 1,2-epoxybutane are displayed. The reaction was investigated calorimetrically by varying the molar ratio between ethanol and 1,2-epoxybutane, the starting temperature and the concentration of the catalyst sodium hydroxide. Additionally, the influence of the used alcohol will be shown in one example. To determine the activation parameters, the experiments were evaluated by the nonlinear software package TA-kin v3.3.     

Re-Evaluation of the Activity Coefficients of Aqueous Hydrochloric Acid Solutions up to a Molality of 2.0 Using Two-Parameter Hückel and Pitzer Equations. Part I. Results at 25°C

Simple two-parameter Hückel and Pitzer equations were used for the calculation of the activity coefficients of aqueous hydrochloric acid at 25°C up to a molality of 2.0 mol-kg^–1. The data obtained by Harned and Ehlers^(12,13) from galvanic cells without liquid junction were used in the analysis and the parameters obtained were compared to those obtained from all reliable data presented in the literature for HCl at this temperature. A good agreement between the parameters was always observed. The activity coefficients obtained by the new equations were compared to those suggested by Robinson and Stokes,⁽⁸⁾ Hamer and Wu,⁽¹⁾ and Pitzer and Mayorga,⁽⁹⁾ and good agreement was also found. The data from the most important literature data sets for HCl were also predicted using the new activity coefficient equations, and the magnitude of the resulting errors was close to the precision of the measurements, the errors forming an almost random pattern for all data sets.     

Some Reactions of 5-(3 or 4-Pyridyl)-1,3,4-Oxadiazoles with Amines and Hydrazines

2-Amino-and 2-hydrazino-5-(3 or 4-pyridyl)-1, 3, 4-oxadiazoles [II_i-k] have been prepared by racting 2-chloro derivatives with the corresponding amines or hydrazines, the 2-hydrazino (II_i-k) compounds that obtained were heated with carbon disulphide and alcoholic potassium hydroxide where 5-(3 or 4-pyridyl)-1,3,4-oxadiazolo (2,3-C)-1,2,4-triazole 5-thione (III_a-c) were obtained, the given structures were biologically screened.     

Rasch模型在“化学键”概念教学评价中的应用研究

运用Rasch模型探查高二学生对"化学键"概念的认知情况，运用Conquest软件和Winsteps软件对测试结果进行分析。结果表明：基于Rasch模型编制的测试卷能客观有效地检测学生对"化学键"概念的理解，为一线教师的有效教学提供学情基础。     

Information content of data and variables and types of weighting in least-squares regression methods

Algorithms are given for evaluating the relative amount of useful information related to a particular parameter which is carried by individual data points and intervals of the variables. The algorithms provide an efficient means of using the information contained in a set of data. Applications to the optimization of weighting in regression methods are described. Several informational and combined informational-statistical types of weighting are studied as a means of improving the accuracy and precision of the parameters obtained by non-linear regression.     

Advances in two-dimensional GC with glass capillary columns

A versatile two-dimensional gas chromatograph is described, consisting of 2 separate ovens, one intermediate trap, an auxiliary inlet, and the necessary hardware to effect off-line switching according to the principle of Deans. The unit has been designed for use with high resolution glass capillary columns. The performance of individual instrumental components was critically evaluated. Results showed that low dead volume glass to metal connections were required in the manifold and detector lines to minimize extra-column effects. The mass of the intermediate trap must be low to allow rapid heating. Operational parameters are discussed and examples of some applications are shown.     

治理塑料废弃物新技术途径探讨--专论可降解塑料的研究开发

综述了可降解塑料的研究开发现状及其进展。可降解塑料的降解时控性研究，合成，加工工艺改进以及降低成本的研究，可控光－生物降解的合成降解性研究和一次性使用塑料实用性研究，仍是今后需要深入探讨的重要研究课题。     

A quantitative evaluation of the electrostatic theory for ion pair chromatography

Summary A quantitative model for ion pair chromatography based on the electrostatic theory is described. The model is based on the solution of the linearised Poisson-Boltzmann equation in a cylinder. The obtained equations are compared with experimental data from a number of different systems. The agreement between theory and experiments is satisfactorily. Systematic deviations due to the use of the linearised equation and ion correlation effects are discussed.     

出租车司机社会贡献评价方法研究

出租车司机的社会贡献对于促进城市经济发展和社会进步具有重要的作用,评价出租车司机的社会贡献是激励出租车司机多做社会贡献的重要手段。为了评价出租车司机的社会贡献,本文提出了一种基于实际出租车运营数据的评价方法。本文设计了运营特性、重点区域、恶劣天气、大事件四个体现司机社会贡献的指标,以此构建了出租车司机社会贡献评价指标体系,进而选用了主观赋权法G1法和客观赋权法拉开档次法相结合的赋权方式对指标赋权,并选择四种评价信息集结方法建立了出租车司机社会贡献评价模型。最后,通过实际的出租车运营数据验证了本方法的可行性。本文为评价出租车司机社会贡献提供了一种研究思路和方法,并对政府政策的制定和企业策略的实施具有一定的启示。