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This paper develops a general theory of sequential irreversible investments in capital where a firm has the option to expand its current capacity or just wait for better time. Facing economic uncertainty, the firm has an operating function of the current capacity and an exogenous stochastic factor modelled by semimartingale. This general model encompasses(More)
With the development of automated logistics systems, flexible manufacture systems (FMS) and unmanned automated factories, the application of automated guided vehicle (AGV) gradually become more important to improve production efficiency and logistics automatism for enterprises. The development of the AGV systems play an important role in reducing labor(More)
The purpose of this paper is to investigate the use of Principal Component Analysis in finding the efficient subset of underlying assets for hedging European basket options. This asset selection technique can be used together with other hedging strategies to enhance the hedging performance. Meanwhile, it become practical and essential when some of the(More)
In contrast to insurance companies, regulatory authorities or regulators can obtain only limited information about the companies’ value. It hence leads to some effects on the regulation design, which is however often overlooked in the literature. This paper characterizes the limited/imperfect information as Knightian [1921] uncertainty (ambiguity). In order(More)
The post-marketed reassessment is an important link to ensure the safety and effectiveness of traditional chinese medicine. It is also the expansion and stretch of new drug evaluation. Through the systematic, standard, rigorous post-marketed reassessment, the enterprise can full access to drugs after listing the efficacy and safety information, evaluate the(More)
Cotton stalk is a potential biomass for bioethanol production, while the conversion of direct saccharification or biotransformation of cotton stalk is extremely low due to the recalcitrant nature of lignocellulose. To enhance the enzymatic conversion of cotton stalks, the enzymatic saccharification parameters of high pressure assist-alkali pretreatment(More)
The Prescription for Pharmacoeconomic Analysis (PFPA) of New Zealand was firstly published in 1999. The original version was reviewed in 2004 and version 2, approved and published in 2007, is the living document. The main purpose for this guideline is to provide an overview of the methods PHARMAC (Pharmaceutical Management of Agency) uses when conducting(More)
In post-marketing study of traditional Chinese medicine (TCM), pharmacoeconomic evaluation has an important applied significance. However, the economic literatures of TCM have been unable to fully and accurately reflect the unique overall outcomes of treatment with TCM. For the special nature of TCM itself, we recommend that Markov model could be introduced(More)
In this article, we present an actinomorphic soft robot with soft composite structures actuated by Shape Memory Alloy (SMA) wires. The composite structures act as arm function in the robot and incorporate soft materials, elastic plate and SMA wires. We analyze the relationship of frequency response of structures with the heating voltage and distance between(More)