Interchange fee rate, merchant discount rate and retail prices in a credit card network: A game-theoretic analysis

We consider two game-theoretic settings to determine the optimal values of an issuer's interchange fee rate, an acquirer's merchant discount rate, and a merchant's retail price in a credit card network. In the first setting, we investigate a two-stage game problem in which the issuer and the acquirer first negotiate the interchange fee rate, and the acquirer and the retailer then determine their merchant discount rate and retail price, respectively. In the second setting, motivated by the recent US bill “H.R. 2695,” we develop a three-player cooperative game in which the issuer, the acquirer, and the merchant form a grand coalition and bargain over the interchange fee rate and the merchant discount rate. Following the cooperative game, the retailer makes its retail pricing decision. We derive both the Shapley value- and the nucleolus-characterized, and globally-optimal unique rates for the grand coalition. Comparing the two game settings, we find that the participation of the merchant in the negotiation process can result in the reduction of both rates. Moreover, the stability of the grand coalition in the cooperative game setting may require that the merchant should delegate the credit card business only to the issuer and the acquirer with sufficiently low operation costs. We also show that the grand coalition is more likely to be stable and the U.S. bill “H.R. 2695” is thus more effective, if the degree of division of labor in the credit card network is higher as the merchant, acquirer, and issuer are more specialized in the retailing, acquiring, and issuing operations, respectively. © 2012 Wiley Periodicals, Inc. Naval Research Logistics, 201

Do better institutions improve bank efficiency? Evidence from a transitional economy

The pace of transition in China over the last two decades has led to great variation across the country in terms of institutional and financial development. In this paper, using a panel of Chinese provinces during the period 1993–2006, we empirically investigate the determinants of the efficiency of the banking sector from an institutional perspective. The most important institutional developments in China are the emergence and gradual dominance of the market economy, financial deepening, the growth of a private sector, the establishment of secure property rights, and rule of law. We find that institutional variables play an important role in affecting banking efficiencies, and that banks tend to operate more efficiently in those regions with a greater private sector presence and more property rights awareness, while the role of financial deepening and rule of law is less straightforward.institutional development; bank efficiency; Chinese banks

Dietary Plant Lectins May be an ‘Unknown Etiology’ in Parkinson’s Disease and Dietary Bioactive Compounds Affect Lifespan and Fat Storage Aspects of Caenorhabditis Elegans

Dietary bioactive compounds benefit health while some might induce pathological processes. Parkinson’s disease (PD) is the second most common neurodegenerative disease. Braak and Hawkes hypothesized that the gastrointestinal tract may be a potential site of neuronal invasion by an “unknown pathogen” leading to some Parkinsonism. Neurotoxin botulinum or ricin can trans-synaptically transport in nervous system. Our hypothesis 1: dietary plant lectins might be responsible for the “unknown pathogen” causing PD. Pomegranate juice (PJ) have antioxidant and anti-obesity effects. Our hypothesis 2: PJ increases lifespan in C. elegans and reduces fat storage. Study 1: Post-feeding rhodamine or TRITC tagged dietary lectins was tracked from gut to dopaminergic (DAergic) neurons in C. elegans BZ555 (egIs1[Pdat-1::GFP]) that has Green Fluorescent Protein (GFP) gene fused to a dopamine transport protein gene labeling DAergic neurons. Although this observation was tested with specific inhibiting sugars (SIS), supplemented with Escherichia coli, the high concentrations of monosaccharides necessary may have their own side effects. Results showed that Amaranthus caudatus agglutinin, Euonymus europaeus agglutinin and Arachis hypogaea agglutinin co- localized with DAergic neurons. Lectins affected the number, size or intensity of DAergic neurons, reduced the mobility and affected the lifespan of C. elegans to different extents, with the SIS either augmenting or mitigating the effects. Our observations are a tantalizing possible explanation for why dietary plants have been linked to a risk of developing PD. Study 2: Lifespan of C. elegans was increased by PJ treatment in wild type (N2, 56%) and daf-16 mutant (daf-16(mgDf50)I) (GR1307, 18%), by POMx in N2 (28%) and in GR1307 (10%), or by EA (11%). PJ reduced intestinal fat deposition (IFD) in N2 (-68%) or in GR1307 (-33%). The IFD was increased by POMx in N2 (137%) and in GR1307 (26%), by EA in N2 (66%) and in GR1307 (74%), or by UA in N2 (57%) and in GR1307 (43%). Both lectins and PJ are bioactive compounds, playing important roles in life. These studies may provide useful information for an alternative etiology of PD and offer solutions of using PJ to delay aging and prevent obesity in humans

Constant proportion portfolio insurance and related topics with empirical study

Title from PDF of title page (University of Missouri--Columbia, viewed on May 15, 2013).The entire thesis text is included in the research.pdf file; the official abstract appears in the short.pdf file; a non-technical public abstract appears in the public.pdf file.Dissertation advisor: Professor Allanus H. TsoiIncludes bibliographical references.Vita.Ph. D. University of Missouri-Columbia, 2012."May 2012"The concept of Constant Proportion Portfolio Insurance (CPPI) in terms of jump-diffusion, as well as the associated mean-variance hedging problem, has been studied. Three types of risk related to: the probability of loss, the expected loss, and the loss distribution are being analyzed. Both the discrete trading time case and the continuous trading time case have been studied. Next, CPPI with stochastic dynamic floors are being discussed. The concept of exponential proportion portfolio insurance is being introduced. Finally CPPI associated with the fractional Brownian market is being studied.Includes bibliographical reference

Correlation Between College Students\u27 Physical Fitness and Running Habits

The purpose of this study was to examine the correlation between the Physical Fitness of Chinese college students and their daily Running Habits (RH). A total of 718 college students from East China Normal University participated in this study (385 boys and 333 girls). Each participant participated in the Chinese Students’ Physical Fitness Test (CSPFT) during the 2018-2019 school year. In addition, each student was also required to use the APP to record all their running results during each run during the 2018-2019 school year. Researchers queried and exported all running records through the app\u27s management platform. Correlation analysis was performed on all CSPFT results and RH using Pearson correlation. It was found that the total number of kilometers run by the students had a significant negative correlation with their Vital Capacity (VC), Sitting Body Flexion (SBF), and Long Jump (LJ) (r VC = -.08, p VC \u3c 0.05; r SBF = -. 08, p SBF \u3c 0.05; r LJ = -. 09, p LJ \u3c 0.05), and a significant positive correlation with their 50-Meter Running (50R) (r 50R = .11, p 50R \u3c 0.01); the overall number of times students run had a significant positive correlation with their endurance performance (1000-meters running for boys and 800-meters running for girls, r = .08, p \u3c 0.05); The average number of kilometers per run was significantly negatively related to the VC, SBF, and strength scores (pull-up for boys, girl sit-ups for girls) (r VC = -. 17, p VC \u3c 0.01; r SBF = -. 14, p SBF \u3c 0.01; r strength = -. 33, p strength \u3c 0.01), and showing a significant positive correlation with its 50R (r 50R = .33, p 50R \u3c 0.01); there was no significant correlation between each CSPFT results and overall running time or average running time; meanwhile, there was no significant correlation between the other CSPFT results and RH results. This study supports that there is a positive correlation between distance run by college students and their speed, and a negative correlation with flexibility, strength, and VC. students with good endurance might prefer running, but not necessarily to long distance