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主管:中国科学院
主办:中国优选法统筹法与经济数学研究会
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Table of Content

    20 October 2017, Volume 25 Issue 10 Previous Issue    Next Issue
    Articles
    Downside Risk, Signed Jump Risk and Asset Pricing of Industry Portfolios
    GONG Xu, WEN Feng-hua, HUANG Chuang-xia, YANG Xiao-guang
    2017, 25 (10):  1-10.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.001
    Abstract ( 1499 )   PDF (1043KB) ( 932 )   Save
    In this paper, whether downside risk and signed jump risk have effects on pricing industry portfolios is examined. Assets pricing models with market risk premium, downside risk and signed jump risk are proposed firstly. Then, the new models are applied to study the contemporaneous/intertemporal pricing problem of industry portfolios. The results indicate that the contemporaneous market risk premium, downside risk and signed jump risk factors perform important interpretative functions for the excess return of industry portfolios. And the functions for cyclical industries are stronger than that of non-cyclical industries. However, the first-lagged market risk premium, downside risk and signed jump risk are limited in forecasting the contemporaneous excess return of industry portfolios. Furthermore, the first-order autoregressive model (AR(1) model), first-order autoregressive model with leverages (LAR(1) model), third-order autoregressive model (AR(1) model), first-order autoregressive model with leverages (LAR(3) model), heterogeneous autoregressive model (HAR model) and heterogeneous autoregressive model with leverages (LHAR model) are employed to obtain the predictive values of all risk factors, and intertemporal assets pricing models are constructed. It is found that new models show good pricing power for industry portfolios. Among them, HAR and LHAR models outperform other models, and their performances are particularly prominent for pricing the Shanghai material and public industry portfolios. The above results mean that the effects of downside risk and signed jump risk should not be ignored when pricing industry portfolios in shock market.
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    A Nonsmooth Optimization Method for Portfolio Optimization Based on CVaR
    ZHANG Qing-ye, GAO Yan
    2017, 25 (10):  11-19.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.002
    Abstract ( 1160 )   PDF (1182KB) ( 808 )   Save
    Portfolio selection is an important issue in finance. It aims to determine how to allocate one's wealth among a given asset pool to maximize the return and minimize the risk. Different from the accepted return, there are many risk measures. Nevertheless, among all risk measures, conditional value-at-risk (CVaR) is widely accepted, and in this paper it is adopted. As there is a nonsmooth term in the expression of CVaR, an optimization problem containing CVaR cannot be solved by classical algorithms based on gradient. Though there is an extensive literature on tackling optimization problem containing CVaR, such as linear programming method, intelligent optimization algorithms and nonsmooth optimization methods, etc, literatures on solving this problem by bundle method are scarce. And the literature on this aspect in this paper is enriched. That is, a bundle method is investigated for portfolio selection problem based on CVaR. Specifically, a single-period portfolio optimization model, which takes CVaR as the objective function coupled with a prescribed minimal level of the expected return, is formulated at first. By exploring the structure of the model, a proximal bundle method is proposed. At the same time, the convergence analysis of the method is given as well. Finally, an illustrative numerical example is presented, where assets' returns are assumed to be normally distributed and their mean and the covariance matrix known. By Monte Carlo sampling method, several scenario matrices are generated. Then, not only the bundle method, but linear programming method, subgradient algorithm, genetic algorithm and smoothing method are adopted to solve the model as well. By comparing the results of the different methods, conclusions are drawn:linear programming method and subgradient algorithm are inefficient, genetic algorithm, smoothing method and bundle method are feasible. Further, among three feasible algorithms, bundle method takes the least amount of CPU time. So, the proximal bundle method is efficient and can be regarded as a new solution method for not only portfolio optimization problem but other problems containing CVaR.
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    Optimization on Loan-to-value Ratios of Exporting Offshore/In-transit Inventory Financing
    WANG Zi-cheng, ZHOU Yong, YANG Hua-long
    2017, 25 (10):  20-30.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.003
    Abstract ( 1101 )   PDF (2040KB) ( 960 )   Save
    Exporting offshore/in-transit inventory financing means that the bank regards the shipping company's credit guarantee as a condition, and commissions the shipping company to supervise and transport pledged goods throughout the entire journey (offshore warehouse, in transit, to the destination warehouse). It's a new inventory mortgaging/financing mode with worldwide credit, which can not only relieve exporters in terms of a shortage of funds, but can also bring new types of profit growth points for banks and shipping companies. Exporting offshore/in-transit inventory financing has practical significance for promoting the development of seaborne trade and supply chain finance. The optimization of its loan-to-value ratio, namely the ratio of loan principal and the value of the pledged goods, is the key to manage and control the risk.
    According to the process of exporting offshore/in-transit inventory financing,the trading decisions of the shipping company, exporter and importer reflect the relationship of a double Stackelberg Game strategy. The first game occurs between the shipping company and exporter. The shipping company sets the loan-to-value ratio r first, and then the exporter determines the delivery lead time L accordingly. Therefore, the shipping company is the leader, and the exporter is the follower in the game. The second game takes place between the exporter and the importer. The exporter sets the delivery lead time L first, and then the importer determines the order quantities Q accordingly. Therefore, the exporter is the leader and the importer is the follower in the game. In international seaborne trade, demand fluctuations will affect the value of pledged goods, which may result in non-compliance. When the market price of the pledged goods is higher than the purchase price signed by the importer and exporter, the importer will withdraw the pledged goods normally. Otherwise, the importer and exporter are likely to default, so the shipping company could sell the collateral to make up the loan capital.
    In this paper, the issue of optimization on loan-to-value ratios of exporting offshore/in-transit inventory financing under uncertain demand is addressed. Based on the theory of double Stackelberg game, the total profit functions under four game strategies among the shipping company, exporter and importer are analyzed and constructed, aiming at maximizing the total profit of the supply chain. The piecewise function optimization model of loan-to-value ratios is established. The existence of optimal loan-to-value ratios is proved. A reverse reasoning method is adopted to solve the model. The solution process is designed as follows:firstly, maximize the profit of the exporter to get the expression of the best delivery lead time L* containing r, secondly, maximize the profit of the importer to get the expression of the economic ordering quantity Q* containing L*, then the optimal loan-to-value ratio r* is solved by maximizing the total profit function.
    Numerical example is used to verify the applicability and validity of the proposed model. The results indicate that the optimal loan-to-value ratio has a positive correlation with the importer's purchase price, and has a negative correlation with the market price and raw material price of pledged goods, respectively. Therefore, the shipping company should keep a close eye on the price changes of pledged goods, and set a reasonable loan-to-value ratio to increase the total profits of the supply chain. The findings can provide scientific guidance for the optimization of exporting offshore/in-transit inventory financing.
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    Private Benefits of Control andCapital Structure of the Firm UnderIncomplete Markets
    XIA Xin, YANG Jin-qiang
    2017, 25 (10):  31-41.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.004
    Abstract ( 1199 )   PDF (1127KB) ( 797 )   Save
    The existing theoretical researches of the controlling shareholder's occupation behavior are almost based on the assumption of complete markets. However, numerous empirical studies have documented that controlling shareholders often face undiversifiable idiosyncratic risks because active businesses account for a large fraction of their total wealth. Especially, the lack of investor protection and highly concentrated ownership structure entrench under-diversified controlling shareholders are fundamental characteristics in Chinese corporations. On the other hand, there are few theoretical researches pay close attention to the influential mechanism between controlling shareholder's occupation behavior and capital structure choice. Motivated by both the realistic background and micro-theory, this paper aims to study the impact of controlling shareholder's control rights, cash-flow rights, and the deviation of these two rights on firm value and capital structure decisions from the perspective of incomplete markets. Then the inherent influential mechanism of controlling shareholder's occupation behavior is explored. This objective is achieved by using numerical simulation and static comparative analysis. The results show that, controlling shareholder's occupation behavior results in conservative debt financing but default earlier relative to the first best benchmark. Compared to the case of complete markets, controlling shareholder's occupation behavior leads to more distortions on capital structure decisions, and thus lower firm value and larger social welfare loss under incomplete markets. In particular, It is found that cash flow rights have a negative effect on firm value. It means that higher cash-flow rights are not a natural way to provide proper incentives for the controlling shareholder. This predicted result differs from the case of complete markets, but provides theoretical basis for the related empirical evidence. Finally, according to the effective conclusions in this paper, it is argued that there are effective approaches to reduce inefficient decision-making (conservative debt and default earlier) arising from controlling shareholder's occupation behavior, and the approaches include improving the legal protection of investors, reducing controlling shareholder's total wealth risk exposure and the deviation of two rights. Therefore, our analysis provides theoretical and practical guiding significance for the governance problem of the firms with highly concentrated ownership.
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    Non-radial ZSG-DEA Model with Multiple Undesirable Outputs An Empirical Study for Regional Environmental Efficiencies in China
    FENG Chen-peng, WANG Hui-ling, BI Gong-bing
    2017, 25 (10):  42-51.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.005
    Abstract ( 1375 )   PDF (2180KB) ( 899 )   Save
    Accompanying the rapid growth of China's economy, environmental issues arouse more and more social attention. The very first step to respond effectively to environmental problems is to evaluate the environmental efficiency precisely. In many production processes, multiple undesirable outputs (e.g., pollutants) are accompanied with desirable outputs. Meanwhile, the undesirable outputs are subject to production restrictions due to widespread environmental regulation. Under these circumstances, the evaluation of environmental performance becomes a hot topic in the literature. Data envelopment analysis (DEA), a frequently used performance evaluation technique,is employed to measure environmental performance. Under the assumption that undesirable output satisfies weak disposability, a non-radial zero sum gains (ZSG)-DEA model, which enhances the existing models by switching from a single undesirable output to multiple undesirable outputs,is put forward. In terms of proper transformations, the difficulty in solving the proposed model is alleviated, and the infeasibility issue for certain efficient DMUs is circumvented. At last, an empirical application to the evaluation of the environmental efficiencies of 30 administrative regions in China is illustrated (data resource:database of CNKI and China Statistical Yearbook- 2012).The empirical evidence indicates that the ZSG environmental performance of a region is positively correlated with its economic development level. In addition, for the component efficiencies of most regions, the performance of wastewater discharged is higher than that of waste gas emission, and the performance of solid wastes produced is lowest among them. The result implies these regions should pay more attention on the control of solid wastes produced. Last but not the least, all the considered regions in China show decreasing returns-to-scale in economic productivity. All findings suggest that adjustment and promotion of industrial structure is critical and essential, which also matches the current policy of supply-side structural reform promoted by the Chinese government.
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    Dynamic Optimization and Coordination About Joint Emission Reduction in a Supply Chain Considering Consumer Preference to Low Carbon and Reference Low-carbon Level Effect
    YE Tong, Guan Zhi-min, TAO Jin, QU You
    2017, 25 (10):  52-61.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.006
    Abstract ( 1090 )   PDF (1402KB) ( 1133 )   Save
    As a result of global warming, low-carbon economic development is widely accepted, thereby the low-carbon supply chain management has come up as an important research paradigm in operations management. Due to the environmental pressures and the guidance of the government, the low-carbon consciousness of consumers is increasing and low-carbon consumption is becoming more and more popular in the whole society. Through literature review, it is found that the consumer preference to low carbon and reference effect have strong impacts on the supply chain management. Therefore, it is important to study low-carbon supply chain management considering these two types of consumers' behavior. In this paper, for one manufacture-one supplier supply chain, a dynamic optimization and coordination about joint emission reduction is discussed. The reference low-carbon level for a product is assumed to be a weighted average of the historical low-carbon level. In addition, the low-carbon level is assumed to have a positive effect on the market demand, and the reference low-carbon level is assumed to have a negative effect on the market demand. Based on the differential game theory and method, the manufacturer and the supplier's optimal emission reduction strategy, revenue and the total revenue of the supply chain in decentralized and centralized decision making mode are investigated and compared. The results show that cooperative game equilibrium has more Pareto advantage. According to the comparison, a two-way subsidy contract is proposed. With this contract, both the manufacturer and the supplier achieve the Pareto improvement in a certain condition. Finally, based on the parameter values chosen from the previous literature (e.g. Liu et al., 2015[7]), a numerical example verifies the main conclusions of this paper and the sensitivity analysis of key parameters is also presented. The research shows that the manufacturer and supplier's revenue increases as the increase of the level of consumers' preference to low carbon under the condition that the two-way subsidy contract can coordinate the supply chain. The initial reference low-carbon level can affect the tendency of the manufacturer and supplier's revenue with the reference low-carbon level parameter in decentralized and decision making and two-way subsidy contract mode. Although the initial reference low-carbon level can affect the tendency of the reference low-carbon level with time, the reference low-carbon level tends to the same stable value for the same channel structure. In this study, the scope and content of the low-carbon supply chain management problem under the consideration of the consumers' behavior are enriched, and the guidance for the related study on the behavioral operation problem is provided.
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    Dual Channel Coordination of Fresh Food Supply Chain Considering Time and Temperature Factors
    TANG Run, PENG Yang-yang
    2017, 25 (10):  62-71.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.007
    Abstract ( 1365 )   PDF (1516KB) ( 940 )   Save
    The development of e-commerce has changed sales model of fresh food. Many suppliers not only wholesale their production to retailers, but also sale to customer on the internet directly. Coexistence of online and offline channels is popular in fresh food market recently. The relation between supplier and retailer includes completion and cooperation. In addition, fresh food is perishable and the quality which influenced demand is varied with time and temperature. So coordination between dual channels is difficult but very important in fresh food supply chain.
    Fresh degree function and market demand function are built in which the factors of time and temperature affecting the quality of fresh food is considered. Coordination problem of mixed channels is studied based on two-echelon supply chain including traditional channel of a retailer and online channel of a supplier. Then, decisions making strategies are explored by Stackelberg game and Bertrand game under the decentralized situation. And the change of the equilibrium strategies is discussed under centralized situation. Next, the coordination mechanisms of joint contracts with revenue sharing contract, cost sharing contract and the wholesale price discount contract are designed. Through designing the reasonable parameters of contracts, the coordination between traditional channel and online channel can be realized. Finally, a numerical example verifies that the joint contract can make the profit of supply chain get Pareto improvement. Also, the relationships among supplier optimal profit, consumer acceptance index and temperature are demonstrated. The influence of consumer acceptance index on the joint contract optimal parameter is analyzed in the case. These results can help fresh food managers on how to design contract to coordinate the dual channel supply chain.
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    Hierarchical Collaborative Location and Allocation of Emergency Equipment Based on Scenario Analysis
    CAI Dong-xue, ZHU Jian-ming, WANG Guo-qing
    2017, 25 (10):  72-79.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.008
    Abstract ( 1130 )   PDF (1342KB) ( 812 )   Save
    The location and allocation decision of the emergency equipment directly affects the efficiency and effectiveness of disaster relief, which is mainly based on the administrative division structure considering the relationship of administrative affiliation. So, focus in put on the collaborative allocation mechanism in hierarchical location and allocation problem of emergency equipment, also comparing to the widely existing decision-making methods in realistic management, like an equally distributed pattern. Taking the effectiveness of timeliness and economy into account, a hierarchical collaborative location and allocation model is formulated, which is an integer programming based on scenario analysis. The model combines the hierarchical emergency capability characteristic with multiple emergency scenarios, aiming to find the most acceptable layout decision to mitigate the worst impact. By historical earthquake disaster of Yunnan Province, a regression model of earthquake-affected population is estimated to provide a prediction of the equipment demand quantity in each generated earthquake scenario. Based on above, the bi-objective integer programming is solved using YALMIP. To conclude the strengths and weakness of the two patterns mentioned before, They are compared to the existing location and allocation layout in reality as well. The paper delved into the collaborative characteristics in hierarchical location and allocation of emergency equipment and stressed that the application of collaborative mechanism should be promoted further.
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    How does the Pessimistic or Optimistic Emotion Influence the Game Equilibrium Outcome in Incidents of Violence and Terrorism
    LIU De-hai, BAO Xue-yan, WANG Xie-ning
    2017, 25 (10):  80-88.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.009
    Abstract ( 1045 )   PDF (1568KB) ( 890 )   Save
    Terrorist's attack has become a severe challenge for human society. Both terrorists and government anti-terrorist force possess the obvious characteristics of scenario-dependent decision and irrational emotion decision. For example, the player with the optimistic emotion usually overestimates the probability of the event, and the player with the pessimistic emotion usually underestimates the probability of the event. Obviously, it has important influence on the optimal decision and equilibrium results. In this paper, the Rank-Dependent Expected Utility model of terrorists and government anti-terrorist force is proposed. The Rank-Dependent Expected Utility can be expressed as V(X,u,ω)=π(xi)u(xi), where pi is the objective probability of the event xi, pi∈[0,1], the emotion function ω(pi)=pir is the subjective probability function of affected by the emotion. When ri > 1 means the pessimistic emotion, 0 < ri < 1 means the optimistic emotion, and ri=1 means no emotion. The weight function is defined as π(xi)=ω(p1+p2+…+pi)-ω(p1+p2+…+pi-1), and u(xi) is the traditional on Von Neumann-Morgenstern Expected Utility.
    And then, the effect of emotion on the equilibrium outcomes of the traditional government-terrorist game model is discussed, where governmental anti-terrorist force or terrorist has an optimistic or pessimistic expectation on the subjective probability about terror attack. Taken by the method of case analysis, the special scenario that both two parties have an optimistic or pessimistic emotion based on Xinjiang 6.28 terrorist incident in Moyu County is further discussed. Lastly, the paper discusses the management meaning on improving anti-terrorist strategy.
    The results show that when any one player has an optimistic or pessimistic expectation, the opponent without any emotion should adjust his/her equilibrium probability. That is to say, any party's emotion should influence the opponent's strategy selection. When both two parties have the emotional factor, the terrorist with optimistic expectation should be more inclined to take excessive risk, which causes the equilibrium outcome has the more uncertainty.
    The paper's results are useful for the anti-terrorism and emergency plans. First, the government should avoid the short-sighted optimism in order to reduce the unnecessary loss. Second, the government should come to a more serious appraisal of the situation and think of more difficulties, because a stronger defense can banish every attack thought. Third, the government should strengthen the intelligence collecting and information analysis. Thus, anti-terrorism need to strengthen intelligence for accurately judging terrorist's psychological states.
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    The Modified Fractal Methods Based on the Grey Operator and Their Application
    ZHOU Wei-jie, DANG Yao-guo, GU Rong-bao
    2017, 25 (10):  89-99.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.010
    Abstract ( 1031 )   PDF (5323KB) ( 855 )   Save
    Under the framework of grey buffer operator and grey adjustment coefficients, the grey operation is constructed, and the weighted detrended moving average with adjustable weighted coefficients and its multifractal form called as multifractal weighted detrended moving average are put forward. The original detrended moving average is a special of the modified fractal method. Numerical simulation on fractal Gauss noise and binomial multifractal with fluctuation and linear trend shows that the centered detrended weighted moving algorithm whose weight is 6 can effectively remove the sequence trend, and the accuracy of Hurst and f(α) calculated by weighted detrended moving average and multifractal weighted detrended moving average are more close to analytics value compared with original algorithm. In empirical part, the long term memory and multifractality of daily temperature series in Nanjing from 1951 to 2008 by modified methods are investigated. The results show that the growth rate of temperature in July is significantly smaller than that of January; compared to the original methods, the conclusions from modified fractal methods are more close to reality; all temperature sequences have the long term memory feature, but the long term memory of daily temperature series in contained the highest, the lowest and the average temperature are stronger than that in January, which indicates that predictability of temperature in July is higher than that in January. The prediction of temperature series gives a way to manage the temperature disaster risk. Besides, temperature series of Nanjing in January and July possess multifractality, which suggest that the temperature series can be studied from multi scale. Through the shape of multifractal spectrum, it is found that the internal structure of the highest and average temperature sequences are more complex than the lowest temperature sequences whether for January or July.
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    Sparse Storage for Super-large-scale Linear Programming and Methods for Identifying and Disposing of Duplicate Rows in its Presolving
    WU Yu, HUANG Si-ming
    2017, 25 (10):  100-108.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.011
    Abstract ( 937 )   PDF (1199KB) ( 750 )   Save
    With the arrival of the big data era, it is certain and inevitable that the size of linear programming problem is becoming bigger and bigger. In response to super-large-scale linear programming problems, in order to save the storage space,avoid waste of resources, and make the data's inspecting, modifying and striking out more convenient, how to store data is an urgent and important problem. In this paper, a data structure for data's sparse storage is proposed, which is based on improved Orthogonal List. The performance of this method on saving storage space is verified by some super-large-scale linear programming cases from the Netlib database. Furthermore, due to the existing of much redundant data, a presolving process is often required before algorithm is used to solve the linear programming problem. Identifying and disposing of duplicate rows is one of the key steps. In this paper, the methods for identifying and disposing the duplicate rows are proposed. Firstly, the definition of duplicate rows and other related concepts are given. Duplicate rows' definition is different from common sense, in which columns with only one non-zero element have not been take into account. Secondly, combined with the proposed data storage structure, a simple method for identifying duplicate rows is proposed, which is based on classification thought and is very easy to operate.It only needs to inspect one time from the first column to the last column. Thirdly, by summarizing the existing related literature, two basic principles for eliminating redundant rows are obtained. The first step is to increase the number of one-element columns as much as possible, and the second is to reduce the number of the non-zero elements as much as possible. Then, based on these two principles, the nonzero elements of duplicate rows are classified into different sets and further the number of nonzero elements within each set is theoretically analyzed. A method for disposing of duplicate row is obtained, which not only guarantee the data's sparse degree, but also increase the number of one-element column. In the last part, firstly, through applying the proposed methods on a mini linear programming example, the concrete process of Identifying and Disposing of Duplicate Rows is exemplified. Secondly, by applying the proposed methods on some concrete linear programming cases which are selected from the Netlib database, the effectiveness of the methods is verified. From the result, it can be seen that when the proposed data structure and the methods are applied on small-scale linear programming problems or linear programming problem with little duplicate rows, their advantage may be negligible or not obvious. However, when in response to large-scale linear programming problems with dense duplicate rows, the larger the scale or the denser the duplicate rows, the more obvious the effectiveness is.
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    Pattern Recognition and Risk Analysis for Flight Operations
    ZHENG Lei, CHI Hong, SHAO Xue-yan
    2017, 25 (10):  109-118.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.012
    Abstract ( 1366 )   PDF (4302KB) ( 841 )   Save
    The analysis of QAR data is important to continuously improving the quality of flight operations. During the flight, the pilot controls the equipment, such as the rod, the plate, the rudder according to the dynamic changes of environmental conditions and the state of the aircraft. It is a process of constant adjustment and coordination, which increases the difficulty of data analysis. So whether pilots have similar operation patterns and what effects these operations hase on the QAR monitoring indexare of great interest to us.
    In this paper, by studying the feature extraction method of the multivariate time series data of flight parameters, the definition of similarities of flight operations is analyzed.The piecewise linear fitting based multivariate Dynamic Time Warping distance is employed to depict the similarities of flight operations.The hierarchical clustering analysis is used to recognize the similar patterns of flight operations. And then, the descriptive statistics and the Kolmogorov-Smirnov test is adopted to quantify the relations between flight patterns and the QAR monitoring index. The judgement of risk levels is obtained. Finally, the validity of the model is verified by using the actual QAR data recorded during the landing stage of a specific aircraft.Other classifiers like BP Neural Networks and Support Vector Machine are used to compare with the proposed method.It turns out that the raised method provides an effective way to analyze flight operationsand the relationship between flight patterns and the QAR monitoring index.
    In the future studies,focus will be put on the better description of multivariate time series and clustering methods for multivariate time series. The proposed approach could also be applied in the analysis of other vehicle driving, for example the monitoring of car driving. The method advocated couldhelp tofind the recurring patterns of drivers and how they affectsafety.
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    Study on Driving Factors and Critical Supply Chain Paths of CO2 Emissions in China
    XIE Rui, WANG Zhen-guo, ZHANG Bin-bin
    2017, 25 (10):  119-129.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.013
    Abstract ( 1335 )   PDF (1256KB) ( 821 )   Save
    As the world's largest emitter of carbon dioxide emissions, China has promised to reach its peak carbon emissions by 2030 or earlier, thus facing a major challenge on aspect of emission reduction for its potential impact on climate change. To efficiently realize green development, it's important to identify the driving factors as well as the critical supply chain paths that drive changes in life cycle CO2 emissions and aid both policy makers and decision makers by enabling the tracing of the change in key production chains over time. In this paper, based on the 1995-2014 linked Chinese environmental non-competitive (import) input-output tables, structural decomposition analysis (SDA) and structural path decomposition (SPD) methods are applied to investigate the relative impact of various factors and extract critical supply chains involved in changes in CO2 emissions over this study period. The IO tables and historical carbon emissions data by sector for China range from 1995 to 2014, extending over a 20-year study period. The influence on changes of CO2 emissions derived from final demand is composed of six factors:sectoral emission intensity (c); intermediate input product structure (L); product structure of final demand (ψ); category composition of final demand (δ); per capita final demand (Y), and population (P). The detailed analysis reveals that the per capita final demand is the dominant driving factor in China's CO2 emissions growth, while the change of emission intensity of production in China greatly offset the growth of emissions, and intermediate input product structure further lead to emissions growth. From the perspective of supply chain paths, the top ranking path affecting CO2 emissions is identified to be "non-metallic mineral industry→construction→fixed capital formation". We also find that the supply chain paths with the largest increasing and decreasing overall impacts are "non-metallic mineral industry→fixed capital formation", and "Electricity, gas and water supply→fixed capital formation", respectively. And the conclusions of this paper provide insights into the driving factors influencing CO2 emissions and boost supervision of critical emissions supply chain paths, offering theoretical and practical supports for the policy makers and decision makers reasonable measures that can be applied progressively to aid in China's carbon abatement in reality.
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    The Vehiclecoordination Strategy and Transfer Combined Transport to Urban Distribution Problem Under Traffic Restrictions
    GE Xian-long, XU Jiu-ping, WANG Wei-xin
    2017, 25 (10):  130-139.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.014
    Abstract ( 1125 )   PDF (1650KB) ( 1030 )   Save
    Urban distribution is a complex ecosystem, which bears the interactive features of the city and the outside world, it guaranteed of the development of city economic and the better of Urban residents. In recent years, however, with the sharp increase of cars in city and road resources nervous, which caused serious traffic congestion in large cities. In order to alleviate traffic pressure, especially peak period congestion in road, domestic and overseas cities have adopted some methods to solve this problem, for example, Night deliveries, Restricting truck. However it is difficult for urban distribution and bring new challenges to the city logistics distribution. In order to deal with traffic restrictions policies for different vehicle types in different route section and different time section, characteristics of route, vehicles, demand are analyzed in depth and then urban distribution under such traffic restrictions is studied from the perspective of optimal Route-Time-Vehicle-Demand matching. In the first place, the incoherence in distribution caused by traffic restriction is about to be solved by studying partitioning distribution, matching method between vehicle types and traffic routes, interchange rules in multi-modal transportation. Corresponding collaborative strategies for vehicles and sequential interchanges strategies will be proposed. Secondly, the economic and flexibility of different vehicle types can be fully made use via introducing the freight route concept, also, the restricted traffic area and artery traffic network are connected by stripping and combining freight route, setting interchange point and coordinating the vehicles. The two-stage optimization model is built and according cloud quantum genetic algorithm is designed to provide quantitative studies for logistics distribution in this vehicle collaboration and integrated transportation problem. Meanwhile, using the randomness and bias stability of the cloud droplet cloud model, the Cloud Genetic algorithm is designed for the secondary distribution problem and the C-W algorithm is designed for the first level distribution problem, in order to enhance the solving quality and efficiency of algorithm, the disturbance operator and population expansion operator are designed. For the comparison, several different cases are conducted to illustrate the established model and solving algorithm.
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    A Study of Local Governments' and Enterprises' Actions in the Carbon Emission Mechanism of Subsidy or PunishmentBased on the Evolutionary Game
    JIAO Jian-ling, CHEN Jie, LI Lan-lan, LI Fang-yi
    2017, 25 (10):  140-150.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.015
    Abstract ( 1280 )   PDF (2703KB) ( 1063 )   Save
    In the process of carbon emission mitigation, as two major participants of emission mitigation, government and enterprise play crucial roles, and subsidy and punishment are two key methods of government. However, the objectives of government and enterprise are not consistent and there exists a game between these two participants in the implementation of carbon emission mitigation. It is critical to handle correctly the contradiction between the government and enterprises. Considering that evolutionary game theory is an effective method in the research of this contradiction, an evolutionary game model is constructed in this paper under the mechanism of static and dynamic subsidy or punishment by local government.Four Influencing paramenters, including carbon allowance, carbon trading price, goveornmental supervision fee and enterprice abatement invest (emission reduction effect paramenter), are compared for their contributions to the evolutionarily stable strategy. The results show that:(1)under the mechanism of dynmaic subsidy or punishment, the trajectory of evolutionary game, cycles around and approach spirally the only evolutionarily stable strategy, is less influenced by the original states of local governments and enterprises.(2)Both the governmental supervision fee and enterprice abatement investment have a negative effect on the action tactics of government supervision. (3)The the impact of carbon allowance on government is relate to the per unit of emission redcution market returns.(4)With the increase of governmental supervision fee, the level of honestly reducing emission will reduce.(5)As carbon trading prices rising, the positivity of government supervision increases initially and then decreases, the actions of enterprise carbon trading vary from buying to selling carbon emission rights, but the transition of the governmental supervision actions lag behind the change of enterprise carbon trading behavior. Furthermore, according to the request of model and the actual environment of carbon market in China, an analysis about all parameters' influence on evolutionarily stable strategy is made. The conclusions provide useful managerial implications for local governments to make policies, and enterprises to invest about reducing emission under the carbon trading mechanism.
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    The Effects of Online Pre-launch Movie Trailers on the Box Office Revenue——Based on Text Sentiment Analysis Method
    SUN Chun-hua, LIU Ye-zheng
    2017, 25 (10):  151-161.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.016
    Abstract ( 1127 )   PDF (1099KB) ( 1399 )   Save
    Trailers are the most widely used method of movie advertising, with the purpose of building consumer awareness and expectations before the release of the movie. In the past, movie trailers were shown at the cinema or on television. Nowadays, trailers appear on the video websites. The effects of online pre-launch movie trailers include two periods:before the release of the movie and after the release of the movie. In the paper, the effects of movie trailers on the viewers' awareness and preference and the effects of the viewers' awareness and preference on the movies' box office revenue are studied. Based on the theories of pure exposure and consumer engagement, the research hypothesis is put forward. Data is collected from mtime.com(www.mtime.com) and entgroup.com(www.entgroup.cn) and text sentiment analysis methods are used to extract the sentiment words from the viewer comments of the movie trailers. A hurdle model is established to examine the effects of movie trailers on the viewers' awareness and preference. A cross section data model and a panel data model are established to examine the effects of the viewers' awareness and preference on the openingweek box office revenue and the weekly box office revenue. The results show that:(1) the release time, the number and the length of movie trailers have effects on the number of the viewer comments.(2) The number of viewer comments and the frequencies of sentiment words have effects on the box office revenue.(3)Before the release of the movie, the frequencies of the words about "joy" and "sadness" have effects on the box office revenue. After the release of the movie, the frequencies of the words about "like" and "dislike" have effects on the box office revenue. The conclusions of the study can provide support for movie marketing strategy development and marketing resource allocation.
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    Comparing the Effects of Online Reviews and Online Comments on Box-office Incomes
    SHI Wen-hua, ZHONG Bi-yuan, ZHANG Qi
    2017, 25 (10):  162-170.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.017
    Abstract ( 1339 )   PDF (1368KB) ( 962 )   Save
    Online reviews have been hot issues of researches in recent years. With the wealth of information carrier, the form of online reviews is more and more diversified. Nowadays the data source of research on online reviews mainly has two types:third-party product reviews and non-professional comment. However, there is little study about comparing the differences between two types of online reviews. In this article, the online movie review is divided into long review and short comment. Firstly, based on the review of literature, a conceptual framework is proposed to examine the impact of movie reviews on box-office. Then the online reviews data is collected from Douban movie Web site. The effects of review and comment on box-office incomes based on panel data are compared. The results show that review volume has no significant impact on box-office. Furthermore,the effect of comment volume weakened by week after reaching a peak. Besides,the influence of review valence variance doesnit exist until third week, but the comment valence variance continues to fifth week. Whether in volume or valence variance, comment has great influence on sales than review. The result indicates that the comment playas more important role in online movie reviews. This study is not only helyful for the further research of the impact of reviews on sales, but also optimizethes marketing strategies for movie producer and movie review site.
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    Hesitant Fuzzy Stochastic Multiple Attribute Decision Making Method Based on Regret Theory and Group Satisfaction Degree
    LIU Xiao-di, ZHU Jian-jun, ZHANG Shi-tao, LIU Si-feng
    2017, 25 (10):  171-178.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.018
    Abstract ( 1277 )   PDF (935KB) ( 1109 )   Save
    Hesitant fuzzy set is a useful tool to model the situation where people have hesitancy to provide their preferences over alternatives, and it has attracted more and more attention from researchers in recent years. However, few studies focus on the hesitant fuzzy stochastic multiple attribute decision making problems in which the regret aversion behavior of the decision makers is considered. In this paper, a stochastic decision method based on regret theory and group satisfaction degree is proposed to deal with the stochastic multiple attribute decision making problems, in which the attribute weights are completely unknown and the attribute values take the form of hesitant fuzzy elements. Firstly, a novel group satisfaction degree based on the variance and score of attribute value is defined to avoid the subjective randomness caused by the artificially given reference points in advance. Comparing with the existing method, the novel hesitant fuzzy group satisfaction degree can well reflect the group divergence and has the characteristic of higher distinguishability. Then, an optimization model based on the group satisfaction degree for attribute weights is constructed and the weight vector of the attributes can be obtained through solving the model. Secondly, on the basis of the regret theory, the regret and rejoice valued matrices are constructed by the pair-wise comparison of alternatives, and the ranking of alternatives can be obtained according to the total psychological perception value of the decision group. Lastly, a numerical example is given to demonstrate the applicability and feasibility of the proposed method. Also, a comparative analysis with other relevant methods is presented. By developing the stochastic multiple attribute decision method with hesitant fuzzy information, horizons of research are broadened, and thus the level of group decision making is raised under hesitant fuzzy environment.
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    Study on Emergency Decision Making of Major Projects Based on the Dynamic Differential Game Theory
    WANG Chang-feng, ZHUANG Wen-ying
    2017, 25 (10):  179-186.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.019
    Abstract ( 1209 )   PDF (1906KB) ( 1085 )   Save
    In view of the uncertainty and dynamic characteristics of the development and evolution of the emergency event in engineering projects, as to make optimal emergency-decision, from the perspective of multi subject competition, based on the characteristics of different game competitors(the regulators and the decision maker) under the complex and dynamic environment in projectengineering emergency management, a continuous dynamic differential game model of two participates is established to describe the process.While making a decision, both competitors want to make an optimal-control on the system risk, as to seeking the maximum interests of their own at the same time. In the algorithm apart, the dynamic game theory and optimal control theory are combined, and the MATLAB software is used to solve the model.Furthermore,in order to study the influence of the various parameters in the management system, the sensitivity analysis of the model is carried out.By sensitivity analysis, the corresponding management recommendations targeted can be put forward, and it can do great help to explore and explain the evolution process of the competition and cooperation among the various entities in the complex network of risk management.In this paper, the dynamic decision-making mechanism of emergency is discussed from the theoretical level, which can be used as a reference to some related research and help to make a more profound understanding of the formation of emergency management system, while it can also provide the necessary support for the selection and implementation of emergency strategy in practice.In this way, the study can help managers to make efficient decisions and optimize the integration of resources.
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    The Emergency Victims Rescue Problem Considering Psychological Condition
    ZHANG Chen-xiao, ZHU Rui, LIU Hai-yue, ZHANG Jiang-hua
    2017, 25 (10):  187-196.  doi: 10.16381/j.cnki.issn1003-207x.2017.10.020
    Abstract ( 1046 )   PDF (1554KB) ( 703 )   Save
    Natural disasters, conflicts and other emergencies threaten the lives and health of millions of people every year. During these casualty incidents, to which one of several area hospitals should each victim be sent? How is the order of delivery of casualties determined? Although much research work on these questions has been done, very few takes the psychological status of casualties into account. Injured people will have anxiety, panic and other emotions, which also affect how smoothly rescue work in a way. Therefore, besides resource availability (both ambulances and care) and injury condition of patients, rescue decisions depend on the psychological status of casualties. In this paper, the method calculating psychological costs is improved, and a bi-objective programming model is developed to minimize the psychological cost and maximize the casualty survival probability. Focus is put on the critical time period immediately following the onset of an MCI, and many facts including the dynamic changes of resources in different medical institutions, the real-time survival probability and the psychological condition of the wounded are considered. The bi-objective programming model is transformed by the fuzzy multi-objective linear programming, and solved using the mathematical programming solver, IBM.ILOG.CPLEX. Finally, a number of experiments are carried out under different conditions of rescue resources, and the effectiveness of the proposed model and method is verified by these experiments. This paper would be a theoretical base and potential practice solution for emergency for victim rescue problem.
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