Optimal multi-asset investment with no-shorting constraint under mean-variance criterion for an insurer

This paper considers the optimal investment strategy for an insurer under the criterion of mean-variance. The risk process is a compound Poisson process and the insurer can invest in a risk-free asset and multiple risky assets. This paper obtains the optimal investment policy using the stochastic linear quadratic (LQ) control theory with no-shorting constraint. Then the efficient strategy (optimal investment strategy) and efficient frontier are derived explicitly by a verification theorem with the viscosity solution of Hamilton-Jacobi-Bellman (HJB) equation.     

Human Development in Saudi Education: a Critical Systemic Approach

This paper is drawn from PhD research funded by the Saudi government on the policy and governance of Saudi schools (Algraini 2017. A critical systemic approach to human development in education: a case study of the Ministry of Education in Saudi Arabia). The aim of this article is to address human development challenges using the Critical Systems Heuristics approach. The results show that the central policy framework limits the opportunity for teachers and learners to contribute to shaping the curriculum and the process for human development. The Saudi Ministry of Education needs to: a) develop policy that takes into account the structure and the processes that shape education outcomes and b) to represent the voices of service users and service providers who have different and overlapping views.     

Community Work Research through Co-Operative Inquiry in Timor-Leste,Australia and Peru: Insights into Process

Co-operative inquiry is an under-explored method in community-based research. Its democratic approach involves a group of “co-researchers” collaboratively inquiring into a mutually-agreed research topic through systematic cycles of reflection and action. This article shares the process, outcomes, and methodological reflections of three co-operative inquiries that were conducted as part of an international study regarding love in community work. Groups of up to 10 community workers in rural villages in Timor-Leste, Australia, and Peru engaged in co-operative inquiry to collaboratively develop new knowledge to inform practice. The article analyses data regarding co-inquirer experiences of the methodology, and identifies the strengths and challenges of the co-operative inquiry method to support the collective generation of new knowledge. The article concludes that co-operative inquiry involves shared power, participation, action, and contextual reflexivity, and is a useful method for community workers to collaboratively develop innovative approaches to community work practice through cycles of reflection and action.     

Systemic Thinking and Practice Toward Facilitating Inclusive Education: Reflections on a Case of Co-Generated Knowledge and Action in South Africa

This article offers our reflections around a case of facilitating systemic thinking and practice in which the first author of the article (Tlale) interacted with research participants/participant researchers with the intention of strengthening systemic thought and action toward fostering inclusive education in the setting (a rural school in the Eastern Cape in South Africa). We reflect upon the process and also how our engagement was perceived by participants, as expressed in feedback received from them. We point to how Tlale introduced the idea of systemic thinking (to teachers, school management team, school governing body, and a district officer for the district) as tied to the possibility of acting to generate transformation toward a more inclusive educational context for the benefit of the learners at the school in question, thus acting as a systemic mediator on their behalf.     

Optimal maintenance and replacement of extraction machinery

This paper considers a problem of optimal preventive maintenance and replacement schedule of equipment devoted to extracting resources from known deposits. Typical examples are oil drills, mine shovels, etc. At most one replacement of the existing machinery by a new one is allowed. The problem is formulated as an optimal control problem subject to the state constraint that the remaining deposit at any given time is nonnegative. We show that the optimal preventive maintenance, production rates, and the replacement and salvage times of the existing machinery and the new one, if required, can be obtained by solving sequentially a series of free-end-point optimal control problems. Moreover, an algorithm based on this result is developed and used to solve two illustrative examples.     

PDE-Based Medial Axis Extraction and Shape Manipulation of Arbitrary Meshes

Shape skeletonization （i.e., medial axis extraction） is powerful in many visual computing applications, such as pattern recognition, object segmentation, registration, and animation. In this paper, the authors expand the use of diffusion equations combined with distance field information to approximate medial axes of arbitrary 3D differential properties. It offers an alternative solids represented by polygonal meshes based on their but natural way for medial axis extraction for commonly used 3D polygonal models. By solving the PDE along time axis, this system can not only quickly extract diffusion-based medial axes of input meshes, but also allow users to visualize the extraction process at each time step. In addition, the proposed model provides users a set of manipulation toolkits to sculpt extracted medial axes, then use diffusion-based techniques to recover corresponding deformed shapes according to the original input datasets. This skeleton-based shape manipulation offers a fast and easy way for animation and deformation of complicated mesh objects.     

Hopf bifurcation and chaos of financial system on condition of specific combination of parameters*

Exponential stability of the first order singular distributed parameter systems is discussed in the light of degenerate semi-group methods, which is described by the abstract developing equation in Hilbert space. The necessary and sufficient conditions concerning the exponential stability of the first order singular distributed parameter systems are given.     

ACCURACY ANALYSIS FOR QUASI-CAREY ELEMENT*

In this paper, a new triangular element （Quasi-Carey element） is constructed by the idea of Specht element. It is shown that this Quasi-Carey element possesses a very special property, i.e., the consistency error is of order O（h^2）, one order higher than its interpolation error when the exact solution belongs to H^3（Ω）. However, the interpolation error and consistency error of Carey element are of order O（h）. It seems that the above special property has never been seen for other triangular elements for the second order problems.     

Tax Evasion: Models with Self-Audit

Different from traditional tax audit, supervision with self-audit is a combination of audit by the taxpayer himself and audit by the tax authority. This paper mainly studies a taxpayer＇s optimal policy of tax evasion under supervision with self-audit and its related properties, in order to deduce some effective suggestions and theoretical bases to restrain tax evasion. Assuming that only a certain proportion of evaded tax can be discovered when the audit is executed, the authors first formulate a static model with self-audit. This model is divided into two stages. At the first stage, taxpayers declare their taxes, then the tax authority chooses audit objects, based on a known probability, and announces the result; if the taxpayer is chosen, he will enter the second stage, during which he has a chance to pay the evaded tax and the corresponding late fees and then is audited by the tax authority. The authors show the existence and uniqueness of the optimal amount of tax evasion at the first stage and the optimal proportion to self-expose at the second stage. The authors also discuss the related properties of the interior solution, and do elasticity analyses on some parameters. Besides, the authors extend the static model into the corresponding two-period model, and study the existence and uniqueness of the solution of the extended model. Finally, under the assumption that tax evasion can only be discovered with a certain probability when the audit is executed, the authors formulate another static model with self-audit and investigate its properties.     

Systemic Intervention in a University Department: Reflections on Arrested Action Research

This paper reflects on my experience as an insider researcher attempting to use critical systems ideas and practices to promote quality improvement in a university engineering department. Reflection is a key part of learning. This paper is intended to contribute to critically, self-reflective learning for the community of systems practitioners. These reflections on my questions about participation, ethics, politics of process, and the choices and actions resulting from them may help others to formulate their own. The complexity of systems practice places substantial demands on the researcher, particularly in the case of insider, practitioner research. Nevertheless, the exploration of critical systems approaches to critique boundaries and structure ‘problems’ in the core aspects of higher education in locally meaningful ways should continue. While demanding, it still can work to promote learning about authentic quality.