Inventory financing under Risk-Adjusted-Return-On-Capital criterion

Risk-Adjusted-Return-On-Capital (RAROC) is a loan-pricing criterion under which a bank sets the loan term such that a certain rate of return is achieved on the regulatory capital required by the Basel regulation. Some banks calculate the amount of regulatory capital for each loan under the standardized approach (“standardized banks,” the regulatory capital is proportional to the loan amount), and others under the internal rating-based (IRB) approach (“IRB banks,” the regulatory capital is related to the Value-at-Risk of the loan). This article examines the impact of the RAROC criterion on the bank's loan-pricing decision and the retailer's inventory decision. We find that among the loan terms that satisfy the bank's RAROC criterion, the one that benefits the retailer the most requires the bank to specify an inventory advance rate in addition to the interest rate. Under this loan term, the retailer's inventory level is more sensitive to his asset level when facing an IRB bank compared to a standardized bank. An IRB (standardized) loan leads to higher profit and inventory level for retailers with high (low) asset. For retailers with medium asset, an IRB loan results in a higher retailer profit but a lower consumer welfare. Calibrated numerical study reveals that the benefit of choosing standardized banks (relative to IRB banks) can be as high as 30% for industries with severe capital constraints, volatile demands, and low profit margins, highlighting the importance for retailers to carefully choose the type of banks to borrow from. When the interest rate is capped by regulation, retailers borrowing from a standardized bank are more likely to be influenced by the interest rate cap than those borrowing from an IRB bank. Under strong empire-building incentives (the bank will offer loan terms to maximize the size of the loan), retailers with medium initial asset level shift their preference from IRB banks to standardized banks.     

探月飞船初次再入段纵程的解析预测方法

探月飞船升阻比较低,为实现长纵程飞行,必须采用跳跃式再入方式。在跳跃式再入轨迹在线规划或预测制导中,如何快速准确地预测初次再入段纵程是一个非常关键的问题。针对这一问题,研究提出一种解析预测方法:利用匹配渐进展开方法得到再入纵向运动方程的闭型近似解;将初次再入段轨迹分为三段,第一段采用高度作为积分自变量,并利用复合梯形公式得到纵程,第二段和第三段分别采用二次多项式来拟合阻力加速度-能量剖面,根据近似解结果反解出多项式系数,并将得到的阻力加速度倒数-能量函数进行积分,得到第二段和第三段的纵程;对解析预测方法的精度和计算效率进行分析,结果表明该方法计算精度较高,速度快,可用于跳跃式再入轨迹的在线规划和制导。     

Selling to strategic and loss‐averse consumers: Stocking,procurement, and product design policies

Motivated by the presence of loss‐averse decision making behavior in practice, this article considers a supply chain consisting of a firm and strategic consumers who possess an S‐shaped loss‐averse utility function. In the model, consumers decide the purchase timing and the firm chooses the inventory level. We find that the loss‐averse consumers' strategic purchasing behavior is determined by their perceived gain and loss from strategic purchase delay, and the given rationing risk. Thus, the firm that is cognizant of this property tailors its inventory stocking policy based on the consumers' loss‐averse behavior such as their perceived values of gain and loss, and their sensitivity to them. We also demonstrate that the firm's equilibrium inventory stocking policy reflects both the economic logic of the traditional newsvendor inventory model, and the loss‐averse behavior of consumers. The equilibrium order quantity is significantly different from those derived from models that assume that the consumers are risk neutral and homogeneous in their valuations. We show that the firm that ignores strategic consumer's loss‐aversion behavior tends to keep an unnecessarily high inventory level that leads to excessive leftovers. Our numerical experiments further reveal that in some extreme cases the firm that ignores strategic consumer's loss‐aversion behavior generates almost 92% more leftovers than the firm that possesses consumers’ loss‐aversion information and takes it into account when making managerial decisions. To mitigate the consumer's forward‐looking behavior, we propose the adoption of the practice of agile supply chain management, which possesses the following attributes: (i) procuring inventory after observing real‐time demand information, (ii) enhanced design (which maintains the current production mix but improves the product performance to a higher level), and (iii) customized design (which maintains the current performance level but increases the variety of the current production line to meet consumers’ specific demands). We show that such a practice can induce the consumer to make early purchases by increasing their rationing risk, increasing the product value, or diversifying the product line. © 2015 Wiley Periodicals, Inc. Naval Research Logistics 62: 435–453, 2015     

物理弱间断线上Ⅲ型斜交裂纹高阶渐近场

针对功能梯度材料层/均匀材料基体的物理弱间断线上斜交裂纹,通过分离变量和级数展开法构造位移函数,求得了裂纹尖端高阶渐近场。其界面裂纹尖端高阶渐近应力场具有与均匀材料相同的r-1/2的奇异性。由高阶项的表达式可知：材料非均匀性对应力场有显著影响。数学上,该解为此类问题的特征函数,能够描述此类材料各种含裂纹结构的整个应力场和位移场,当非均匀参数为零时,它可以退化到均匀材料反平面裂纹问题经典的W il-liam s解。     

论行政合理性原则对出入境边防检查行政自由裁量权的控制

行政合理性原则主要审查行政自由裁量权在法定幅度内行使得是否合理适当,对行政自由裁量权提供了依据。论述了行政合理性原则存在的原因,对出入境边防检查行政自由裁量权行使的具体要求,以及如何运用法律权力和权利及道德的力量,实现对出入境边防检查行政自由裁量权的控制。     

一种定征层状平面结构界面粘接强度的兰姆波方法

置于层状平面结构表面的斜劈超声换能器被用于激发和接收多模兰姆波。文章首先分析了采用多模兰姆波的幅频特性定征界面粘接强度的可行性。基于Ritec-SNAP 超声测量系统,建立了采用兰姆波方法定征层状结构界面粘接强度的实验系统。对于给定的层状平面结构,将粘接层的固化过程用于模拟粘接层界面强度的变化过程。对于不同的粘接层固化时间,实验测得的多模兰姆波幅频曲线明显不同。借助于声——超声技术中的应力波因子,给出了兰姆波应力波因子的定义。实验结果显示,兰姆波应力波因子与间接表示界面粘接强度的固化时间之间存在确定的单调对应关系,表明将多模兰姆波的应力波因子用于定征层状平面结构的界面粘接强度是可行的。     

裂解温度对PIP制备2D Cf/Si-O-C复合材料结构与性能的影响

以二维碳纤维布、硅树脂先驱体、SiC微粉和乙醇溶剂为原料,采用先驱体转化工艺制备了2D Cf/Si-O-C复合材料,考察了裂解温度对材料结构和性能的影响。结果表明,首周期裂解温度对制备材料的力学性能有重要影响,纤维-基体间的界面弱化是复合材料力学性能提高的主要原因;第6周期采用合适的温度裂解可提高复合材料的力学性能,其弯曲强度和断裂韧性分别达到了263.9MPa和12.8MPa.m1/2。     

粘弹性界面裂纹相似界面单元聚缩解

提出了粘弹性界面裂纹分析的相似界面单元聚缩解法。该方法在裂纹尖端附近划分相似界面单元,多层相似单元形成一个子结构;然后利用相似界面单元具有类似刚度矩阵的特点,将子结构内的大量自由度聚缩后再求解。作为算例,求解了双粘弹性材料和弹—粘弹性材料矩形板单边裂纹的拉伸问题。     

基于COM的开放式数控系统软件模块通信方法的研究

采用基于COM技术的软件设计方法 ,对数控系统软件进行模块化开发 ,模块间的通信问题是关键。应用COM技术中的“事件”和“事件槽”方式实现了客户组件模块与服务器之间、客户组件模块之间的通信。这为开放式数控系统软件设计中通信问题的解决提供了一种新的软件方法     

单兵数字化系统人机界面分析与设计——“数字化战场与单兵数字化系统”系列论文之五

首先简要分析了单兵数字化系统中人机界面的设计原则，并根据单兵系统及其所处环境的特点，讨论了多种界面类型在该系统中的利弊、作用及实现的可能性。最后讨论了界面中各种信息的分组以及界面的展现（屏幕）设计