Based on a novel measure of volatility-asymmetries in asset returns, we provide economic insight into the asymmetry-risk as a critical factor for investment decision making. Our approach offers a distribution-free solution to determine the portfolio efficient-frontier under stochastic dominance....

We propose a Capital Asset Pricing Model where investors exhibit prospect preferences. In equilibrium, we find that agents seek an optimal trade-off between expected returns, variance, and skewness. All assets in the economy are then priced by a three-factor model, which augments the security...

A lottery is often used to allocate public rental apartments in practice. The existing random assignments in the literature do not apply to public rental apartments because practical constraints are more restrictive. We provide a lottery-TTC algorithm to find a lottery allocation that has two...

We develop a utility and asset pricing theory that features a novel measure of tail risk. Our model determines investor demand for both left and right-tail risk premia from an indifference curve incorporating tolerance for variance and tail risk. We show that the systematic tail risk factors...

This paper proposes a new metric to gauge investor sentiment using a relative valuation method. We combine investor behavioral finance traits and option-implied standard deviations under both the real-world probability (P) valued most in the view of uninformed investors and the risk-neutral...

This paper attempts to propose hybrid methodology of compiling water resource extended input-output (IO) table at county level (According to administrative structure of China, a county is subordinate to its province, and provincial level is parallel to state level of other countries). By...

Growing water scarcity is one of the central challenges for sustainability in China, given its burgeoning industry and huge population, especially in the arid and semi-arid inland river basin where precipitation is very limited. Industrial transformation is an important engine of economic...

Based on the computable general equilibrium (CGE) modelling method, this research analyzes the relationship between industrial structure and land use structure in China. The results show that our model is feasible, and the simulation results are of a certain stability. Under the scenario...

China has been stressing the needs of promoting regional sustainable development through industrial transformation. In the northwest region of China, which is faced with both urgent socioeconomic development and fragile ecological conditions, with water scarcity being one of the major...