Expressing preferences with price-vector agents in combinatorial auctions

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大语言模型(LLM)时代的推荐系统

WSDM’2024Oral: LLMRec多模态推荐系统与基于大语言模型(LLMs)的数据增强文章题目: Large Language Models with Graph Augmentation for Recommendation文章代码: github LLMRec一.问题与解决方案引入side information能够帮助缓解推荐系统的数据稀疏性问题，目前主流的推荐系统(比如：亚马逊，网飞)都引入模态side information来提升推荐的结果。

但是，side information的使用不可避免地会引入一些问题，比如：噪声，低质量。

受启发于LLM的知识储备和自然语言理解能力，用LLM增强side information为上述问题提供了解决方案。

具体地，我们使用LLM增强：i) u-i交互和ii)文本模态的信息（包括user画像和item属性）。

此外，为了保证增强的数据的可靠性，我们分别针对上述i)和ii)设计了u-i交互剪枝和item feature的masked auto-encoder。

二.多模态推荐数据集(适用模型代码框架LLMRec, LATTICE, MMSSL, MICRO)该工作制作并公开了Netflix和MovieLens两个多模态数据集。

2.1 Netflix数据集Netflix是使用Kaggle网站上发布的原始Netflix Prize数据集制作的多模态数据集。

数据格式与多模态推荐的最新方法（如MMSSL、LATTICE、MICRO等）完全兼容。

对于文本模态，基础的信息包括‘title’，‘year’；视觉模态的图片则是根据电影的信息从网络爬取的海报。

2.1.1 文本模态以下三幅图片代表了（1）Kaggle网站上描述的有关Netflix的信息，（2）来自原始Netflix Prize 数据的文本信息，以及（3）由LLM增强的文本信息。

2.1.2 视觉模态视觉信息通过网络爬虫得到。

Pixonix Inc

PIXONIX INC. – ADDRESSING CURRENCY EXPOSURENiagara UniversityFIN 645 2014 Spring By Ala Aldahneem, Jiaxuan Chen, Malak Attar and Ola AloufiIntroduction & IssuesPixonix was a graphic design company that operated in Toronto, Canada. Pixonix licensed proprietary tools and software through a US Company at an annual cost of USD 7.5 million. Since Pixonix was based in Canada, its revenues were based in Canadian dollars and significant licensing fee had to be paid in USD. Pixonix was required to make the payments at the end of January each year and had to annually convert CAD cash flows into USD. Recently the CAD has been appreciating and positively affecting Pixonix's profitability, however since some of the cash flows needed to be converted to USD Pixonix is exposed to currency exchange risk. The CFO of Pixonix, Mikayla Cain, was really considered about what would happen to the value of CAD at the end of January when the payment is due. In other words, she was worried about the effect the volatility in CAD would have on the company’s cash flows.Pixonix definitely should hedge its USD position. In case if Pixonix does not hedge its USD liability, there is a possibility of it experiencing volatility in its cash flows. Not hedging could lead to two possible effects. First effect is that in case if CAD depreciates with respect to USD, Pixonix can make losses due to its unhedged currency exposure. For the second effect, if CAD further appreciates with respect to USD, then they will save on the transaction costs of hedging and can benefit from the potential upside of CAD appreciation.Alternative solutionsCain's dilemma is to choose between either to purchase a forward contract and lock the cost of the January US$7million or to purchase call options for the USD for $7.5million, and which course of action will provide the highest benefit and lowest risk possible under different exchange rates. First instrument is forward contract. A forward contract is an agreement between buyer and seller to buy or sell an asset at a pre-agreed future point. By choosing forward contract, Cain can eliminate exchange rate risk by locking in the exchange rate for the CAD/USD. To benefit when purchasing a forward contract to sell CAD for USD, the CAD should have depreciated at the time of the payment relative to today. On the opposite, to benefit when purchasing a forward contract to buy USD for CAD, the USD should have appreciated at the time of the payment relative to today.Alternatively, Cain can eliminate exchange risk by using a call option. The call options increase in value when the underlying instrument increase in value. When the price of the underlying instrument is greater than the strike price, the option is said to be “in the money.” On the opposite, it is “out of the money.” Assume Cain use call option purchase USD in the future, therefore Cain will need to exercise other only of the CAD/USD depreciates below the strike price of the option.Our recommendationsThe following scenarios would provide a clear outcome of all possibilities1 USD = 1 CADUnder this scenario where we assume that the USD will appreciate and the CAD will depreciate. The best strategy would be to have engaged in a forward contract which means Cain would have spent the least possible CAD to purchase USD.1 USD = 0.9 CADUnder this scenario where we assume that the USD depreciated and the CAD appreciated. The best course of action would be to take NO-ACTION as this is the least costly option, if Cain hedged against risk Pixonix would have lost a lot of cash in the premiums.1 USD = 1.1 CADUnder this scenario that we assume the USD appreciated and the CAD depreciated. The best strategy would be to have engaged in a forward contract which means Cain would have spent the least possible CAD to purchase USD.To conclude, Pixonix would be benefit from buying a forward contract since this instrument give the company more availability to hedge the currency risk. And we highly recommend Cain made decision based on our confidential analysis.。

微观经济学范里安第八版显示偏好

x
x1
显示偏好的弱公理 (WARP)
x2 y
p p
选择x 的时候，y 买得起所以 x D y.
选择y 的时候，x买得起
所以y D x.
x
这种情况是相互矛盾的.
x1
检验数据是否违背了 WARP
某一消费者所出了如下选择:
– 在价格为 (p1,p2)=($2,$2) 时选择了 (x1,x2) = (10,1).
A CD
Begin with bundles revealed x1 to be less preferred than bundle A.
y*
但是 x*x* y*
D
z 并且 y* z
D
x1
间接显示偏好
x2 选择 x* 的时候， z买不起。选择 y* 的时候， x* 买不起。所以 x* 和 z 不能直接比较
x*
p p p
y*
但是 x*x* y*
D
z 并且 y* z
D
所以 x* z.
x1
I
显示偏好的两大公理
若要应用显示偏好来分析, 消费者选择必须合乎两个标准– 显示偏好的弱公理和显示偏好的强公理
显示偏好的强公理
观测到的消费者选择数据满足SARP是性状良好的偏好关系的充要条件，或者说这是理性的数据.
对于性状良好的偏好关系来说，上述3组数据是非理性的。
重建无差异曲线
假设我们具有满足 SARP的消费者选择数据.
那么我们就可以充分接近地重建消费者的无差异曲线。
怎么做?
(5,4)
($2,$2) $22 $20 $18
(10, 1) (5, 5) (5, 4)
(10,1)

1 Demand and prices under Dixit-Stiglitz preferences 2 Scale

1. Write the consumer’s utility maximization and derive the ﬁrst-order conditions.
2. Use the ﬁrst order conditions associated with two distinct varieties to derive relative consumption. Interpretation.
2 Scale economies, Product diﬀerentiation and the Pattern of Trade (Krugman, 1980)
Motivation: Develop a model with economies of scale, product diﬀerentiation and imperfect competition explaining the pattern of international trade, notably the prevalence of intra-sectorial trade among the industrial countries.
than the potential range of products.
There are L individuals in the economy, each endowed with one unit of labor. In equilibrium, individual
expenditure is thus equal to the wage rate. Labor is the only factor of production. The agricultural
1. Discuss the properties of the technological function in the manufacturing sector.

2020年智慧树知道网课《电子商务英语》课后章节测试满分答案

第一章测试1【单选题】(2分) Whichofthefollowingisnotacharacteristicofaperfectcompetitivemarket?A.Itishighlyregulated.B.Price,cost,andqualityinformationareequallydistributed.C.Anearlyinfinitesetofsupplierscompeteagainstoneanother.D.Customershaveaccesstoallrelevantinformationworldwide.2【单选题】(2分)Allofthefollowingwerevisionsofe-commerceexpressedduringtheearlyyearsofe-commerc eexcept:A.disintermediation.B.anearlyperfectinformationmarketspace.C.friction-freecommerce.D.fastfolloweradvantage.3【多选题】(2分)TheReinventionperiodischaracterizedby_________.A.viralmarketingB.disintermediationC.user-generatedcontentD.localeconomy4【单选题】(2分)Theearlyyearsofe-commerceareconsidered:A.aneconomist'sdreamcometrue,whereforabrieftime,consumershadaccesstoallrelevantmarketinformationa ndtransactioncostsplummeted.B. astunningtechnologicalsuccessastheInternetandtheWebincreasedfromafewthousandtobillionsofe-comm ercetransactionsperyear.C.adramaticbusinesssuccessas85%ofdot-comsformedsince1995becameflourishingbusinesses.D. themostpromisingtimeinhistoryforthesuccessfulimplementationoffirstmoveradvantages.5【单选题】(2分) Whichofthefollowingreferstoanydisparityinrelevantmarketinformationamongpartiesinatr ansaction?A.imperfectcompetitionB.dynamicpricingC.informationasymmetryD.unfaircompetitiveadvantage6【单选题】(2分) Whichofthefollowingstatementsistrueaboutthetraditionaltradeoffbetweentherichnessan dreachofamarketingmessagepriortothedevelopmentoftheWeb?A.Thesmallertheaudiencereached,thelessrichthemessage.B.Marketingmessageshadlittlerichness.C.Richnesswasunrelatedtoreach.D.Thelargertheaudiencereached,thelessrichthemessage.7【单选题】(2分)Whichofthefollowingisnotauniquefeatureofe-commercetechnology?A.socialtechnologyB.informationasymmetryC.interactivityD.richness8【单选题】(2分)E-commerceisavailablejustabouteverywhereandanytime.Thisisknownas:A.ubiquity.B.reach.C.richness.D.informationdensity.9【判断题】(2分) Interactivitythatenablesproductcustomizationaltersindustrystructurebydecreasingthethr eatofsubstitutes.A.对B.错10【判断题】(2分) Costtransparencyreferstotheeasewithwhichconsumerscanfindoutthevarietyofpricesina marketA.对B.错11【多选题】(2分)Theuniquefeaturesofe-commercetechnologyinclude:A.UbiquityB.SpecificstandardsC.GlobalReachD.Richness12【多选题】(2分)Thegrowthofsociale-commerceisdrivenby_________.A.sharingofproducts,services,andcontentonsocialaccountsB.networknotificationC.integratedsocialcommercetoolsD.socialsign-on13【单选题】(2分) Whichofthefollowingisaleadingplatformforsociale-commerce?A.AmazonB.WikipediaC.FacebookD.eBay14【单选题】(2分)Whichtypeofe-commercegeneratedthelargestrevenue？A.M-commerceB.B2CC.B2BD.C2C15【多选题】(2分)Economistsearlyvisionsaboute-commerceinclude_________A.ConsumersarenotpricesensitiveB.InformationasymmetrywouldbegreatlyreducedC.anearlyperfectcompetitiveD.disintermediation第二章测试1【判断题】(2分)Ane-commercebusinessmodelaimstouseandleveragetheuniquequalitiesoftheInternet,th eWeb,andthemobileplatform.A.对B.错2【单选题】(2分) Whichofthefollowingisanexampleoftheaffiliaterevenuemodel?A.JDB.QQmusicC.eBayD.Amazon3【单选题】(2分) Assumeyouareanalyzingthemarketopportunityofadistancelearningcompany,Learnmore. com,thatcreateseducationcoursesdeliveredovertheInternetfortheFortune1000corporate market.Assumethattheoverallsizeofthedistancelearningmarketis$25billion.Theoverallm arketcanbebrokendownintothreemajormarketsegments:Corporate,College,andElement ary/HighSchool,eachofwhichaccountsforathirdofthemarket.WithintheCorporatemarket,t herearetwomarketniches:Fortune1000,whichaccountsfor60%ofthemarket,andallothers, whichtogetheraccountfor40%'srealisticmarketoppor tunity,approximately?A.$5billionB.$6.6billionC.$165billionD.$25billion4【单选题】(2分) AllofthefollowingcanbeconsideredadirectorindirectcompetitorofAmazonexcept:A.Priceline.B.eBay.C.Apple'siTunesStore.D.Walmart.5【单选题】(2分) Allofthefollowingmayleadtoacompetitiveadvantageexcept:A.fewerproducts.B.lessexpensivesuppliers.C.betteremployees.D.superiorproducts.6【判断题】(2分) Thesinglemostimportantelementofabusinessmodelisthemanagementteamresponsiblefo rmakingthemodelwork.A.错B.对7【判断题】(2分)Cooperationwithkeyopinionleaders(KOL)hasbecomethemostpopularmarketingstrategyf orsocialmediaplatformsandadvertisersinChina.A.错B.对8【单选题】(2分) Whichofthefollowingisanexampleofacompanyusingthecontentprovidermodel?A.DellB.eBayC.NetflixD.Priceline9【单选题】(2分) Whichofthefollowingisnotavariationofthee-tailerbusinessmodel?A.bricks-and-clicksB.virtualmerchantC.manufacturer-directD.marketcreator10【多选题】(2分) Whichofthefollowingbelongtomajortypesofe-tailers?A.virtualmerchantB.bricks-and-clicksC.CommunityprovidersD.manufacturer-direct11【多选题】(2分)Serviceproviderstrade_________forrevenue.A.CapabilitiesB.KnowledgeC.ExpertiseD.Products12【判断题】(2分)On-demandservicecompaniesarecharacterizedbythefreesharingofresourcesbetweenth ecompanyandconsumers.A.错B.对13【单选题】(2分)A______isadigitalnetworkdesignedtocoordinatetheflowofcommunicationsamongfirmse ngagedinbusinesstogether.A.industryconsortiaB.privateindustrialnetworkC.exchangeD.e-distributor14【多选题】(2分) Whichofthefollowingcompaniesareexamplesofindustryconsortia?A.GraingerB.BoschC.AribaD.Schaeffler15【多选题】(2分)WhichofthefollowingaretrueforWalmart’snetwork?A.monitorthesalesoftheirgoodsB.monitortheactualinventoryleveloftheirgoodsC.ItisoneofthelargestprivateindustrialnetworksintheworldD.Noneoftheabove第三章测试1【判断题】(2分) AroughlyequalpercentageofmenandwomenusetheInternettoday.A.对B.错2【多选题】(2分)Consumerbehavioristhestudyofhowindividuals,groups,andorganizations_______goods, services,ideas,orexperiencestosatisfytheirneedsandwants.A.BuyB.UseC.SelectD.Disposeof3【判断题】(2分)ChineseSingles’DayshoppingfestivalisasuccessfulapplicationofFOMO.A.错B.对4【多选题】(2分)Aconsumer’sbuyingbehaviorisinfluencedbyindependentdemographicvariableswhichincl ude__________.A.CulturalfactorsB.MarketingcampaignsC.SocialfactorsD.Psychologicalfactors5【单选题】(2分)______occurswhenacompetitorclicksonsearchengineresultsandads,forcingtheadvertis ertopayfortheclickeventhoughtheclickisnotjustified.A.BiddingprocessB.LinkfarmC.AdBlockingD.Clickfraud6【多选题】(2分)Howcanabusinessoptimizeitswebsite?A.updatecontentfrequentlyB.makeahighbidintheSEMauctionC.designthesitetobeeasilyrecognizedandreadbythesearchengineD.CarefullychoosekeywordsusedontheWebpages7【多选题】(2分)Both________and_________arethemainthingsthatdetermineyourperformanceintheauc tion.A.TopicofyourwebsiteB.ThemaximumCPCC.QualityscoreD.Brand8【判断题】(2分)Organicsearchresultsdependsonabiasedalgorithm.A.对B.错9【判断题】(2分)AmazonAssociatesProgramisaprivateindustrialnetworks.A.错B.对10【判断题】(2分)Contextadvertisingisbasedonapay-per-clickbasis.A.错B.对11【单选题】(2分) Advertisingnetworksallowadvertiserstargetspecificcustomersbasedontheprofileoftheau dienceviewingthecontent.Thisiscalled__________.A.contextadvertisingB.personalizedadvertisingC.viraladvertisingD.seachengineoptimization12【单选题】(2分) WhichofthefollowingisNOToneofadvertisingnetworks’functions?A.Designadvertisement.B.Handlethemoneyinvolved.C.Createanetworkofbothpublishersandadvertisersandplacerelevant/personalizedadsonpublishers.D.Collectandsharedatawithbusinesses.13【判断题】(2分) RichMediaAdsarealsotheleasteffectiveandthelowestcostformofonlinemarketing.A.对B.错14【判断题】(2分) RichMediaAdsarefarmoreeffectivethansimplebannerads.A.对B.错15【判断题】(2分)Comparedwithotheradformats,sponsorshipsarenotinanovertlycommercialmanner.A.错B.对第四章测试1【多选题】(2分)Whichofthefollowingaresocialmarketingplayers?A.TikTok(抖音)B.TaobaoC.PinterestD.RED（小红书）2【判断题】(2分) Socialmarketingstrengthensthebrandanddrivessalesbyhavingconversationwithcustome rs.A.对B.错3【多选题】(2分)Whichofthefollowingistheonlineversionofword-of-mouthadvertising?A.LocalmarketingB.SearchenginemarketingC.MobilemarketingD.Viralmarketing4【多选题】(2分)Themovie NeZha appliedthefollowingviralmarketingstrategies:______.A.ManystarsalsoforwardedpostsaboutthemovieandevencosplayedNeZha.B.therearenumerousmomentsinthemoviethatweredeeplyresonant.C.GoodqualityofthemovieledtopositivecommentsonDoubanD.createdpostsonWeibowithkeyswordssuchas“国漫崛起”，“东方神话IP”whicharousedaudience’spatriotics entiment.5【单选题】(2分)________referstoamoreorlessstablegroupoffanswhoareengagedandcommunicatingwit honeanotheroverasubstantialperiodoftime.A.fanacquisitionB.communityC.amplificationD.barndstrength6【多选题】(2分) Marketershaveanumberoftacticstobuildcommunities,includingA.insideinformationonnewproductsB.freegiftsforbringinginnewmembers.C.pricediscountforloyaltyD.guidanceandrecommendationsforcustomers7【单选题】(2分) Whichofthefollowingisthemostpopularuseformobiledevices?A.performingtasks,suchasfinancesB.shoppingC.socializingD.entertainment8【单选题】(2分)Whichofthefollowingisthesecond-mostpopularmobilemarketingformat?A.mobilemessagingB.displayadvertisingC.searchengineadvertisingD.videoadvertising9【单选题】(2分) Whichofthefollowingaccountsforthemostmobileadspending?A.SMStextmessagesB.searchengineadvertisingC.displayadsD.videoads10【判断题】(2分) Chinesepeopleprimarilyusemobiledevicesforshoppingorbuying.A.对B.错11【单选题】(2分) Whichofthefollowingisthemostpopularmobilemarketingformat?A.displayadvertisingB.searchengineadvertisingC.videoadvertisingD.mobilemessaging12【判断题】(2分) Displayadvertisinghasthelargestsizeofmobilemarketingexpenditures.A.对B.错13【单选题】(2分)Friend-finderservices答案thequestionof__________.A.Whereareyou?Where’sthecrowd?B.Whereismychild?C.What'sthebestrestaurantintheneighborhood?D.HowamIdoinginjogging?14【判断题】(2分) Localmarketingisbasedonthemarketingtheory—demographicsegmentation.A.错B.对15【多选题】(2分) TheGPSreceiversinthesmartphonesalongwithothertechniques,meantthatauser’slocatio ncouldbefairlywellknownby_________.A.MarketersB.serviceprovidersC.telecomcarriersD.cellphonemanufacturers第五章测试1【单选题】(2分) Virtualmerchantsfacepotentiallylargecostsforallofthefollowingexcept:A.buildingandmaintainingawebsite.B.buildinganorderfulfillmentinfrastructure.C.developingabrandname.D.buildingandmaintainingphysicalstores.2【判断题】(2分)Manufacturer-directfirmsaresingle-channelmanufacturers.A.对B.错3【多选题】(2分)Manufacturer-directmodelhasfollowingadvantages___________.A.createchannelconflictsB. eliminatetheneedtosupportawholesaleandretailsalesnetwork,C.givethefirmcompletecontroloveritscustomerdatabase.D.simplifythecompany’soperations4【多选题】(2分)__________haveanetworkofphysicalstoresastheirprimaryretailchannel,butalsohaveonli neofferings.A.virtualmerchantsB.bricks-and-clickscompaniesC.manufacture-directcompaniesD.omini-channelmerchants5【多选题】(2分) Whichofthefollowingaretrueforbigdataandpowerfulanalyticsprograms?A.recommendproductsbeforetheyaskB.IntendtomakeconsumersallintobigspendersC.makepossiblepredictivemarketingD.tosendpersonalizedmessagestocustomers6【判断题】(2分) StitchFixonlyreliesonbigdatatoclothingitemsandaccessoriesforcusomers.A.错B.对7【判断题】(2分) MassiveandwellservedSMEmarketisonedrivingforceofFintechinChina.A.对B.错8【判断题】(2分)Antchecklater(花呗)givescreditratingstousersbyleveragingusers’merchantdataontheplat form.A.错B.对9【判断题】(2分)Payment/remittanceshasthelargestsizeofFintechservices.A.错B.对10【判断题】(2分)Antchecklater(花呗)isavirtualcreditcardtypeofproductthatfacilitatescreditpayments.A.对B.错11【单选题】(2分)Purchaseofalltravelelementsare_________offeredbyonlinetravelsites.A.commerceB.customerserviceC.contentD.community12【多选题】(2分)Consumers’travelrequirementsinclude_________.A.paymentB.comparisonshoppingC.researchingD.planningE.reserving13【单选题】(2分) Whichofthefollowingisnotamajortrendintheonlinerecruitmentservicesindustry?A.socialrecruitingB.MillennialsandGenXprimarilyusemobiledevicestosearchforjobsC.disintermediationD.useofbigdatatechnologiesinthehiringprocess14【判断题】(2分)“Passivetalent”referstopeoplewhoarenotactivelylookingforanewjob.A.错B.对15【判断题】(2分) Sharingeconomybusinessmodelhasnonegativeoutcomes.A.对B.错第六章测试1【单选题】(2分)WhatdoesALaCartemean?A.payandacquireallthecontentB.payforwhatyouuseC.allyoucaneatD. basicservicesarefreebutmoreadvancedfeaturesmustbepaidfor.2【多选题】(2分) WhichoneistrueforFreemium?A.payandacquireallthecontentB.moreadvancedfeaturesmustbepaidfor.C.payforwhatyouuseD.basicservicesareprovidedfreeofcharge3【判断题】(2分)There’snothingcontradictoryaboutallthreemodels:subscription,ALaCarteandfreemium.A.对B.错4【单选题】(2分)__________referstotheconvergenceofdesign,production,anddistributionofthecontent.A.contentconvergenceB.mediaconvergenceC.technologicalconvergenceD.industrystructureconvergence5【单选题】(2分) Whichofthefollowingisnotanexampleofindustrystructureconvergence?A.Apple’sdevelopmentoftheiPadB.Amazon’screationofAmazonBooksPublishingC.AT&T’sacquisitionofTimeWarnerD.Verizon’sacquisitionofYahoo6【单选题】(2分) WhichofthefollowingtypesofonlinecontentisconsumedbythelowestpercentageofInternet users?A.e-booksB.digitalaudioC.videoD.magazines7【单选题】(2分) Whichofthefollowingisnotanadvantagethatpuredigitalnewssiteshaveoverprintnewspape rs?A.Theycantakeadvantageofnewertechnologiesforproducingthenews.B.Theyhavealowercoststructure.C.Theyofferhigherqualityjournalism.D. Theycancreatenewworkflowsandbusinessprocessesthataremoretimelyandefficient.8【多选题】(2分)WhichofthefollowingaretrueforPrint-centricperiod?A.Thetechnologyplatformwasthedesktoporlaptopplatform.B.Thetoppriorityisproducingthemostengaging,continuallyupdateddigitaleditionC.TherewerenochanceforthemtohaveanyinteractionsD.Newspapersadoptedmultimediaelementssuchasvideo,addedmoreinteractiveelementslikecrosswordpuzzl esandcontests9【判断题】(2分)“Contentisking”meansowninghigh-qualitycontentprovidesagoldenopportunitytogenerate revenue.A.对B.错10【判断题】(2分)Inthetraditionalprocess,pricesdeterminedlargelybytheauthor.A.对B.错11【多选题】(2分)Amazon’sdigitalecosystemsbroughtunprecedentedchangetoonlinebookintermsof_____ ______.A.MarketingB.ContentC.PublishingD.AuthorshipE.Readership12【单选题】(2分)________wassuedbytheJusticeDepartmentforviolatingantitrustlawsinconnectionwithe-books.A.AmazonB.Barnes&NobleC.AppleD.Google13【单选题】(2分)WhichofthefollowingstatementsisnottrueaboutOTT?A.TouseOTTservices,consumersmustpurchaseabundleofchannels.B.OTTentertainmentservicesareathreattocable/satellitetelevisiondeliverysystems.C.OTTservicesincludetheabilitytodownloadcontentafterpurchaseorrental,aswellassubscriptionstreamingan d“live”TVservic es.D.OTTenablesautomaticadvertisingtransactions.14【判断题】(2分) Streaminghasreplaceddownloadingasthepreferredconsumerviewingplatformforhomeen tertainmentcontent.A.对B.错15【多选题】(2分)WhichofthefollowingaretrueforOTTadvertising?A.ItallowstheadvertiserstoreachtherightaudienceattherighttimeB.Commercialsarebasedonherlocation,interestanddemographicsC.ItputsmoreattentiononthecontentD.OTTadvertisingisoftenboughtandsoldprogrammatically第七章测试1【多选题】(2分) Socialnetworksattractpeoplewithsharedinterests,suchas________.A.sportsB.vacationsC.hobbiesD.religion2【单选题】(2分)Doubanisanexampleofa(n)________socialnetwork.A.affinity-basedB.practice-basedC.generalD.interest-based3【判断题】(2分)WithAPItechnology,Facebookopensupitsplatformandgivesotherappsorwebsitestheacce sstoitsdata.A.错B.对4【多选题】(2分)Whichofthefollowingaretrueforgeneralcommunity?A.Facebookisworld’smostpopularonlinesocialnetworkwiththelargestnumberofmonthlyactiveusers.B.Typicalexamplesincludefacebook,QQzone,Douban.C. Thebusinessmodelofgeneralcommunitiesistypicallyadvertisingsupportedbysellinggoods.D.Thepurposeofthegeneralcommunityistoattractlargeenoughaudience.5【单选题】(2分)Awebsitedesignedaroundacommunityofmemberswhoself-identifywithademographicorg eographiccategoryisclassifiedasa(n):A.sponsoredcommunity.B.interest-basedsocialnetwork.C.practicenetwork.D.affinitycommunity.6【单选题】(2分)爸妈网is____________designedtoattractparentsbyofferingdiscussionandservicesthatf ocusonEnglisheducationforearlychildhood.A.PracticenetworkB.Interest-basedsocialnetworkC.GeneralcommunityD.Affinitycommunity7【判断题】(2分)Sponsoredcommunitiesareallnon-profitonlinecommunitiesforthepurposeofpursuingorga nizationalgoals.A.对B.错8【单选题】(2分) Whichofthefollowingistheexampleofsponsoredcommunity?A.B.水木社区C.ResearchGateD.Douban9【单选题】(2分)ResearchGateisa__________forscientistsandresearcherstosharepapers,askand答案q uestions,andfindcollaborators.A.PracticenetworkB.Interest-basedsocialnetworkC.AffinitycommunityD.Generalcommunity10【多选题】(2分)Whichofthefollowingaregoalsofsponsoredcommunities?A.TodevelopinternalsocialnetworksB.ToshareknowledgeC.TosellgoodsD.Toincreasetheinformationavailabletoitsmembers11【判断题】(2分) SocialmediainfluencerisalsocalledInternetcelebrity.A.对B.错12【多选题】(2分) Inwhatwayscaninfluencersturnthetrafficintorealcash?A.showingadvertisementsB.postingviralvideosonvideohostingcommunitiesC.directingtheirfanstoonlineshopsD.receivingvirtualgifts13【多选题】(2分) WhichofthefollowingaretrueforthesocialmediainfluencerLiJiaqi(李佳琦)?A.Themediahasdubbedhimthe"LipstickKing".B.Hehasnotcooperatedwithcelebrities.C.HeisaChinesefoodandcountry-lifeblogger.D.Hegivesasubjectivecommentontheproducts,notjustbragging.Hisfansreallyappreciatehissincerity.14【判断题】(2分)Socialnetworksalsopresentenormousrisksforindividuals,communities,firms,andevenfors ocietyasawhole.A.错B.对15【多选题】(2分)WhichofthefollowingaretrueforFacebook’sCambridgeAnalyticadatascandal?A.Facebookpaidarecord-breaking5billiondollarsfine,byfarthelargestpenaltyeverimposedonacompanyforviol atingconsumers'privacyrights.B.FacebookhadeverdemandedthattheydeleteallofthedatathattheyhadobtainedinviolationofFacebook'srules.C.CambridgeAnalyticawasabletogetaccesstoinformationofasmanyas50millionpeople.D. CambridgeAnalyticaonlycollectedthepersonalinformationofpeoplewhoagreedtotakethesurvey.第八章测试1【单选题】(2分)WhatarethebenefitsforB2BE-commerceA.VisibilitycanbefullyrealizedB.IncreaseproductionflexibilityC.DecreaseproductcycletimeD.Increaseopportunitiesforcollaboratingwithsuppliersanddistributors2【多选题】(2分)WhichofthefollowingaretrueforB2BE-commerce?A.CreategreaterpricetransparencyB.LowersearchcostsforbuyersC.manyFortune1000supplychainsarerisky,vulnerable,andsociallyandenvironmentallyunsustainableD.Lowertransactioncosts3【单选题】(2分)________purchasinginvolvesthepurchaseofgoodsbasedonimmediateneedsinlargermar ketplacesthatinvolvemanysuppliers.A.VerticalB.SpotC.BulkD.Indirect4【判断题】(2分)MROgoodsarealsoknownasdirectgoods.A.错。

国际会议最佳学生论文奖(Best student paper)

capability and calibration performance of the systems can be evaluated. The following aspects are considered: (a) the test utterances used in these two tasks are non-overlapping; (b) the Dev-Test and Dev-Train utterances are also included in Eval-Train so that the latter contains the maximum amount of enrollment data per speaker; (c) training and test segments have different Linguistic Data Consortium (LDC) labels (LDC-ID) ensuring a channel mismatch; (d) held out speakers’ data from SRE’06 are included in tests to serve as unknown non-target speakers; (e) both telephone and interview speech is used for enrollment if available; (e) for each speech ﬁle in training and test sets, two different artiﬁcially noised versions (i.e., based on either SNR or noise type) are generated; (f) the 100 speakers data released during evaluation are included in Eval-Train; (g) test utterances are cropped randomly to have an active speech duration between 20 s160 s. In this process, all SRE’12 target speaker data are divided into three disjoint sets where set-1 includes Dev-Train, set-2 include Dev-Test and Eval-Train, and set-3 includes Eval-Test. We used the target speakers data in Dev-Train for hyper-parameter estimation and discriminative training. 2.1. Noisy ﬁle Generation We collect 10 Heating, Ventilation, and Air Conditioning (HVAC) type noise ﬁles from [6] and generated 10 crowd noise ﬁles by summing 500–800 NIST SRE utterances from both male and female speakers. The noise ﬁles are separated into three disjoint sets with set-1 and set-2 having 6 ﬁles each, and set-3 has 8 ﬁles (noise types are balanced in each set). We employ our in-house tools to generate the noisy ﬁles with the psophometric weighting (ITU-T Recommendation O.41) method as suggested by NIST. The active speech level is measured according to the ITU-T Recommendation P.56. These ﬁles are used for speaker enrollment, hyper-parameter [4] and back-end training. For degrading the test ﬁles (in Dev-Test and Eval-Test), we adopted FaNT toolkit with G-712 weighting, to be consistent with I4U. For each training and test ﬁle in Dev and Eval, 6 dB and 15 dB noisy versions are generated. The noise ﬁle (and type) is selected randomly from the corresponding set to which the utterance belongs. 2.2. Short Duration Segments We truncate the test ﬁles to have active speech durations of 20 s to 160 s [3] with a 20 s increment. The Voice Activity Detection (VAD) method VAD-2 (Sec. 3.1.2) is used to ﬁnd the speech segments. The duration values are assigned to the test ﬁles randomly. If the assigned duration is larger than the total active speech duration, the full utterance is used. These mixed duration ﬁles are used as test segments in the Dev/Eval task. Fig 1 (a)-(d) shows the active speech duration distributions computed for Eval-Test and SRE’12 core test recordings using both VADs utilized. Since VAD-2 is used to truncate the EvalTest segments, the histogram shows impulses at the truncation locations. We expect that the use of mixed duration in the development should bring the test conditions closer to that of the actual SRE’12

金融经济学课后答案-给学生-2012

3 8
< U (1) =
1 2
> U (3) = −1.5。U (c) 不具有
1 不满足性。当 a = 0 时，U (c) = c 具有不满足性；当 a > 0 时，当 c ∈ [0, a ] 时 U (c)
3 (d) 假设这个市场中总共有 K 个参与者。每个参与者的禀赋是 1 单位的证券 1 和 2 单位的证券 2。这时的市场组合是什么？市场组合的支付向量是什么？市场组合的总价值是多少？ (e) 写出市场化支付的集合。 (f) 如果市场不允许卖空。市场化支付的集合是什么？ (g) 现在引入新的证券 3，它的支付向量为 X3 = [0; 0; 1]。写出新的市场结构矩阵。在这个市场结构下，市场化支付集合是什么？解. (a) 这个经济的支付空间是 R3 ； 1 1 (b) 市场结构矩阵为 X = 1 2 = [X1 , X2 ]； 1 3 (c) 组合的支付向量为 θ1 X1 + θ2 X2 = [θ1 + θ2 ; θ1 + 2θ2 ; θ1 + 3θ2 ]，组合的价格是 θ 1 S 1 + θ 2 S2 ； (d) 市场组合是 K 单位的证券 1 和 2K 单位的证券 2，组合的支付向量为 [3K ; 5K ; 7K ]，组合的总价值是 KS1 + 2KS2 ； (e) 市场化的支付集合是 M = {Y ∈ R2 : Y = θ1 X1 + θ2 X2 , θ1 , θ2 ∈ R}； (f) 这时的市场化支付集合是 M+ = {Y ∈ R2 : Y = θ1 X1 + θ2 X2 , θ1 , θ2 ∈ R+ }； 1 1 0 (g) 新的市场结构矩阵为 X = 1 2 0 = [X1 , X2 , X3 ]，此时的市场化支付集 1 3 1 3 合为 M = {Y ∈ R : Y = θ1 X1 + θ2 X2 + θ3 X3 , θ1 , θ2 , θ3 ∈ R}。 2.5 在练习 2.4 中定义的只存在证券 1 和 2 的经济中。考虑一个禀赋为 θ1 单位的证券 1 和 θ2 单位的证券 2 的参与者。写出他的预算集。解. 参与者的预算集是 {C ∈ R3 + : C = α1 X1 + α2 X2 , 其中 α1 S1 + α2 S2 ≤ θ1 S1 + θ 2 S 2 }。 2.6 在上面的练习中引入练习 2.4 中定义的证券 3，它的价格为 S3 。这时，参与者的预算集是什么（他在证券 3 上的禀赋为 0）？证明由证券 1、2、3 构成的预算集包含仅由证券 1、2 构成的预算集。解. 此时参与者的预算集就变成了 {C ∈ R3 + : C = α1 X1 + α2 X2 + α3 X3 , 其中 α1 S1 + α2 S2 + α3 S3 ≤ θ1 S1 + θ2 S2 + θ3 S3 }。 2.7* 考虑一个在 1 期只有一个可能状态的经济。（在这种情况下不存在不确定性。）参与者 1 的 0 期禀赋为 100 而 1 期禀赋为 1，即他的禀赋向量为 [100; 1]。他的偏好可金融经济学 c 王江

preferences_05

3Preferences•The centralﬁgure of(micro)economics theory is the consumer(decision-maker),and ourﬁrst step is to provide a model of the behavior of the ually,we think of the consumer as an entity who chooses from some given set of feasible options.Thus,ourﬁrst task is to provide models of consumer choice.•Hence,we are interested here in the behavior of an individual,called the consumer,who is faced with a problem of choosing from among a set of objects.To begin,we need to formolize the set from which the choice is to be made.3.1Vocabulary•R1-the set of all real numbers,positive and negative•R1+≡{x∈R1:x≥0}-the set of all nonnegative real numbers.•R k-the set of k real numbers.For example,x∈R2+whenever x=(a,b)(a two-vector)and a∈R1+,b∈R1+.That is,we denote the set of allk-tuples of real numbers by R k.The set of k-tuples of nonnegative real numbers is denoted by R k+.The elements of theses sets are referred as vectors.If x=(x1,...,x k)is a vector,we denote then its i th component is x i.•X-some sets of objects.We typically think of X in economic applica-tions as some set of consumption bundles,modeled as a subset of R k.That is,X⊆R k.An example of a subset of R2+is given in Figure1.Figure1•For example,in an economy with three commodities,say beer,wine and whisky,k=3,and a typical consumption bundle is a three-vector, x=(x1,x2,x3)representing x1cans of beer,x2bottles of wine,and x3 shots of whisky.•Recall that economists are favorite of making simple,basic construc-tions that work in ever wider and wilder circumstances.103.2Preference relation•In the preference-based approach to modeling individual choice be-havior we treat the consumer tastes,as summarized in her preference relation.That is,we want the preference relation to order the set of feasible bundles.•Technically,we denote a weak preference relation by%(note that it has nothing to do with≥),which allows us to compare pairs of alternatives in the set of objects x,y∈X.Deﬁnition1We read x%y as”x is at least as good as y”or”x is weakly preferred to y”.•In other words,x%y means that the consumer thinks that the bundle x is at least as good as the bundle y.From%we can derive two other important relations on set of consumption bundles X:Deﬁnition2Strict preference relation,Â,is deﬁned byxÂy⇔x%y but not y%xwhere⇔means if and only if,and read x is strictly preferred to y.Deﬁnition3Indiﬀerence relation,∼,deﬁned byx∼y⇔x%y and y%xand read x is indiﬀerent to y.•A simple illustration-imagine that we present a consumer with any pairs of alternatives,x and y,and ask how she compares.Our question is either x or y better than the other in your eyes?•For each pair x and y,we can imagine four possible responses to our question:(i)x is better than y,but not y is better than x,(ii)y is better than x,but not x is better than y,(iii)neither seems better,and(iv)I am unwilling to commit to a judgment.•Note that an answer that x is strictly preferred to y and y is strictly preferred to x stretches the meaning of the language too far.Can you see it from the above deﬁnitions?Moreover,is it logically possible?113.3Rationality•In most of the microeconomics theory,consumer preferences are as-sumed to be rational.The hypothesis of rationality is embodied in two assumptions about the weak preference relation%:Deﬁnition4Completeness-for all x,y∈X,we have that x%y or y%x or both.•Completeness,is hardly objectionable,at least for the kind of choices economists generally examine.Simply,we assume that any two bun-dles can be compared by the consumer.We might,however,imagine extreme situations involving life or death choices where ranking the al-ternatives might be diﬃcult,or even impossible,but these choices are, for the most part,outside of the domain of economic analysis.More-over,note that it is very hard to evaluate alternatives that are far from the realm of common experience.•Put diﬀerently,completeness formulizes the notion that the consumer has the ability to discriminate and the necessary knowledge to evaluate any alternatives.Deﬁnition5Transitivity-for all x,y,z∈X,if x%y and y%z then x%z.•Transitivity goes to the heart of the concept of rationality.Is it clear that transitivity of preferences is necessarily a property that preferences would have to have?•It implies that it is impossible to face the decision-maker with a se-quence of pair wise choices in which her preferences appear to cycle.For example,feeling that an apple is at least as good as a banana and that a banana is at leas as good as an orange but than also preferring an orange over an apple.In other words,the assumption of transitiv-ity requires that pairwise comparisons would be linked together in a consistent way.•The assumption that preferences are transitive does not seem com-pelling on grounds of pure rationality alone.In fact,transitivity is an hypothesis about people’s choice behavior and not a statement of pure12logic.Whether it is a basic fact of logic or not isn’t the point:it is whether or not transitivity is a reasonably accurate description of how people behave.•In-class discussion-do preferences satisfy the transitivity property?The money pump argument and the framing problem.3.4Utility representation•What do we intend to get out of this?Investigating consumer behavior.•Beyond the intellectual curiosity,rationality(completeness and transi-tivity)of preferences allows us to represent the preference relation,%, by a(utility)function.Deﬁnition6A function u:X→R is a utility function representing pref-erence relation%if for all x,y∈X⊆R kx%y⇔u(x)≥u(y)Proposition7A preference relation%can be represented by a utility func-tion only if it is rational.That is,must be complete and transitive.•Now that we have a convenient and precise way to represent preferences we can begin to investigate consumer behavior.Our hypothesis is thata rational consumer will always choose a most preferred bundle fromthe set of aﬀordable objects.•Let m be aﬁxed amount of money available to the consumer and let p=(p1,...,p k)be the vector of prices for goods1,...,k.Deﬁnition8The set of aﬀordable objects,is given byB={x∈X:p1x1+···+p k x k≤m}and is called the budget set.•Thus,the problem of the consumer can then be written as:13choose xto maximize u(x)subject to x∈B•Or equivalently,choose xto maximize u(x)subject to x is in X and p1x1+···+p k x k≤m3.5References•H.Varian,Intermediate Microeconmics-A Modern Approach,Norton.(3.1-3.2,4.1-4.2).14。

国开电大专科《商务英语2》一平台在线形考(单元自测1至8)试题及答案

国开电大专科《商务英语2》一平台在线形考(单元自测1至8)试题及答案单元自测1试题及答案特别提醒：学员抽到的每套试卷均为随机组合；但抽到试卷中的所有试题均在下列题库中可以找到原题及答案//-As you know,I'm not quite familiar with how to shop online.-It's a piece of cake! I'll show you how to do it.A.First of all,you should find a good e-commerce site.B.Next,add the items in your shopping cart and place the order.C.Then compare the prices and features of the goods you like.[答案]AConsumers can't digest too much information on a web page,resulting l ow rates of return.A.withB.inC.at[答案]B-Great!Maybe from now on,I should try to buy goods online.A.I think you need to be a little bit slower.B.That's all right.Whatever!C.Why not? Go ahead.Just give it a try.[答案]CI know personal selling is also a very effective tool for building buyers'confidence.A.toB.upC.with[答案]B-I think we can use two or more kinds of media together in an advertising campaign.A.It's true.Two is always better than one.B.That's quite right.We can attract more people.C.It's great idea.We need to put in more money then.[答案]BIn China,Taobao is one of e-commerce sites.A.most popularB.the most popularC.more popular[答案]BIn my opinion,the first thing is what tools we should use.(考点：不定式结构的用法)A.to be discussedB.discussedC.discussing[答案]AIt can be aimed i ndividuals with select surfing behavior.the fanciest shops in the world from home,virtually that is.The technology of secure transactions on the Web has greatly improved and the rush to buy from online shops has demonstrated a growing consumer acceptance of online marketing.Increasingly,online marketing is no longer just an option.It is a necessity.Online marketing is an electronically-based industry.In short,it refers to the conducting of business through the Internet.It is a way of buying and selling goods and services,and negotiating trade through digital communications.Online marketing allows businesses to reach a wider market while cutting costs,saving time and eliminating tons of paperwork.Most online retailers ask the customers to pay with a credit card.Regular buyers are issued electronic or digital signatures which are protected by passwords,enabling them to transact business securely via Internet.Online marketing is still in its early stages,as problems such as how to deal with credit card fraud on the Internet still have to be dealt with.But its future looks rosy.With the development of computer technology,e-commerce will inevitably become a must in our everyday lives.There is no doubt e-commerce has come of age.1.c hanged the way a company might carry out a marketing strategy over the past10years.A.The InternetB.Local storesC.The consumers[答案]A2. W hat does virtually mean in Paragraph One?A.In reality.B.By means of a computer.C.Safely[答案]B3. Which of the following advantages of online marketing is not mentioned?A.Reach a wider market while cutting costsB.Save time and eliminate paperworkC.Increasing trust between traders and buyers.[答案]C4.What problems are still outstanding in online shopping?A.Cutting costs.B.Credit card fraud on the Internet.C.Eliminating paperwork.[答案]B5. Which is the author's attitude towards online shopping?A.Our shopping was only done at local stores on the high street,using cash.B.Online marketing refers to the conducting of business through the Internet.C.Undoubtedly the era of e-commerce has arrived.[答案]C单元自测2试题及答案特别提醒：学员抽到的每套试卷均为随机组合；但抽到试卷中的所有试题均在下列题库中可以找到原题及答案/1As it is known that the aim of every business is to make o rofit as possible.A.as manyB.as muchC.more[答案]C二、翻译：从以下A、B、C三个选项中选出与英文最适合的中文翻译。

第十四届中国金融学年会论文入选名单

序号论文题目作者1Mandatory Clearing of Derivatives and Systemic Risk of Bank Holding CompaniesShaofang Li and Matej Marinč2Heterogeneous preferenc es and risk sharing at households level in China Jennifer T. Lai, Isabel K. M. Yan, XingjianYi3Financial Globalization and the International Transmission of Interest RateShocks: The Federal Reserve and ChinaXiaoli Wan4Information Asymmetry in Quasi Public Goods Crowdfunding-A Case fromChina's EV Charging PileMarket Yan Li, Qi Zhang, Ge Wang, Siyuan Chen5Microstructure Noise,Fat-Tailed Distribution of Stock Returns, and Idiosyncratic Volatility Puzzle Shouyu Yao, Zhenming Fang, Xin Cui, Chunfeng Wang6Mandatory CSR Disclosure, monitoring and investment efficiency: Evidencefrom a quasi-natural experiment in ChinaLi Liu, Gary Gang Tian7Linguistic Distance and M ergers and Acquisitions:Evidence from China Lu Li, Yang Duan, Yuqian He, Kam C. Chan8Failure and Rescue in C entral Clearing Counterparty Design Zhenyu Cui, Chihoon Lee, 刘彦初, Kai Wang9Margin Trading and Asset Pricing-Evidence from tShujing Wang, K.C. John Weihe Chinese Stock Market1 0Asset Pricing With ReturnExtrapolationLawrence J. Jin, Pengfei Sui1 1Familiarity Bias? The Role of Directors with Country-specific Experience inCross-Border Mergers and AcquisitionsHaoyuan Ding, Yichuan Hu, Chang Li1 2汇率制度改革与资本账户开放路径选择——基于开放经济DSGE 模型的分析彭红枫, 肖祖沔, 祝小全1 3How do bank policies affect the equity risk and cost of capitalMike Qinghao Mao，K.C. John Wei1 4Optimal Capital Structure,Investment and Debt-Equity SwapEi Yang, Shaoxuan Zheng1 5Sales, Monetary Policy, and Durable GoodsWenbin Wu1 6The crude oil-stock market link and its determinants: Evidence from emerging economiesXiaoqian Wen, Hua Cheng, Yihao Zhang1 7Dependence structure and risk spillovers betweenoil and stock markets from BRICS countriesYonghong Jiang(姜永宏), He Nie(聂禾), Bin Mo(莫斌)1 8Asymmetric Variance Premium, Skewness Premium, and the Cross-Sectionof Stock ReturnsTao Huang, Junye Li, Fei Wu1 9Top managerial power and stock price efficiency:Evidence from ChinaMeifen Qian, Ping-Wen Sun, Bin Yu2 0Leverage Risk and Intermediary Asset Pricing: Evidence in ChinaXu Feng, Yajun Xiao2 1Responding to financial crisis Bank credit expansion with Chinese characteristicsLongyao Zhang，Enjiang Cheng，Sara Hsu2 2External Source of Political Connection: FinancialAdvisor and Chinese AcquisitionXiaoGang BI, Danni WANG2 3Switching Due DiligenceAuditors in Chinese Mergers and AcquisitionsJie Tang, Xiaogang Bi2 4Information environment,systematic volatility and stock return synchronicityJing Wang, Steven X. Wei, Wayne Yu2 5A tail of two worlds: Stock crash, market context,and expected returnsS. Ghon Rhee, Feng Wu2 6Illiquidity Shocks and Asymmetric Stock Market Reactions around the WorldIs Underreaction or Illiquidity Spiral the CulpritTe-Feng Chen，K.C. John Wei2 7Venture Capital, Innovation and Post-IPO Long-runPerformanceXueyong Zhang, Yeqing Zhang2 8Household Debt, Aggregation and Asset Pricing PuzzlesGaosheng Ju, Qi Li2 9Competition, Syndication,and Entry in the VentureCapital MarketSuting Hong3Underwriter Reputation a QiuyueZhang, XueyongZhang0nd Post-IPO Price Perfor mance: New Evidence from IPO Fraud of ChineseListed Firms3 1Optimal Reinsurance andInvestment Problem withDefault Risk and Bounded MemoryChao Deng, Wenlong Bian, Baiyi Wu3 2Party Committee Secretary serving on corporate boards and firm bribery channelsHamish D. Anderson, Jing Liao, Jingjing Yang, Martin Young3 3Index tracking model, downside risk and non-parametric kernel estimationJinbo Huang, Yong Li, Haixiang Yao3 4Financial Stability with Fire-salesRyuichiro Izumi, Yang Li3 5Correlation Ambiguity, Listing Choice and MarketMicrostructureJunyong He（何俊勇）, Helen Hui Huang,Shunming Zhang, Wei Zhu3 6Macroeconomic Conditions and Stimuli of InvestmentYingxian Tan, Xin Xia, Jinqiang Yang3 7Financial Frictions and Trade DynamicsPaul Bergin, Ling Feng, Ching-Yi Lin3 8The Determinants of Dynamic Linkage between Stock Prices and Foreign Exchange Rates: Evidencefrom ChinaR.W. 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Evidence from the Split-share Structure Reform in ChinaJinyu Liu (刘津宇) , Zhengwei Wang (王正位) , Wuxiang Zhu (朱武祥)5 5Leverage-Induced Fire Sales and Stock Market CrashesJiangze Bian, Zhiguo He, Kelly Shue, HaoZhou5 6Solving the High-dimensional Markowitz Optimization Problem: When Sparse Regression Meets Random Matrix TheoryMengmeng Ao, Yingying Li, Xinghua Zheng5 7Disclosure quality, price efficiency, and expected returnsKung-Cheng Ho, Shih-Cheng Lee, Ping-Wen Sun5 8有限理性对开放式基金“业绩-流量关系”的影响伍燕然, 王凯5 9Product Market Structureand Nepotism in Bank Loan MarketsHua Cheng, Yan Dong, Xue Li6 0是谁影响了股价崩盘风险：有形信息VS 无形信息——基于投资者行为视角的证据史永东杨瑞杰6 1动态银行网络系统的系统性风险研究范宏，杨明6 2信贷约束, 人口红利和经济增长薛熠, 张悦, 马倚虹6 3社会资本, 非正式保险与家庭的股市参与吴卫星, 祁震6 4我国债券评级行业竞争变化对评级质量影响的实证研究黄晓薇, 安小雪6 5一种动态信用风险传染模型及其应用陈典发, 邓军, 冯建芬6 6媒体, 公司治理与上市公司财务欺诈行为孙艳梅, 汪昌云6 7模糊厌恶下的动态最优投资策略张金清, 金泽宇, Yunbi An6 8中国特色的市场微观结构模型——基于准入门槛和政府调控的多市场均衡分析刘红忠, 毛杰6 9央行沟通, 政策不确定性与通胀预期王少林7 0理财产品膨胀, 利率市场化与银行风险承担问题研究项后军, 闫玉7 1Uncovering the myth of the housing price in Chinese metropolises: Allowing for behavioral heterogeneity among investors张玲, 边文龙, 张浩7 2Anticipating critical transitions of Chinese housingmarketsQun Zhang（张群）, Didier Sornette, HaoZhang7 3房价上涨, 家庭债务与居民消费周利7 4族群分配政策会影响公司价值吗？——来自马来西亚土著股权配额制的经验证据范祚军, 唐菁菁, 曾海舰7Macroeconomic Trade Eff Makram El-Shagia and Lin Zhanga5ects of Vehicle Currencie s: Evidence from 19th Century China7 6高管薪酬粘性仅仅是奖优不惩劣吗？——基于非委托代理视角王修华, 谷溪7 7P2P 网贷平台的声誉依赖与信息中介的制度约束戴晓凤, 雷宇7 8P2P平台只做信息中介可行吗？刘轶, 王于栋7 9创伤经历, 风险偏好与家庭资产选择——基于全国基线调查微观数据的证据乔海曙, 粟亚8 0市场竞争, 银行市场势力与流动性创造效率——来自中国银行业的经验证据李明辉, 黄叶苨8 1关联博弈, 声誉积累与新创企业的破茧成蝶米运生, 周明明, 石晓敏, 黄斯韬8 2基于改进粒子群模糊神经网络的信用评估研究熊志斌8 3Model-free estimation of tail risk and moments using option pricesCarole Bernard, Chengli Zheng8 4劳动调整成本, 经济增长与货币政策的就业效应杨柳8 5流动性创造, 银行稳定性与经济增长：来自中国商业银行的经验证据宋琴, 郑振龙8 6金融发展对中国企业资本结构的影响——基于资本供应视角郑承利, 秦妮8 7最终控制人投资组合与风险分担：转嫁还是共担？——来自民营上市公司的王红建, 汤泰劼, 刘梓微经验证据8 8微博, 自愿信息披露与上市公司盈余信息质量胡军, 王甄, 胡援成8 9我国机构投资者的投资行为理性吗？——基于主成分分析法的研究吕江林, 李兴9 0股票信息披露与投资者异质信念定价模型刘维奇, 李林波9 1Pollution and Performance: Do Investors Make Worse Trades on Hazy Days?俞红海, 黄杰鲲, 许年行9 2影子银行, 行政监督与国家审计治理——基于国务院107号文与审计公告的准自然实验王家华, 曹源芳9 3中国金融市场联动特征与体系性风险识别何枫, 田利辉9 4法律保护, 社会信任与商业银行全要素生产率李双建, 李俊青, 刘凯丰9 5金融素养存在性别差异么？——基于婚姻分工,认知水平和风险态度的实证分析廖理, 初众, 张伟强9 6异质波动率之谜是否已被完全解释？陈湘鹏, 周皓, 金涛9 7系统性金融风险与SRISK的适用性陈湘鹏, 周皓, 王正位, 金涛9 8Fuel the Engine: Bank Credit and Firm Innovation戚树森9 9Evaluating Asset PricingFactorsYu Ren, Yue Qiu, Tian Xie1为什么人民币越来越重周颖刚, 王艺明, 程欣0 0要？-基于网络分析方法的汇率证据1 0 1考虑时变风险溢酬的市场有效性检验：基于上证50ETF 期权市场陈蓉, 黄帅1 0 2宏观经济政策与股市系统性风险——宏微观混合β估测方法的提出与检验邓可斌, 关子桓, 陈彬1 0 3企业的合作文化促进创新了吗？潘越, 潘健平, 马奕涵1 0 4银行竞争背景下定向降准政策的“普惠”效应——基于主板和新三板的三农, 小微企业数据的分析郭晔, 徐菲, 舒中桥1 0 5Do Social Connections Mitigate Hold-up? Evidencefrom Relation-Specific Investment and Innovation in Vertical RelationshipsSudipto Dasgupta, Kuo Zhang, Chenqi Zhu1 0 6“好”的不确定性, “坏”的不确定性与股票市场定价——基于中国A 股高频数据的研究陈国进, 丁杰, 赵向琴1 0 7金融发展, 法律保护与危机传染——中国特征与国际比较游家兴, 张哲远18IPO信息披露的可读性分析黄方亮, 王彤彤1 0 9When Are Stocks Less Volatile in the Long Run?Eric Jondeau, QunzhiZhang, Xiaoneng Zhu1 1房价波动, 楼市调控与宏观金融风险——基于未定权曹廷求, 高睿0益分析法的研究1 1 1P2P 网络借贷市场中高收入真的低风险吗？胡金焱, 张笑1 1 2文化认同与民间金融：基于方言视角的经验研究张博, 胡金焱1 1 3互联网：经济活动的空间“离心力” ——来自中国家庭创业的证据曹廷求, 王可1 1 4P2P 网络借贷与大众创业——基于“人人贷”微观数据的经验研究胡金焱, 李建文1 1 5经济周期视角下的晋升压力与地方政府债务融资行为司海平, 刘小鸽, 魏建1 1 6基于微观复杂网络与宏观金融工程的风险传染研究沈沛龙, 李志楠1 1 7股票流动性, 投资者关注与公司创新张信东, 原东良1 1 8Local government debt scale estimating and riskevaluating based on localgovernmental balance sheetBaijie Wang, Sihan Zhang1 1 9“水至清则无鱼”适用于影子银行监管吗？——基于国内银行理财产品业务监管套利和透明度的研究刘莉亚, 黄叶苨, 周边1 2 0钱荒的根源：经济基本面变化，还是货币政策冲击？陈华, 郑晓亚, 赵自然1 2 1投资者“听话听音”能获得超额收益吗？-----从中国上市公司投资者电话交流会中高管声音情绪视角出发刘莉亚, 陈瑞华, 闵敏, 朱小能1 2 2“与众不同者”的价值——基于基金独特性的视角徐龙炳, 顾力绘1 2 3Optimal consumption withstochastic income and time-inconsistent preferences王远平, 牛英杰, 杨金强1 2 4卖方分析师研报有价值吗？——来自评级修正的证据安郁强, 陈选娟1 2 5碳排放权交易与企业研发-来自中国的证据马文杰, 杨奕, 赵晓菊1 2 6金融冲击, 房地产和其它实体投资, 宏观经济波动冯玲, 葛璐澜, 李志远, 柳永明1 2 7从“一带一路”货币汇率参照篮子中看推进人民币国际化的要素丁剑平, 方琛琳, 叶伟, 张冲1 2 8我国企业年金集合计划的多重委托代理问题及其影响研究初立萍, 陈选娟, 曾韵1 2 9定向增发折价：风险投资的作用及其机制李曜, 宋贺, 龙玉1 3 0基于投入占用产出技术的部门系统重要性研究覃筱, 祁伊1 3 1Margin Trading and PriceEfficiency—InformationContent or Price-Adjustm吕大永, 吴文锋ent Speed1 3 2同业交流与创新表现：基于期刊举办学术会议视角曹志奇, 吴文锋, 舒海兵1 3 3Economic Policy Uncertainty and Stock Price Crash Risk金雪军, 陈紫晴, 杨晓兰1 3 4融资融券提高了股价信息含量吗？白俊, 宫晓云, 孟庆玺1 3 5金融资产收益率的人口结构悖论：来自递延储蓄和替代效应视角的解释易祯, 朱超1 3 6高管限薪与公司业绩——来自2015年“限薪令”自然实验的证据尹志超, 蒋佳伶, 冯瑞河, 栗媛1 3 7开放经济条件下我国货币政策选择的理论与经验分析刘尧成, 庄雅淳1 3 8Why do financially constrained suppliers provide trade credit in China? ——An extended redistribution view田钢, 于博1 3 9“股市”还是“赌市” ：基于特质性偏度的投资者博彩偏好定价研究王春峰, 姚守宇, 房振明, 崔欣1 4 0Dynamic effects of Analyst Forecasts on Information Asymmetry comparingwith Company’s Announcements in Chinese Security Market李洋, 向健凯, 王春峰, 房振明1 4雾霾天气与投资者决策-来自互联网论坛的证据张维, 孟祥桐, 冯绪11 4 2利差扭曲与最优金融稳定政策何国华, 李洁, 刘岩1 4 3零利率下限, 汇率传递与货币政策王胜, 周上尧1 4 4银行规模, 综合化经营与我国银行业的系统性风险张天顶1 4 5高管薪酬与资本结构动态调整罗琦, 谢辰, 应惟伟1 4 6股东持股, 技术溢出与企业创新崔静波, 郑旸1 4 7新型流动性指标与流动性溢价杨兴哲, 周翔翼1 4 8超额准备金, 货币政策传导机制与调控方式转型——基于银行信贷市场的分析王晓芳, 郑斌1 4 9投资者羊群行为总是不利于市场运行吗？——来自中国艺术品市场的证据石阳, 刘瑞明1 5 0经济政策不确定性与企业贷款成本宋全云, 吴雨, 钱龙1 5 1Maturity Mismatch and Incentives: Evidence fromBank Issued Wealth Management Products in ChinaJinjin Liu, Hongyan Fang, Ronghua Luo,Senyang Zhao1存贷比约束, 货币政策与银王擎, 李元52行信贷1 5 3When Interim CEOs areNamed Formal CEO: A Try-out Succession何潇潇1 5 4尖刀上的舞蹈——民间借贷债务催收涉黑化倾向的田野调查与经济解释丁骋骋1 5 5股市政策对股票市场的影响——基于投资者社会互动的视角杨晓兰, 王伟超, 高媚1 5 6关联关系, 融资约束缓解与投资动态调整—来自担保贷款的融资与风险权衡张小茜1 5 7A Least Squares Regression Realized CovariationEstimation under MMSIngmarNolte, MichalisVasios, ValeriVoev,QiXu1 5 8遗产继承会扩大财富差距吗？——来自中国健康与养老追踪调查的证据韦宏耀, 钟涨宝1 5 9“新常态”下省际人民币汇率传递效应的非对称性和非线性及其影响因素研究---基于多维DCC-GARCH模型曹伟, 钱水土, 万谍1 6 0Do Non-Discretionary Allocation and Uniform-Pricing Rule Really Matter for Information Production in IPOsBo Liu, Xinru Ma1 6 1“险资举牌”现象与分散股权时代我国上市公司的治理郑志刚, 石丽娜, 黄继承, 郭杰16企业过度负债的同群效应李志生, 孔东民, 苏诚, 李好21 6 3会计准则具有去杠杆的作用吗？——来自上市公司资本结构决策的微观证据晏超1 6 4我国金融部门宏观金融风险研究——基于重构资产负债表和CCA 模型的分析白小滢, 王乔乔1 6 5经济发展水平对跨境资本流动的门限效应——兼评中国“非理性”对外投资周先平, 谭本艳, 向古月1 6 6An Experimental Study on a Novel Artificial Financial Market Model曹宏铎, 李旲, 欧阳辉1 6 7社会保险和大众创业：“创业枷锁”还是“创业催化剂”？王永钦, 戴芸, 包特1 6 8利率市场化, 银行利率与货币政策价格型调控陆军, 黄嘉, 童玉芬1 6 9房地产金融化：界定, 表现及其经济效应李建军, 韩珣1 7 0The role of foreign and domestic venture capital ininnovation evidence fromChinaJiangjing Que，Xueyong Zhang1 7 1The Dynamic Co-movement between the Exchange Rates of European Countries and Chinese Renminbi黄乃静, 汪寿阳1 7 2经济政策不确定性与企业投资：实物期权渠道还是金融摩擦渠道？谭小芬, 张文婧1 7 3Liquidity Risk and Corporate Risk-takingJing-zhi Huang, Huayi Tang, Yuan Wang,Rui Zhong1 7 4CDS Trading and StockPrice Crash RiskJinyu Liu, Jeffrey Ng, Dragon Yongjun Tang, Rui Zhong1 7 5Measuring Financial RiskContagion among International Stock Markets: AEMD-Copula-CoVaR ApproachDa Wang, Qiang Zhang, Changqing Luo1 7 6去杠杆, 转杠杆与货币政策传导周俊仰, 汪勇1 7 7Household Financial Constraint and Local BankingStructureYiyi Bai, Zhisheng Li1 7 8人民币汇率与境内外股票市场波动溢出效应研究——基于三元BEKK-GARCH模型吴丽华, 江蓝微, 曾连彬1 7 9The long term impact of the 1959-1961 famine inChina on stock holdingsof survivorsJennifer T. Lai, Xingjian Yi, Cong Zhou1 8 0金融杠杆与资产价格泡沫：理论机制及其非对称效应刘晓星, 石广平1 8 1银行业竞争融资约束与企业创新来自银监会与企业专利申请数据的证据李子健, 李春涛1 8 2VPIN, volatility and the 2015 stock market crash in China Evidence from the SSE 50 index derivative marketsYuqin Huang, Xingguo Luo, Shihua Qin，Libin Tao1 8 3Baidu News InformationFlow and Return Volatility-Evidence for the SIAH沈德华, 李晓, 张维1 8 4官员晋升、人力资本错配与企业劳动投资效率孔东民, 项君怡, 刘莎莎1 8 5货币政策、银行所有制与影子银行王擎, 李川, 盛夏1 8 6契约条款与债券融资成本的相互选择史永东, 王彤彤, 田渊博1 8 7货币政策、同业业务与银行流动性创造郭晔, 程玉伟, 黄振1 8 8The Role of Analysts: AnExamination of the Idiosyncratic Volatility Anomaly in the Chinese Stock MarketMing Gu, George J. Jiang, and Bu Xu1 8 9Cross-Ownership in Inter-Corporate Loans in China戚树森。

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ExpressingPreferenceswithPrice-VectorAgentsinCombinatorialAuctions:ABriefSummary

RobertW.DayPhD:AppliedMathematics,UniversityofMaryland,CollegePark

1ProblemDiscussionandMotivationAcombinatorialauctionisoneinwhichpreferencesareexpressedforcombinationsorbundlesofitems,ratherthanjustforindividualitems.Theimportanceofcombinatorialauctionshasgrowntremendouslyinthepast15years,whichhaveseenanexplosionintheuseofauctionmechanismsinbothgovernmentallocationproblemsandbusiness-to-businesscommerce.Chapter2ofthedissertationoutlinesthemanyapplicationsofcombinatorialauctionresearch(asdoAnandalingametal.,2005),includingshipping-laneandprocurementauctionsintheprivatesector,aswellasauctionsforspectrumlicensesbytheFCCandairportlandingslotsbytheFAAinthepublicsector.Ineachoftheseenvironments,theexpressionofaggregateinformationallowsthebidderstorealizesynergies(e.g.,economies-of-scaleorowningcomplementaryitems)whiletheauctionmechanismstimulatescompetition,aidingthesellerofitemswithmorecompetitiveprices.Thereare,however,twomajorcomputationaldiﬃcultieslimitingtheimplementationofthecombinatorialauctionparadigm:(1)theunderlyingproblemofﬁndinganeﬃcientallocation(calledthewinner-determinationproblem)isNP-hard,and(2)theamountofinformationnecessarytodescribeabidder’spreferencesforallbundlesgrowsexponentiallyinthenumberofitems.Foreachofthereal-worldenvironmentsforwhichcombinatorialauctionshavebeenused(orarebeingheavilyconsideredforuse,asintheairportlanding-slotcase)thenumberofitemsbeingauctionedislargeenoughforproblem(2)tohavealimitingeﬀect.Theexponentialgrowthofbundlesmakesitdiﬃcultforbidderstoexpresspreferencesforeverybundlethatmaybeofinterest.Clearly,a“biddinglanguage”isnecessarytoeasetheburdenofpreferenceexpression,helpingbiddersbyplacingbidsonmanybundlessimultaneously.Thedevelopmentofaneasiertouselanguageofpreferenceexpressioncanincreasetheeﬃciencyoftheauction,bothbyachievingbetteroutcomes,andbyreducingthetimespentbythebidderscommunicatingtheirpreferences.Thedevelopmentofabiddinglanguagetoaidthebidderwithproblem(2)shouldbecoupledwiththedevelopmentofapracticallyimplementablesolutiontechnique,simultaneouslyaddressingtheauctioneer’sdiﬃculty,(1)above.ViablesolutionstothisprobleminvolvebothrestrictedversionsoftheNP-hardwinner-determinationproblemthatremainNP-hardbutaresmallerinscale,andrestrictedversionsthatarepolynomiallysolvable,butthenaremore

1restrictiveinthetypesofpreferencesthatcanbeexpressed.(Newexamplesofeachofthesetechniquesareprovidedinthisdissertation.)Inadditiontothebiddinglanguageproblem,thereisnotyetaconsensusastothebestmethodforsettingpricesgiventhebidsthataresubmittedinacombinatorialauction.Usingsomeformof“sensiblepricing,”withpaymentslessthantheactualamountbidbutlargeenoughto“beatout”competitors,promisestoencouragebiddingwithpotentialbeneﬁtstoboththebuyer(whocanbidmoreaggressivelywithlessrisk)andtheseller(whodoesbestwhentheitemsgotothosewhovaluethemthemost,seeAusubelandCramton,1999).Currently,theconceptof“bidder-Pareto-optimal”pricingwithin“thecore”oﬀersthebestcandidatefor“sensibleprices,”butthesearediﬃculttocompute.Thisdissertationpresentsamajorimprovementonthecomputationofsuchprices.

2ContributionoftheDissertationInthisdissertationweinvestigatetheproblemofcompactpreferenceexpressioninacombinatorialauction.Focusingonproblem(2)above,weintroducetwonewformatsforwritingdownpreferences,bothofwhicharecompact(growingquadraticallyinthenumberofitems)andprovidetheopportunityforapositiveincrementaloﬀer(i.e.,theformatgivesthebiddertheopportunitytooﬀermoremoneyforabundlewheneveranewitemisadded,regardlessofwhichbundle.)Theprimaryquestionaddressedinthisdissertationis:howcansimplecompactrepresentationsofpreference(price-vectors)becombinedtoformmoreelaboratestatementsofpreference?Thisquestionfollowssomewhatnaturallyfromtheeconomicliteratureonunit-demandbidders,whichiswellstudied.Indeed,ourownTheorems3.1and3.5generalizetheresultsofDemangeetal.(1986),establishingthegrosssubstitutespropertyanddemonstratinghowtocomputeminimalWalrasianequilibria,fromthecaseofunit-demandbidderstothecaseinwhicheachbidderisrepresentedbymultipleunit-demandagents.Theﬁrstnoteworthymethodologicalcontributionofthisdissertationisthereforeanextensionofexistingeconomictheorytoincludeamorerichenvironmentofpreferenceexpressionforuseinacombinatorialauction.Thisdevelopmentleadsnaturallytotheﬁrstofournewbiddingformats,calledbidtables,whichhasapolyno-miallysolvablewinner-determinationproblem,thusovercomingproblem(1)above.Withthispolynomialsolvabilitytheformatisnecessarilyrestrictive,however,notallowingforawiderangeofpreferenceexpression.Forsomeapplications,though,thisrestrictedformofpreferenceexpressionisappropriateifusedasaninitialrevelationmech-anismforindividualitemprices.Wethereforeincorporatebidtablesintoathree-stagehybridauction,improvinguponexistinghybridtechniqueswithbetterindividualitemprices,revelationofbundlesynergyinformation,andminimizationoftheinformationavailableforcertainformsofstrategicmanipulation.Oursecondmethodologicalcontributionisarecognitionofthelimitationsofbidtablesandtheintroductionofa