In this paper, views of investor are described in fuzzy sets, and two fuzzy Black-Litterman models are constructed with fuzzy views and fuzzy random views respectively. In the models, expected returns and uncertainty ...In this paper, views of investor are described in fuzzy sets, and two fuzzy Black-Litterman models are constructed with fuzzy views and fuzzy random views respectively. In the models, expected returns and uncertainty matrix of views are redefined and the views are formulated by fuzzy approaches suitably. Then the models are tested with data from Chinese financial markets. Empirical results show that the fuzzy random views model performs the best, and both the fuzzy models are better than the traditional ones, demonstrating that the fuzzy approaches can contain more information in the views and measure the uncertainty more correctly.展开更多
Black-necked crane(Grus nigricollis,BNC),facing serious threats from human activities and habitat variations,is an endangered species classified as vulnerable under the revised IUCN Red List.In this article,we investi...Black-necked crane(Grus nigricollis,BNC),facing serious threats from human activities and habitat variations,is an endangered species classified as vulnerable under the revised IUCN Red List.In this article,we investigated and analyzed the population and nesting microhabitat of BNCs in the Longbao National Nature Reserve(NNR)from 1978 to 2016,and found the number of BNCs increased from 24 in 1978 to 216 in 2016.This establishment of the Longbao NNR represented the activities of protecting endangered animal species are effective.However,the land cover classification results of Landsat images showed that the marsh wetland,which was the BNC’s primary habitat,decreased during 1978–2016,while artificial buildings increased,which affected the habitat of BNCs.The increase in average temperature over the past 40 years has also had an impact on the number of BNCs.BNCs preferred to nest in marsh wetlands or on islands with open water or star-like distributions through observation.The results of the principal component analysis showed that the nearest distance between nests and habitat type were the primary factors influencing nesting site selection.To protect BNC,we suggest decreasing wetland fragmentation,reducing habitat degradation and providing an undisturbed habitat.展开更多
基金supported by the National Natural Science Foundation of China under Grant Nos.71271201and 71631008
文摘In this paper, views of investor are described in fuzzy sets, and two fuzzy Black-Litterman models are constructed with fuzzy views and fuzzy random views respectively. In the models, expected returns and uncertainty matrix of views are redefined and the views are formulated by fuzzy approaches suitably. Then the models are tested with data from Chinese financial markets. Empirical results show that the fuzzy random views model performs the best, and both the fuzzy models are better than the traditional ones, demonstrating that the fuzzy approaches can contain more information in the views and measure the uncertainty more correctly.
基金This research was funded by the National Key Research and Development Plan(2018YFC0809400)undertaken by Chou Xiethe National Natural Science Foundation of China[Grant No.41431174]undertaken by Yun Shaothe National Natural Science Foundation of China[Grant No.41571328]undertaken by Chou Xie.
文摘Black-necked crane(Grus nigricollis,BNC),facing serious threats from human activities and habitat variations,is an endangered species classified as vulnerable under the revised IUCN Red List.In this article,we investigated and analyzed the population and nesting microhabitat of BNCs in the Longbao National Nature Reserve(NNR)from 1978 to 2016,and found the number of BNCs increased from 24 in 1978 to 216 in 2016.This establishment of the Longbao NNR represented the activities of protecting endangered animal species are effective.However,the land cover classification results of Landsat images showed that the marsh wetland,which was the BNC’s primary habitat,decreased during 1978–2016,while artificial buildings increased,which affected the habitat of BNCs.The increase in average temperature over the past 40 years has also had an impact on the number of BNCs.BNCs preferred to nest in marsh wetlands or on islands with open water or star-like distributions through observation.The results of the principal component analysis showed that the nearest distance between nests and habitat type were the primary factors influencing nesting site selection.To protect BNC,we suggest decreasing wetland fragmentation,reducing habitat degradation and providing an undisturbed habitat.
