We present a unified analytical theory of production and capital structure of firms. It is extended from an analytical theory of production, whose main result is an analytical formula of variable cost of production as a function of fixed cost and uncertainty. Problems on capital structure can be...

We study mechanism design in non-Bayesian settings of incomplete information, when the designer has no information about the players, and the players have arbitrary, heterogeneous, first-order, and possibilistic beliefs about their opponents' payoff types.

Tremendous effort has been spent on the construction of reliable efficient frontiers. However, mean-variance efficient portfolios constructed using sample means and covariance often perform poorly out of sample. We prove that, the capital market line is the efficient frontier for the risky...

Whereas the technical feasibility of solar water heaters (SWHs) has long been established, the economic feasibility of SWHs in regional China remains to be examined. This paper constructs cost models to calculate costs per unit energy saving of SWHs in 27 Chinese provincial capital cities. The...

This paper attempts to explore key determinants of competitiveness in the textile and apparel industries, with special reference to Chinese Mainland. The authors conduct a survey that is designed to use productivity, supply-side and demand-side determinants to measure enterprises'...

Purpose The purpose of this paper is to design a multi-sensory anthropomorphic prosthetic hand and a grasping controller that can detect the slip and automatically adjust the grasping force to prevent the slip. Design/methodology/approach To improve the dexterity, sensing, controllability and...