Applied Mechanics and Materials Vols. 380-384

Abstract: Unexpected market information have a different speed change to market price of futures contracts with different maturities, and the paper estimates one-factor and two-factor dynamics hedge ratios and hedging effectiveness evaluation. One-factor and two-factor hedge ratios of futures contracts with different maturities for emissions allowances have time-varying trends. Compared with one-factor hedging, with an increase of span period, market participations can achieve a slight effect on risk reduction of portfolio revenues of futures contracts with different maturities by using two-factor hedge ratios, and especially two-factor hedging policy exhibits better hedging effectiveness for longer-term span period of futures contracts with different maturities for emissions allowances.

Abstract: The multi-dimensional Esscher transform was used to find a locally equivalent martingale measure to price the options based on multi-asset. An integro-differential equation was driven for the prices of multi-asset options. The numerical method based on the Fourier transform was used to calculate some special multi-asset options in exponential Lévy models. As an example we give the calculation of extreme options.

Abstract: Tickets sales policy of two routes for two-stage fares airline are studied under the following three conditions in this paper: neither unidirectional substitution of cabin nor swapping applications is considered, only unidirectional substitution of cabin is considered, both unidirectional substitution of cabin and swapping applications are considered. We formulate the corresponding decision model and derive the optimal tickets amount and expected revenue. It shows that compared with the condition that neither unidirectional substitution of cabin nor swapping applications is considered, when only unidirectional substitution of cabin is considered, the expected optimal tickets amount and expected revenue increase; compared with the condition that only unidirectional substitution of cabin is considered, when both unidirectional substitution of cabin and swapping applications are considered, the expected optimal tickets amount and expected revenue increase.

Abstract: This paper systematically analyzes the evolution of telecom industry chain, and builds a telecom industry chain value stream model. Besides, the article presents a competitive strategy model of telecom industry chain, which is based on the telecom operators perspective on maintaining the dominance in the chain.

Abstract: Rural land mortgage loan is an important part of rural financial products and service modes innovation. As the main demand party of rural finance, farmers mortgage willingness is significant to the development and spread of rural land mortgage loan business. This paper, based on the survey data of 140 farmers in Liaoning Province in China, analyzes the mortgage willingness to the land management right and its influencing factors by using the Logit mode. The research results show that farmers mortgage willingness to the land management right is influenced by their age, working experience, the total area of their land, land transferring willingness, income source and supportive policy of the government. Based on the research, this paper also puts forward suggestions on quicken the development of land management right mortgage loan business.

Abstract: This study investigates liner companies' timing of investment and sealing up container ships based on real option theory. The Dixit model is adopted to find out a pair of trigger prices for entry and exit with the assumption freight rate obey Geometric Brownian Motion. More new ship-building orders and entrants lead to lower future freight rate in the oligopoly liner shipping market. This model is tested empirically basic on the data of a 9000 TEU container ship on Far East-Europe route and the result is positive comparing to the number of ship orders. Liner companies' should make decision base on the freight of the ship in operation. Therefore, ship investment should be made at the new ship order trough and freight trough.

Abstract: the worldwide application of IT, typically represented by computer technology, has laid a solid foundation for the hotel Informatization. At present, most of guest serving and receiving business are processed with IT. But still, there is some inadequacy in the controlling system of distribution channels. To solve these problems and to meet needs, more and more newly invented technologies are applied in IT-based hotel management. Like internet of Things technology, distribution technology, cloud computing. Presently, in Chinas market numbers of entrepreneurs are committed to try to take advantage of these new technologies in hotel operation and management. But the most important things are to fully consider the applicability of the information technology and to realize of unified and unimpeded information flow. Following are the steps to be adopted: Information standardization and reservation procedure standardization, Hotel networking, Hotel service creation, Application of socialized media, Prompt service and customized service.

Abstract: To reflect the coordination in the supply chain of perishable products with free competition, a single manufacturer and two retailers supply chain model facing the stochastic demand in relation with different prices and the return mechanism is established. The analysis shows that the profit of total supply chain without competition is obviously fewer than that with competition, and through the special linear model the paper employs the result, also gives the optimal price and order quantity in the coordination of the supply chain.

Abstract: This paper introduces the Changes in agricultural production of Hebei Province from 1949 to 2011,firstly.Then We analyzed the factors that influence the sustainable development of Agriculture.Finally, we put forward some development proposals.We hope to have reference to the other provinces of the sustainable development of agriculture .

Abstract: From the perspective of generalized virtual economy, considering physical factors and non-physical factors that affect the development of service industry, a system including three terms and 14 indicators is built to evaluate the development of service industry. With K-means clustering, multiple regression and other methods, an empirical study on the factors that affect the development of regional service industry in Sichuan province is conducted. It is derived that the development of regional service industry is mainly pulled by physical factors and the impact of non-physical factors is increasing. Meanwhile, the impact factors of every region are different and the corresponding policies should be adapted.