A new supply contract based on sharing the sales profits as well as the cost of effort was devel- oped to coordinate the supply chain with sales effort effects. The contract coordinates the supplier’s actions with ...A new supply contract based on sharing the sales profits as well as the cost of effort was devel- oped to coordinate the supply chain with sales effort effects. The contract coordinates the supplier’s actions with voluntary compliance; the contract is symmetric in the sense that both the supplier’s and retailer’s prof- its are linearly correlated and is more easily implemented in some situations. The impact of the retailer’s loss aversion on his effort is investigated based on the contract. After characterizing the retailer’s optimal solutions, this paper demonstrates that contrary to intuition, loss aversion weakens incentives for retailer’s sales effort and the retailer’s optimal effort decreases as the loss aversion increases.展开更多
In this paper, we consider a newsvendor model in which a risk-averse manager faces a stochastic price-dependent demand in either an additive or a multiplicative form. An emergency purchase option is allowed after the ...In this paper, we consider a newsvendor model in which a risk-averse manager faces a stochastic price-dependent demand in either an additive or a multiplicative form. An emergency purchase option is allowed after the realization of demand to satisfy the units that are short. By adopting Conditional value-at-risk （CVaR） as the decision criterion, we aim to investigate the optimal pricing and ordering decisions, and the effects of parameter changes in such a setting. We provide sufficient conditions for the uniqueness of the optimal policy for both demand models. We perforl~, comparative statics analysis to show how the optimal pricing and ordering decision behaves when changing parameters. We also compare our results with those of the newsvendor with a general utility function and with CVaR criterion under lost sales assumption. Our key results include： （i） For both demand models, the optimal selling price is decreasing in risk aversion. Hence, the optimal price of a risk-averse newsvendor is not greater than the optimal price of a risk-neutral newsvendor. （it） In contrary to the lost sales case, for the multiplicative demand model, the optimal order quantity may not be monotonic in risk aversion. Consequently, the optimal risk-averse order quantity may be lower or higher than the optimal risk- neutral counterpart. （iii） For the additive model, the optimal order quantity is strictly increasing in the emergency purchase price, while for the multiplicative model the optimal order quantity has no such a monotonic property. Some numerical examples are conducted to verify our claims and gain more insights about the risk-averse decision-making behaviors.展开更多
Pain consists of sensory-discriminative and emotional-affective components.The anterior cingulate cortex(ACC)is a critical brain area in mediating the affective pain.However,the molecular mechanisms involved remain la...Pain consists of sensory-discriminative and emotional-affective components.The anterior cingulate cortex(ACC)is a critical brain area in mediating the affective pain.However,the molecular mechanisms involved remain largely unknown.Our recent study indicated that C-X-C motif chemokine 13(CXCL13)and its sole receptor CXCR5 are involved in sensory sensitization in the spinal cord after spinal nerve ligation(SNL).Whether CXCL13/CXCR5 signaling in the ACC contributes to the pathogenesis of pain-related aversion remains unknown.Here,we showed that SNL increased the CXCL13 level and CXCR5 expression in the ACC after SNL.Knockdown of CXCR5 by microinjection of Cxcr5 shRNA into the ACC did not affect SNL-induced mechanical allodynia but effectively alleviated neuropathic painrelated place avoidance behavior.Furthermore,electrophysiological recording from layer Ⅱ-Ⅲ neurons in the ACC showed that SNL increased the frequency and amplitude of spontaneous excitatory postsynaptic currents(sEPSCs),decreased the EPSC paired-pulse ratio,and increased the α-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid receptor/N-methyl-D-aspartate receptor ratio,indicating enhanced glutamatergic synaptic transmission.Finally,superfusion of CXCL13 onto ACC slices increased the frequency and amplitude of spontaneous EPSCs.Pre-injection of Cxcr5 shRNA into the ACC reduced the increase in glutamatergic synaptic transmis sion induced by SNL.Collectively,these results suggest that CXCL13/CXCR5 signaling in the ACC is involved in neuropathic pain-related aversion via synaptic potentiation.展开更多
This paper investigates a risk-averse inventory model by balancing the expected profit and conditional value-at-risk （CVaR） in a newsvendor model setting. We find out that： i） The optimal order quantity is increas...This paper investigates a risk-averse inventory model by balancing the expected profit and conditional value-at-risk （CVaR） in a newsvendor model setting. We find out that： i） The optimal order quantity is increasing in the shortage cost for both the CVaR only criterion and the tradeoff objective, ii） For the case of zero shortage cost, the optimal order quantity to the CVaR criterion or tradeoff objective is increasing in the selling price, respectively. However, it may not be monotonic in the selling price when incorporating a substantial shortage cost. Moreover, it may be larger or less than the risk-neutral solution, iii） Under the tradeoff objective function, although the optimal order quantity for the model without shortage cost is increasing in the weight put on the expected profit, this property may not be true in general for the model with a substantial shortage cost. Some numerical examples are conducted to verify our results and observations.展开更多
Previous studies have shown that Lycium barbarum polysaccharide,the main active component of Lycium barbarum,exhibits antiinflammatory and antioxidant effects in treating neurological diseases.However,the therapeutic ...Previous studies have shown that Lycium barbarum polysaccharide,the main active component of Lycium barbarum,exhibits antiinflammatory and antioxidant effects in treating neurological diseases.However,the therapeutic action of Lycium barbarum polysaccharide on depression has not been studied.In this investigation,we established mouse models of depression using aversive stimuli including exposure to fox urine,air puff and foot shock and physical restraint.Concurrently,we administered 5 mg/kg per day Lycium barbarum polysaccharide-glycoprotein to each mouse intragastrically for the 28 days.Our results showed that long-term exposure to aversive stimuli significantly enhanced depressive-like behavior evaluated by the sucrose preference test and the forced swimming test and increased anxietylike behaviors evaluated using the open field test.In addition,aversive stimuli-induced depressed mice exhibited aberrant neuronal activity in the lateral habenula.Importantly,concurrent Lycium barbarum polysaccharide-glycoprotein treatment significantly reduced these changes.These findings suggest that Lycium barbarum polysaccharide-glycoprotein is a potential preventative intervention for depression and may act by preventing aberrant neuronal activity and microglial activation in the lateral habenula.The study was approved by the Jinan University Institutional Animal Care and Use Committee(approval No.20170301003)on March 1,2017.展开更多
Consider a risk-averse newsvendor who has an option to purchase the units that are short at an emergency purchase price after demand is realized. We use the conditional value-at-risk （CVaR） as the risk measure. The ...Consider a risk-averse newsvendor who has an option to purchase the units that are short at an emergency purchase price after demand is realized. We use the conditional value-at-risk （CVaR） as the risk measure. The aim of the study is to investigate the optimal ordering decision in such a setting under CVaR only and mean-CVaR criterions. For each case, we derive the closed-form optimal solution and perform comparative statics to show the monotonicity properties and other characteristics of the optimal decisions. We also compare our results with those of risk-neutral newsvendor.展开更多
We introduce and analyze a class of forward performance criteria in incomplete markets in the presence of model ambiguity.Incompleteness stems from general investment constraints,while model uncertainty is represented...We introduce and analyze a class of forward performance criteria in incomplete markets in the presence of model ambiguity.Incompleteness stems from general investment constraints,while model uncertainty is represented by a convex and compact set of plausible model parameter processes.Following the max-min criteria in traditional(backward)robust control,we formulate similar criteria for the robust forward performance processes and focus on the rich class of time-monotone processes.We provide a novel PDE characterization and a semi-explicit saddle-point construction of the robust forward performance criteria and their optimal policies.Furthermore,we present additional results within the class of homothetic constant relative risk aversion(CRRA)processes.Within this class,we investigate the relationship between forward performance processes on wealth and those on consumption,establishing an interesting dominance through time.展开更多
The purpose of this study is to investigate the effect of farmers' risk preferences on their decisions to purchase the agricultural weather index insurance based on the evidence from a household survey and field e...The purpose of this study is to investigate the effect of farmers' risk preferences on their decisions to purchase the agricultural weather index insurance based on the evidence from a household survey and field experiments conducted in Yongqiao District,Suzhou City of Anhui Province in China.Our empirical results show that farmers' risk aversion significantly increases the probability of their decision to buy weather index-based crop insurance.Other factors that significantly influence weather index insurance participation decisions include farmers' subjective beliefs on the probability of crop losses,farming experience,education level,farm size,and their household income.The empirical results of this study can provide helpful insights for policymakers and local insurers to further improve farmers' participation in weather indexbased crop insurance.展开更多
基金Supported by the National Natural Science Foundation of China(No. 60174046)
文摘A new supply contract based on sharing the sales profits as well as the cost of effort was devel- oped to coordinate the supply chain with sales effort effects. The contract coordinates the supplier’s actions with voluntary compliance; the contract is symmetric in the sense that both the supplier’s and retailer’s prof- its are linearly correlated and is more easily implemented in some situations. The impact of the retailer’s loss aversion on his effort is investigated based on the contract. After characterizing the retailer’s optimal solutions, this paper demonstrates that contrary to intuition, loss aversion weakens incentives for retailer’s sales effort and the retailer’s optimal effort decreases as the loss aversion increases.
基金supported by the Social Science Foundation of the Ministry of Education of China(Grant No.07JA630015)the Natural Science Foundation of China(Grant No.70901059)Wuhan University Science Foundation for Youths Scholars(Grant No.105-275171)
文摘In this paper, we consider a newsvendor model in which a risk-averse manager faces a stochastic price-dependent demand in either an additive or a multiplicative form. An emergency purchase option is allowed after the realization of demand to satisfy the units that are short. By adopting Conditional value-at-risk （CVaR） as the decision criterion, we aim to investigate the optimal pricing and ordering decisions, and the effects of parameter changes in such a setting. We provide sufficient conditions for the uniqueness of the optimal policy for both demand models. We perforl~, comparative statics analysis to show how the optimal pricing and ordering decision behaves when changing parameters. We also compare our results with those of the newsvendor with a general utility function and with CVaR criterion under lost sales assumption. Our key results include： （i） For both demand models, the optimal selling price is decreasing in risk aversion. Hence, the optimal price of a risk-averse newsvendor is not greater than the optimal price of a risk-neutral newsvendor. （it） In contrary to the lost sales case, for the multiplicative demand model, the optimal order quantity may not be monotonic in risk aversion. Consequently, the optimal risk-averse order quantity may be lower or higher than the optimal risk- neutral counterpart. （iii） For the additive model, the optimal order quantity is strictly increasing in the emergency purchase price, while for the multiplicative model the optimal order quantity has no such a monotonic property. Some numerical examples are conducted to verify our claims and gain more insights about the risk-averse decision-making behaviors.
基金supported by grants from the National Natural Science Foundation of China (31671091 and 81771197)the Natural Science Foundation of Jiangsu Province, China (BK20171255)the Science and Technology Planning Project of Nantong Municipality, China (MS12017023-9)
文摘Pain consists of sensory-discriminative and emotional-affective components.The anterior cingulate cortex(ACC)is a critical brain area in mediating the affective pain.However,the molecular mechanisms involved remain largely unknown.Our recent study indicated that C-X-C motif chemokine 13(CXCL13)and its sole receptor CXCR5 are involved in sensory sensitization in the spinal cord after spinal nerve ligation(SNL).Whether CXCL13/CXCR5 signaling in the ACC contributes to the pathogenesis of pain-related aversion remains unknown.Here,we showed that SNL increased the CXCL13 level and CXCR5 expression in the ACC after SNL.Knockdown of CXCR5 by microinjection of Cxcr5 shRNA into the ACC did not affect SNL-induced mechanical allodynia but effectively alleviated neuropathic painrelated place avoidance behavior.Furthermore,electrophysiological recording from layer Ⅱ-Ⅲ neurons in the ACC showed that SNL increased the frequency and amplitude of spontaneous excitatory postsynaptic currents(sEPSCs),decreased the EPSC paired-pulse ratio,and increased the α-amino-3-hydroxy-5-methyl-4-isoxazolepropionic acid receptor/N-methyl-D-aspartate receptor ratio,indicating enhanced glutamatergic synaptic transmission.Finally,superfusion of CXCL13 onto ACC slices increased the frequency and amplitude of spontaneous EPSCs.Pre-injection of Cxcr5 shRNA into the ACC reduced the increase in glutamatergic synaptic transmis sion induced by SNL.Collectively,these results suggest that CXCL13/CXCR5 signaling in the ACC is involved in neuropathic pain-related aversion via synaptic potentiation.
基金This research was supported by the Social Science Foundation of the Ministry of Education of China under Grant No. 07JA630015, the National Natural Science Foundation of China under Grant Nos. 70901059 and 70901029, and the Fundamental Research Funds for the Central Universities under Grant No. 105-275171.
文摘This paper investigates a risk-averse inventory model by balancing the expected profit and conditional value-at-risk （CVaR） in a newsvendor model setting. We find out that： i） The optimal order quantity is increasing in the shortage cost for both the CVaR only criterion and the tradeoff objective, ii） For the case of zero shortage cost, the optimal order quantity to the CVaR criterion or tradeoff objective is increasing in the selling price, respectively. However, it may not be monotonic in the selling price when incorporating a substantial shortage cost. Moreover, it may be larger or less than the risk-neutral solution, iii） Under the tradeoff objective function, although the optimal order quantity for the model without shortage cost is increasing in the weight put on the expected profit, this property may not be true in general for the model with a substantial shortage cost. Some numerical examples are conducted to verify our results and observations.
基金supported by the National Natural Science Foundation of China,Nos.31900825(to SL),31922030(to CRR),31771170(to CRR)Science and Technology Program of Guangdong Province of China,No.2018B030334001(to CRR)+3 种基金Science and Techology of Guangzhou of China,No.202007030012(to CRR)Guangdong Special Support Program of China,No.2017TQ04R173(to CRR)Pearl River S&T Nova Program of Guangzhou Province of China,No.201806010198(to CRR)Outstanding Scholar Program of Guangzhou Regenerative Medicine and Health Guangdong Laboratory of China,No.2018GZR110102002(to KFS)。
文摘Previous studies have shown that Lycium barbarum polysaccharide,the main active component of Lycium barbarum,exhibits antiinflammatory and antioxidant effects in treating neurological diseases.However,the therapeutic action of Lycium barbarum polysaccharide on depression has not been studied.In this investigation,we established mouse models of depression using aversive stimuli including exposure to fox urine,air puff and foot shock and physical restraint.Concurrently,we administered 5 mg/kg per day Lycium barbarum polysaccharide-glycoprotein to each mouse intragastrically for the 28 days.Our results showed that long-term exposure to aversive stimuli significantly enhanced depressive-like behavior evaluated by the sucrose preference test and the forced swimming test and increased anxietylike behaviors evaluated using the open field test.In addition,aversive stimuli-induced depressed mice exhibited aberrant neuronal activity in the lateral habenula.Importantly,concurrent Lycium barbarum polysaccharide-glycoprotein treatment significantly reduced these changes.These findings suggest that Lycium barbarum polysaccharide-glycoprotein is a potential preventative intervention for depression and may act by preventing aberrant neuronal activity and microglial activation in the lateral habenula.The study was approved by the Jinan University Institutional Animal Care and Use Committee(approval No.20170301003)on March 1,2017.
基金Supported by the Social Science Foundation of the Ministry of Education of China (07JA630015)
文摘Consider a risk-averse newsvendor who has an option to purchase the units that are short at an emergency purchase price after demand is realized. We use the conditional value-at-risk （CVaR） as the risk measure. The aim of the study is to investigate the optimal ordering decision in such a setting under CVaR only and mean-CVaR criterions. For each case, we derive the closed-form optimal solution and perform comparative statics to show the monotonicity properties and other characteristics of the optimal decisions. We also compare our results with those of risk-neutral newsvendor.
文摘We introduce and analyze a class of forward performance criteria in incomplete markets in the presence of model ambiguity.Incompleteness stems from general investment constraints,while model uncertainty is represented by a convex and compact set of plausible model parameter processes.Following the max-min criteria in traditional(backward)robust control,we formulate similar criteria for the robust forward performance processes and focus on the rich class of time-monotone processes.We provide a novel PDE characterization and a semi-explicit saddle-point construction of the robust forward performance criteria and their optimal policies.Furthermore,we present additional results within the class of homothetic constant relative risk aversion(CRRA)processes.Within this class,we investigate the relationship between forward performance processes on wealth and those on consumption,establishing an interesting dominance through time.
基金the National Natural Science Fund(project 41671170)the Economy and Environment Program for Southeast Asia(EEPSEA) for providing financial support
文摘The purpose of this study is to investigate the effect of farmers' risk preferences on their decisions to purchase the agricultural weather index insurance based on the evidence from a household survey and field experiments conducted in Yongqiao District,Suzhou City of Anhui Province in China.Our empirical results show that farmers' risk aversion significantly increases the probability of their decision to buy weather index-based crop insurance.Other factors that significantly influence weather index insurance participation decisions include farmers' subjective beliefs on the probability of crop losses,farming experience,education level,farm size,and their household income.The empirical results of this study can provide helpful insights for policymakers and local insurers to further improve farmers' participation in weather indexbased crop insurance.
