Maximization of Wealth in a Jump-Diffusion Model

This paper study the problem of  wealth optimization when jump-diffusion asset price model being driven by a count process that more general than Poisson process. It is found unique equivalent martingale measure, we employ the conventional stochastic analysis methods. It is proved that the existence of an optimal portfolio and consumption process. The optimal wealth process, the value function, the optimal portfolio and consumption process are given

Diffractive lensing of nano-Hertz gravitational waves emitted from supermassive binary black holes by intervening galaxies

Pulsar timing array (PTA) experiments are expected to detect nano-Hertz gravitational waves (GWs) emitted from individual inspiralling supermassive binary black holes (SMBBHs). The GW signals from a small fraction of these SMBBHs may be diffractively lensed by intervening galaxies. In this paper, we investigate the diffractive lensing effects on the continuous GW signals from the lensed SMBBHs and estimate the detectable number of such signals by PTAs, such as the Chinese PTA (CPTA) and the Square Kilometer Array (SKA) PTA. We find that the amplitude of the lensed GW signals may be only amplified by a factor of $\sim 1.01-1.14$ ($16\%-84\%$ range) and the phase of the signals may shift somewhat due to the lensing, significantly different from those strongly lensed high frequency GW signals from compact binary mergers in the geometric optics. We estimate that $\sim 0.01\%$ of all detected nano-Hertz GW signals from individual SMBBHs by future PTA experiments are lensed by foreground galaxies (i.e., up to $\sim 106$ for CPTA and up to $\sim 289$ for SKA-PTA). However, the lensed nano-Hertz GW signals are difficult to be distinguished from those without lensing by the PTA observations only. We further discuss the possibility about the identification of the lensed nano-Hertz GW signals from SMBBHs via the electromagnetic detection of their host galaxies or active galactic nuclei.Comment: 12 pages, 8 figures, Accepted for publication in MNRA

Route Choice Model Based on Game Theory for Commuters

The traffic behaviours of commuters may cause traffic congestion during peak hours. Advanced Traffic Information System can provide dynamic information to travellers. Due to the lack of timeliness and comprehensiveness, the provided information cannot satisfy the travellers’ needs. Since the assumptions of traditional route choice model based on Expected Utility Theory conflict with the actual situation, a route choice model based on Game Theory is proposed to provide reliable route choice to commuters in actual situation in this paper. The proposed model treats the alternative routes as game players and utilizes the precision of predicted information and familiarity of traffic condition to build a game. The optimal route can be generated considering Nash Equilibrium by solving the route choice game. Simulations and experimental analysis show that the proposed model can describe the commuters’ routine route choice decisionexactly and the provided route is reliable.</p

The impact of e-commerce on environmental sustainability targets in selected European countries

E-commerce plays a crucial role in the digital economy. E-commerce can reduce costs and boost economic growth. Therefore, the global rate of E-commerce is increasing very fast, which has implications for the digital economy. This study analyses the impact of e-commerce on environmental sustainability. The empirical analysis employed OLS, 2SLS, GMM, and panel quantile regression methods using panel data of 10 European economies spanning over 2002–2019. Carbon emissions and GHG emissions measure environmental sustainability. The results from OLS, 2SLS and GMM show that e-commerce negatively impacts carbon emissions. The panel quantile regression results also show that e-commerce negatively impacts carbon emissions at the middle and higher quantiles. This study recommends that environmental sustainability programs pay attention to policies encouraging e-commerce

Wealth Optimization Models with Stochastic Volatility and Continuous Dividends

This paper study the problem of wealth optimization.It is established that the behavior model of the stock pricing process is jump-diffusion driven by a count process and stochastic volatility. Supposing that risk assets pay continuous dividend regarded as the function of time. It is proved that the existence of an optimal portfolio and unique equivalent martingale measure by stochastic analysis methods. The unique equivalent martingale measure ,the optimal wealth process, the value function and the optimal portfolio are deduced. Key words: Jump-Diffusion process; Stochastic volatility; Dividends; Incomplete financial market; Wealth optimizatio

GFlowCausal: Generative Flow Networks for Causal Discovery

Causal discovery aims to uncover causal structure among a set of variables. Score-based approaches mainly focus on searching for the best Directed Acyclic Graph (DAG) based on a predefined score function. However, most of them are not applicable on a large scale due to the limited searchability. Inspired by the active learning in generative flow networks, we propose a novel approach to learning a DAG from observational data called GFlowCausal. It converts the graph search problem to a generation problem, in which direct edges are added gradually. GFlowCausal aims to learn the best policy to generate high-reward DAGs by sequential actions with probabilities proportional to predefined rewards. We propose a plug-and-play module based on transitive closure to ensure efficient sampling. Theoretical analysis shows that this module could guarantee acyclicity properties effectively and the consistency between final states and fully-connected graphs. We conduct extensive experiments on both synthetic and real datasets, and results show the proposed approach to be superior and also performs well in a large-scale setting

Backpressure based traffic signal control considering capacity of downstream links

Congestion is a kind of expression of instability of traffic network. Traffic signal control keeping traffic network stable can reduce the congestion of urban traffic. In order to improve the efficiency of urban traffic network, this study proposes a decentralized traffic signal control strategy based on backpressure algorithm used in Wi-Fi mesh networks for packets routing. Backpressure based traffic signal control algorithm can stabilize urban traffic network and achieve maximum throughput. Based on original backpressure algorithm, the variant parameter and penalty function are considered to balance the queue differential and capacity of downstream links in urban traffic network. For each traffic phase of intersections, phase weight is computed using queue differential and capacity of downstream links, which fixed the deficiency of infinite queue capacity in original backpressure algorithm. It is proved that the extended backpressure traffic signal control algorithm can maintain stability of urban traffic network, and also can prevent queue spillback, so as to improve performance of whole traffic network. Simulations are carried out in Vissim using Vissim COM programming interface and Visual Studio development tools. Evaluation results illuminate that it can get better performance than the backpressure algorithm just based on queue length differential in average queue length and delay of traffic network

Multi-functional anodes boost the transient power and durability of proton exchange membrane fuel cells.

Proton exchange membrane fuel cells have been regarded as the most promising candidate for fuel cell vehicles and tools. Their broader adaption, however, has been impeded by cost and lifetime. By integrating a thin layer of tungsten oxide within the anode, which serves as a rapid-response hydrogen reservoir, oxygen scavenger, sensor for power demand, and regulator for hydrogen-disassociation reaction, we herein report proton exchange membrane fuel cells with significantly enhanced power performance for transient operation and low humidified conditions, as well as improved durability against adverse operating conditions. Meanwhile, the enhanced power performance minimizes the use of auxiliary energy-storage systems and reduces costs. Scale fabrication of such devices can be readily achieved based on the current fabrication techniques with negligible extra expense. This work provides proton exchange membrane fuel cells with enhanced power performance, improved durability, prolonged lifetime, and reduced cost for automotive and other applications

Vers une théorisation de la traduction française de la littérature contemporaine chinoise

Le présent article a pour thème la théorie de la traduction de la littérature chinoise contemporaine vers le français et en vient à proposer une présentation de nouvelles approches de cette activité. Il s’agit ici d’une synthèse de lectures critique. Si à l’aube du XXIe siècle, la Chine a connu de profonds changements en ce qui concerne la pratique et la théorie de la traduction, l’objectif de cette synthèse est d’expliciter quels éléments nouveaux intègrent la construction d’une théorie de la traduction de la littérature chinoise contemporaine vers le français. Cette présentation est donc faite à la lumière des discours traductologiques chinois et étrangers passés et actuels. On présente premièrement les raisons du changement d’orientation de la traduction chinoise, avant d’en définir les nouveaux principes. On explique ainsi que, d’une part, la pratique, qui était caractérisée depuis longtemps par la traduction des langues étrangères vers le mandarin, s’oriente aujourd’hui considérablement vers la conception des langues étrangères comme cibles, faisant écho à la stratégie politique de promotion qui vise à faire sortir la culture chinoise de ses frontières et à l’initiative de la création d’axes d’échanges commerciaux extérieurs terrestres et maritimes. On voit d’autre part que de conscience disciplinaire nationale qu’elle était, la théorie de la traduction chinoise développe à présent une tentative construction systématique avec l’objectif d’occuper une place importante dans le débat traductologique international.Mots clés : Théorisation. Traduction. Littérature contemporaine chinoise. Le français. Towards a theorization of French translation of contemporary Chinese literatureAbstract:The subject of this article is the theory of translating contemporary Chinese literature into French, and it comes to offer a presentation of new approaches to this activity. This is a critical synthesis of readings. If, at the dawn of the twenty-first century, China has undergone profound changes in the practice and theory of translation, the objective of this synthesis is to explain what new elements integrate the construction of a theory of the translation of contemporary Chinese literature into French. This presentation is therefore made in the light of past and current Chinese and foreign translational discourse. We first present the reasons for the change in the orientation of the Chinese translation, before defining its new principles. It is thus explained that, on the one hand, the practice, which had long been characterized by the translation of foreign languages into Mandarin, is nowadays considerably oriented towards the conception of foreign languages as targets, echoing the political promotional strategy which aims to bring Chinese culture out of its borders and stimulate the creation of foreign trade axes by land and sea. On the other hand, we see that from the national disciplinary consciousness that it once was, Chinese translation theory is now developing an attempt of systematic construction with the aim of occupying an important place in the international debate on translation.Keywords: Theorization. Translation. Contemporary Chinese literature. French. Rumo a uma teorização da tradução francesa da literatura chinesa contemporâneaResumo:O assunto deste artigo é a teoria da tradução da literatura chinesa contemporânea para o francês e propõe uma apresentação de novas abordagens para essa atividade. Esta é uma síntese de leituras crítica. Se, no início do século XXI, a China passou por profundas mudanças na prática e na teoria da tradução, o objetivo desta síntese é explicar quais novos elementos integram a construção de uma teoria da tradução da literatura chinesa contemporânea para o francês. Portanto, esta apresentação é feita à luz do discurso da tradutologia chinesa e estrangeira passadas eatuais. Primeiro, apresenta-se as razões da mudança de orientação da tradução chinesa, antes de definir seus novos princípios. Assim, explica-se que, por um lado, a prática, que há muito se caracterizava pela tradução de línguas estrangeiras para o mandarim, hoje em dia é consideravelmente orientada pela concepção de línguas estrangeiras como alvos, ecoando a estratégia política de promoção que visa tirar a cultura chinesa de suas fronteiras e incentivar a criação de eixos de comércio exteriores por terra e mar. Por outro lado, se vê que, a teoria da tradução chinesa passou de uma consciência disciplinar nacional para uma  tentativa de construção sistemática, com o objetivo de ocupar um lugar importante no debate internacional em este campo.Palavras-chave: Teorização. Tradução. Literatura chinesa contemporânea. Francês. Hacia una teorización de la traducción al francés de la literatura china contemporáneaResumen:El tema de este artículo es la traducción de la literatura china contemporánea al francés y viene a ofrecer una presentación de nuevos enfoques para esta actividad. Se trata de una síntesis de lecturas crítica. Si en los albores del siglo XXI, China ha experimentado cambios profundos en la práctica y la teoría de la traducción, el objetivo de esta síntesis es explicar qué elementos nuevos integran la construcción de una teoría de la traducción de la literatura china contemporánea al francés. Por lo tanto, esta presentación se hace a la luz del discurso traduccional chino y extranjero pasado y actual. Primero presentamos las razones del cambio en la orientación de la traducción chinesa, antes de definir los nuevos principios. Por lo tanto, se explica que, por un lado, la práctica, que durante mucho tiempo se caracterizó por la traducción de lenguas extranjeras al mandarín. Hoy en día está considerablemente orientada hacia la concepción de lenguas extranjeras como objetivo, haciéndose eco de la estrategia política de promoción cuyo objetivo es sacar la cultura china de sus fronteras, a través de la creación de ejes de comercio exterior por tierra y mar. Por otro lado, vemos que a partir de la conciencia disciplinaria nacional que era inicialmente, la teoría de la traducción china está desarrollando un intento de construcción sistemático con el objetivo de ocupar un lugar importante en el debate internacional de la traducción.Palabras-clave: Teorización. Traducción. Literatura. China contemporánea. Francés