Researchers pay only limited attention to the problem of drive force of radical innovation in institutional transitions, especially in China. Drawing on both institutional theory, managerial control theory, and innovation theory, this study examines the roles of external and internal drivers to...

The major developments in the study of institutional economics in recent years has greatly deepened people's understanding of institutional change and market evolution. Generally speaking, institutional change is headed in the general direction of the continuous reduction of market transaction...

This paper investigates the asymptotic behavior of tail probability of a randomly weighted sum of real-valued heavy-tailed dependent random variables; the weights form another sequence random variable. Under some other mild conditions, the asymptotic relations obtained are further applied to...

This article reports on the calibration and analysis of a fully disaggregate (agent-based) transport simulation for the metropolitan area of Zurich. The agent-based simulation goes beyond traditional transport models in that it equilibrates not only route choice but all-day travel behavior,...

Many butterfly wing scales (BWSs) possess novel periodic fine structures and can influence and manipulate the propagation of light in a certain wavelength range though an interaction similar to that occurring in photonic crystals. Such optical properties and their physical origin can be...

The conjunctive use of surface and subsurface water is one of the most effective ways to increase water supply reliability with minimal cost and environmental impact. This study presents a novel stepwise optimization model for optimizing the conjunctive use of surface and subsurface water...

This paper attempts to estimate the impact of population ageing on house prices. There is considerable debate about whether population ageing puts downwards or upwards pressure on house prices. The empirical approach differs from earlier studies of this relationship, which are mainly regression...

In this paper, using path integral techniques, we derive a formula for a propagator arising in the study of occupation time derivatives. Using this result we derive a fair price for the case of the cumulative Parisian option. After confirming the validity of the derived result using Monte Carlo...