938 resultados para Empirical asset pricing
Resumo:
The objective of this paper is to empirically evaluate a framework for designing – GEMS of SAPPhIRE as req-sol – to check if it supports design for variety and novelty. A set of observational studies is designed where three teams of two designers each, solve three different design problems in the following order: without any support, using the framework, and using a combination of the framework and a catalogue. Results from the studies reveal that both variety and novelty of the concept space increases with the use of the framework or the framework and the catalogue. However, the number of concepts and the time taken by the designers decreases with the use of the framework and, the framework and the catalogue. Based on the results and the interview sessions with the designers, an interactive framework for designing to be supported on a computer is proposed as future work.
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Long-term surveys of entire communities of species are needed to measure fluctuations in natural populations and elucidate the mechanisms driving population dynamics and community assembly. We analysed changes in abundance of over 4000 tree species in 12 forests across the world over periods of 6-28years. Abundance fluctuations in all forests are large and consistent with population dynamics models in which temporal environmental variance plays a central role. At some sites we identify clear environmental drivers, such as fire and drought, that could underlie these patterns, but at other sites there is a need for further research to identify drivers. In addition, cross-site comparisons showed that abundance fluctuations were smaller at species-rich sites, consistent with the idea that stable environmental conditions promote higher diversity. Much community ecology theory emphasises demographic variance and niche stabilisation; we encourage the development of theory in which temporal environmental variance plays a central role.
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We propose a simulation-based algorithm for computing the optimal pricing policy for a product under uncertain demand dynamics. We consider a parameterized stochastic differential equation (SDE) model for the uncertain demand dynamics of the product over the planning horizon. In particular, we consider a dynamic model that is an extension of the Bass model. The performance of our algorithm is compared to that of a myopic pricing policy and is shown to give better results. Two significant advantages with our algorithm are as follows: (a) it does not require information on the system model parameters if the SDE system state is known via either a simulation device or real data, and (b) as it works efficiently even for high-dimensional parameters, it uses the efficient smoothed functional gradient estimator.
Resumo:
Representatives of several Internet service providers (ISPs) have expressed their wish to see a substantial change in the pricing policies of the Internet. In particular, they would like to see content providers (CPs) pay for use of the network, given the large amount of resources they use. This would be in clear violation of the ``network neutrality'' principle that had characterized the development of the wireline Internet. Our first goal in this article is to propose and study possible ways of implementing such payments and of regulating their amount. We introduce a model that includes the users' behavior, the utilities of the ISP and of the CPs, and, the monetary flow that involves the content users, the ISP and CP, and, in pUrticular, the CP's revenues from advertisements. We consider various game models and study the resulting equilibria; they are all combinations of a noncooperative game (in which the ISPs and CPs determine how much they will charge the users) with a ``cooperative'' one on how the CP and the ISP share the payments. We include in our model a possible asymmetric weighting parameter (that varies between zero to one). We also study equilibria that arise when one of the CPs colludes with the TSP. We also study two dynamic game models as well as the convergence of prices to the equilibrium values.
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In this paper, we develop a consolidated Supply-Demand framework of the Venture Capital (VC) ecosystem for India. Further, we empirically analyze the supply side of this ecosystem to ascertain the influence of systematic (macro) and non-systematic (micro) factors on VC fundraising. At the macro level, our results indicate that relatively strong fundamentals of the Indian economy in the past decade as compared with the severe recessionary tendencies in the developed economies have been critical in determining the aggregate volume of VC fundraising. Among the micro factors, past performance and reputation of the individual fund managers have been instrumental in determining their fund raising potential.
Resumo:
Internal analogies are created if the knowledge of source domain is obtained only from the cognition of designers. In this paper, an understanding of the use of internal analogies in conceptual design is developed by studying: the types of internal analogies; the roles of internal analogies; the influence of design problems on the creation of internal analogies; the role of experience of designers on the use of internal analogies; the levels of abstraction at which internal analogies are searched in target domain, identified in source domain, and realized in the target domain; and the effect of internal analogies from the natural and artificial domains on the solution space created using these analogies. To facilitate this understanding, empirical studies of design sessions from earlier research, each involving a designer solving a design problem by identifying requirements and developing conceptual solutions, without using any support, are used. The following are the important findings: designers use analogies from the natural and artificial domains; analogies are used for generating requirements and solutions; the nature of the design problem influences the use of analogies; the role of experience of designers on the use of analogies is not clearly ascertained; analogical transfer is observed only at few levels of abstraction while many levels remain unexplored; and analogies from the natural domain seem to have more positive influence than the artificial domain on the number of ideas and variety of idea space.
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We consider a system with multiple Femtocells operating in a Macrocell. The transmissions in one Femtocell interfere with its neighboring Femtocells as well as with the Macrocell Base Station. We model Femtocells as selfish nodes and the Macrocell Base Station protects itself by pricing subchannels for each usage. We use Stackelberg game model to study this scenario and obtain equilibrium policies that satisfy certain quality of service.
Resumo:
The Restricted Boltzmann Machines (RBM) can be used either as classifiers or as generative models. The quality of the generative RBM is measured through the average log-likelihood on test data. Due to the high computational complexity of evaluating the partition function, exact calculation of test log-likelihood is very difficult. In recent years some estimation methods are suggested for approximate computation of test log-likelihood. In this paper we present an empirical comparison of the main estimation methods, namely, the AIS algorithm for estimating the partition function, the CSL method for directly estimating the log-likelihood, and the RAISE algorithm that combines these two ideas.
A Semi-Empirical Equation of Penetration Depth on Concrete Target Impacted by Ogive-Nose Projectiles
Resumo:
In this paper, the penetration process of ogive-nose projectiles into the semi-infinite concrete target is investigated by the dimensional analysis method and FEM simulation. With the dimensional analysis, main non-dimensional parameters which control the penetration depth are obtained with some reasonable hypothesis. Then, a new semi-empirical equation is present based on the original work of Forrestal et al., has only two non-dimensional combined variables with definite physical meanings. To verify this equation, prediction results are compared with experiments in a wide variation region of velocity. Then, a commercial FEM code, LS-DYNA, is used to simulate the complex penetration process, that also show the novel semi-empirical equation is reasonable for determining the penetration depth in a concrete target.