Problem Definition. Putting customer experience at the heart of service design has become a governing principle of today’s “experience economy.” Echoing this principle, our paper addresses a service designer’s problem of how to select and sequence activities in designing a service...

In the service industry, a service provider may sell a collection of service activities as a package, also known as a service bundle. Empirical studies indicate that the customer's ex-post perception of a service bundle depends on not only the utility of each activity but also the sequence of...

Cetyl trimethyl ammonium bromide (CTAB), as a promising sludge dewatering conditioner, its underlying dewatering mechanism has not been deeply understood so far. This study therefore aims to fully investigate how CTAB improves sludge dewaterability. Experimental results showed that capillary...

Abstract: Denote the loss return on the equity of a financial institution as X and that of the entire market as Y . For a given very small value of p 0, the marginal expected shortfall (MES) is defined as E(X | Y QY (1−p)), where QY (1−p) is the (1−p)-th quantile of the distribution of Y...

Abstract: We extend classical extreme value theory to non-identically distributed observations. When the distribution tails are proportional much of extreme value statistics remains valid. The proportionality function for the tails can be estimated nonparametrically along with the (common)...

Purpose: Putting forward policy proposes to improve the tax policy of the logistics industry. Design/methodology/approach: Based on Cobb-Douglas production function model, combined theoretical analysis, this paper puts forward Cobb-Douglas production function expansion model, and using the...

The payoffs of path-dependent options depend not only on the nal values, but also on the sample paths of the prices of the underlying assets. A rigorous modeling of the under-lying asset price processes which can appropriately describe the sample paths is therefore critical for pricing...

Since Black and Scholes (1973) and Merton (1974), structural models of credit risk have relied almost exclusively on diffusion processes to model the evolution of firm value. While a diffusion approach is convenient, in empirical application, it has produced very disappointing results. Jones,...

In markets with trading friction, the incorporation of information into market prices can be substantially delayed through a weakening of the arbitrage process. We re-examine the profitability of relative-strength, or momentum, trading strategies (buying past strong performers and selling past...