Guaranteed Cost Control of a Class of Linear Stochastic Systems on the Basis of Robust Analysis

This paper discusses the guaranteed cost control of a class of linear stochastic systems on the research of uncertain linear systems.The authors give the definition of this linear stochastic systems' guaranteed cost control,by using Ito formula and linear matrix inequality,combined its square-stability,under the supposition of the square stability of this kind of linear stochastic system,gets the accordingly guaranteed cost control condition.The conclusion is,if the linear stochastic system is square-stability,then its guaranteed cost control exists.Finally,the problem of designing a optimal guaranteed cost control can be turned into a convex optimal problem.     

Computing Method of America Option Under the Basis of Black-scholes Formula

On the basis of the theory of option pricing,We study the connection between America call option and European call option;Under the assumption condition of Black-Scholes formula ,use the theory of martingales and stopping time,get the conclusion that: the price of America call option equals the price of European call option; Discuss some numeric computing methods of the put America option pricing, with the invarional inequaility for optimal stopping, prove the boundary property of America put option price and introduce some numeric computing methods of the put America option price.     

Real Option Method in Real Estate Investment Decision

Through analysis of basic assumptions and limitations of the conventional real estate investment decision method, in this paper, its unconformity to the investment environment, which includes a great number of uncertain elements, is pointed out. By analyzing the real option and the price formula, the pattern of real option in real estate investment decision is put forward and this breaks through the limitations of the conventional investment decision method and makes the decision scientifically and reasonably, moreover, it has some directive significance to investment administration work of real estate corporation.     

2008-2012年晋江市肥料价格分析与施肥对策

通过调查分析2008-2012年以来晋江市肥料价格走势,旨为农民提供肥料市场价格信息,并在高肥价的情况下,引导农民施肥对策.     

Model and Computation of Reload Stock Options with Barriers

Reload stock option is proposed as a executive stock option plan having some drawbacks, and prove that it is necessary to treat the reload option as a barrier option with two barriers. The improved reload option pricing model is established which the long incentive and reload feture of executive stock option are included. The pricing formula of the new option and the simulation analysis of it are discussed.     

Empirical Study on the Premium Rate of First-day Traded Price of Convertible Bond

Clauses-designing of convertible bond is the main object of this article. Its final effect upon exchange market is analyzed by an empirical study, which ultimately reveals the relationship between clause-designing and the premium rate of the price on the first day. The authors select 22 pieces of comparable convertible bonds in domestic market as a sample pool, and design a regression model. Results demonstrate that market price of convertible bond is primarily determined by its value. In this case, proper designing in coupon rate, duration, or setting additional clauses, such as interest compensation clause and unconditional redemption clause, could significantly improve the premium of price on the first day. Moreover, it is precise to appraise the premium of price on the first day with the regression model, which proves that this model turns out to be a valuable reference for investors.     

中国豆粕市场的价格博弈分析

分析了豆粕价格波动现状及对饲料行业和畜牧业的不利影响，构造了n个博弈方的伯特兰德（Bertrand）价格博弈模型，通过求解方程组得出以下结论：异质产品的Bertrand博弈只有一个均衡。对2人情形，得出了均衡对称条件下的市场价格。     

Equilibrium Study on Product Quality Index and Pricing Strategy with Consumer Differentiation

This paper analyzes the influences of multi_consumer_types on the product differentiation under the condition of separated or connected consumer market. It forms the demand functions of differentiated_products of the enterprises facing multi_consumer_types,reviews the affection of differentiated products combination on the cost function with the conept of scopeeconomy. All after these,the paper points out the critical condition to Shoose the production mode of one product or multi_products_combination,and forms a theoretic equilibrium model to determine the product quality index,quantity and price of the differentiated_products of the enterprises under the condition of consumer differentiation.     

2007—2016年北京市大宗淡水鱼类价格波动分析

为准确把握水产品市场形势,监测产业发展动态,指导渔民有效生产,本研究以北京市场2007年6月至2016年12月大宗淡水鱼平均月度价格为研究对象,开展价格变动规律分析,并采用X12季节调整法和HP滤波法对价格波动特点和周期进行了实证分析。结果表明,北京市大宗淡水鱼类价格呈现周期性波动上升趋势,受市场及生产等偶然因素影响,部分年度价格波动剧烈;年内市场价格具有明显的季节性特征,受节假日因素影响不明显;鲢鱼价格在大宗淡水鱼中一直处于低位,鳙鱼价格大多高于其他品种;大宗淡水鱼类的价格波动周期与生产周期密切相关,大致为10个月。基于上述结论,建议渔民逐步实现水产品的分散上市,降低生产方式对价格波动的影响,平稳有序开展渔业生产。     

Dynamic Analysis on Adjustment of Price for Disequilibrium Market

Under the condition of market economy, the price of goods changes with internal rule and relation of supply and demand in the micro-market. Because of complexity of real economic system, the fact that supply is not all equal to demand every time needs use the disequilibirium analysis which nears well reality instead of traditional equilibirium analysis. In the state of disequilibirium market, according to the adjustment function for market and under synthesizing two basic adjustment equations of price, the stability of price for disequilibrium system has been studied based on the equations of supply and demand and using the adaptive expectation mode to forecast price .These conditions of stability of the system have also been given, which benefit to study structure and capability so as to search for dynamic law for the economic system .     

产销两地农产品市场价格传导关系的研究——以京冀两地蔬菜市场为例的实证分析

以京冀两地蔬菜市场为例,以大白菜、黄瓜、西红柿的市场价格为对象,研究中国农产品产销两地市场的价格传导关系,以探究在市场经济条件下,中国农产品产销两地市场价格的传导形式、传导速率和传导动力。借助相关系数、Johansen协整检验、Granger因果检验、脉冲响应函数、方差分解等方法,通过实证检验表明,京冀两地蔬菜市场价格的相关性较强,存在着协整关系,并且具有双向引导关系,两地蔬菜市场的价格传导关系显著,其中大白菜和黄瓜的价格传导速率均为2阶滞后,西红柿的价格传导速率为3阶滞后;在京冀两地蔬菜市场价格传导过程中,北京销地市场价格的引导力要强于河北产地价格,其在蔬菜价格形成中起主导性作用,两地的价格传导属典型的“需求拉动型”,内在的传导动力主要在于北京销地市场的供需变化所引起的价格波动。研究结果还表明,在全国蔬菜一体化大市场基本形成的情况下,买方市场中“以销定产”的特点得到了充分体现。因此,农业部门在发展区域蔬菜产业时,首先要充分考虑销地的市场行情,通过建立市场价格预警机制、市场多方会商机制、产销市场联合监测机制,以销地市场的走向科学安排产区的蔬菜产业结构。     

中国花卉拍卖交易问题的思考

拍卖作为价格发现和资源配置机制,效率是不容置疑的。但中国花卉拍卖市场除了昆明拍卖市场还在正常运作外,其它的都步履维艰。那么到底什么在制约着中国花卉拍卖市场的发展,什么是走出困境的必须解决的问题。根据中国花卉产业的现状及拍卖市场面临的问题,分别从3个不同质市场之间的相互替代、花卉拍卖市场参与者现状和拍卖市场构建前提等3个方面分析了背后深层次的制约因素。并指出电子直销和传统市场对拍卖市场的替代性影响是造成竞价偏离的关键因素,拍卖市场要发展必须吸收这两个市场在流通上的优点才能更好地发挥竞价的效率优势。     

Model of Capital Asset Pricing with Asymmetric Information Structure

A capital asset pricing model and the corresponding investment strategy are investigated for the financial market with asymmetric information structure. Suppose that investors can be defined with three kinds: informed trader, under-reaction trader and over-reaction trader; all traders use Bayesian principle to modify their prior distributions. The anthors obtain the equilibrium price of the risky asset in the short run and the rational investment strategy.     

北京与周边市场芹菜价格传导关系研究

叶类蔬菜因其不耐贮运而在北京市场的自给率高于果类蔬菜,在空间流通方向上也与果类蔬菜有明显区别。价格作为自动调控蔬菜空间运销方向的指挥棒,对调节蔬菜供求有明显作用。通过研究京津冀鲁辽代表性批发市场间的芹菜价格传导关系发现,北京市场的芹菜价格向河北、天津有较强的传导作用;河北市场对北京芹菜价格变动呈同向反应且传导强度由强转弱,天津市场对北京芹菜价格冲击的反应更迅速。京外市场芹菜价格变动方差由北京解释的部分在30%以下,但北京市场价格变动对河北和天津芹菜价格方差的贡献度均在80%以上。可见,京外市场芹菜价格变动对北京市场的影响较小,但距北京较近的河北和天津市场,其芹菜价格变化受北京影响则较大。提高芹菜为代表的北京叶类蔬菜自给率,及其在环北京市场的价格与供求信息互动程度,对保证芹菜价格平稳并提高资源配置效率具有重要意义。     

2000年以来中国芦笋的国际贸易及产业竞争力研究

中国是世界芦笋生产大国,面积和产量都位居世界第一,芦笋产业已发展成为具有竞争优势的新兴产业,在全球芦笋贸易中占有举足轻重的地位。为了研究中国芦笋的国际贸易和产业竞争力,根据FAO、WTO和中国海关（一般贸易）的芦笋贸易数据,对中国芦笋的进出口贸易现状进行了分析,选取生产者价格、国际市场占有率、贸易竞争力指数和出口价格比4个分析指标,对中国芦笋的产业竞争力给予评价。结果表明：中国芦笋贸易以出口为主,一直处于贸易顺差状态,2008年以后,进口增长很快,进出口差距显著缩小,2019年进口量是出口量的1/3,而进口额超过了出口额。芦笋价格方面,中国芦笋生产成本和生产价格较低,占据优势,但是出口单价和出口额相对也较低,出口创汇不显著,2013年以来进口单价快速上涨超过了出口单价,进口芦笋价格昂贵,未来芦笋进口不会明显增加,出口保持稳定。在国际芦笋出口大国中,秘鲁、墨西哥基本上是芦笋净出口国家,具有极强的贸易竞争力;其次是希腊,竞争力指数也较高;美国、西班牙、荷兰的优势也比较明显。中国是全球最大芦笋生产国,但芦笋的国际市场占有率不高,贸易竞争力指数为正数时接近1,出口额远大于进口额,反映出中国芦笋...     

Game Analysis of Vertical Cooperative Advertising with Price Discount

This paper studies the problem of cooperative advertising of two-echelon supply chain when the manufacturer offers a price deduction to consumers. And the equilibrium outcomes in a two-stage game and a coordinated co-op game are discussed and compared respectively. The results demonstrate that, under a certain condition, the retailer will increase local advertising effort if the manufacturer offers more price discount to customers directly. For any given price discount, the total profit for the supply chain with cooperative scheme is always higher than that with the non-cooperative scheme, and we find that the price discount will only be suitable for the merchandise with price sensitive demand. Then the Nash bargaining model is utilized to determine the allocation of the entire system profit gain. Finally, a numerical example is given to confirm the above conclusion.     

Two Formulas of Debt Valuation About risky Enterprise with Contingent Claims Analysis and Comparison

Risky debt valuation differs greatly from that of no risk so that under uncertainty of income flower and discount rate, usually we can not get a kind of resonlution to express the type. With no account of the discount rate, we are absorbed in property value influence under uncertainty. As generalizing the theory of option pricing, contingent claims analysis can handel debt valuation, and sometime give closed form expressions.Two formula obtained by Merton and Black&Cox, are Compared and different conditions are discussed. At last, some comment on formula of debt valuation is given.     

再论农产品绿色营销策略

绿色消费和绿色营销是当今国际农产品市场的主潮流,在国际和国内市场竞争的条件下,企业应积极推行农产品绿色营销。在分析农产品绿色营销的现状及存在问题的基础上,对农产品绿色营销的产品、价格、渠道和促销策略进行了研究。     

Compensation trust evaluation model of grid service

It is difficult to distinguish the cheating and other malicious behaviours in the grid service trust evaluation. A trust evaluation model for grid service based on compensation is proposed.With market mechanism, service provider and demander present the expected profit and compensate price for their behaviours to maximize their own profit. The game theory is applied to balance the expected profit and compensate price. Based on the game theory, evaluation trade strategy achieves perfect Bayesian equilibrium. Service provider and demander can choose their own trade strategy to maximize profit. Theoretical analysis and simulation results show that the service demanders can abandon the cheating motivation voluntarily, while the service providers can make right decision to choose trust evaluation. Compared with the existing model, the precision and security of the trust evaluation is enhanced greatly, while the calculating and communication cost is reduced remarkably.     

从农产品价格角度看农民利益分配

从农产品价格的角度分析了我国农民利益分配的不合理性,指出了在市场经济条件下这种不合理利益分配单靠市场机制是无法调节的,需要加强政府对这方面的调控。