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The purpose of this research is to
investigate the dynamic changes in the competition between air carriers by
applying a revised conduct parameter method. We examine the cases of
Southwest Airlines and America West Airlines due to the availability of data. Our
interests are in what fashion a low-cost carrier entered the market, how the
rival reacted, and whether the fashions of competition between two types of air
carrier remained stable as time passed. Our empirical results show that the
fashions of competition fell between Cournot and “P = MC”
competition, and competitive fashions were sometimes stable but sometimes not.
The contact fatigue life of machine elements is affected by pitting, wear and so on, under heavier loading conditions. Increasing the fatigue life requires mainly the improvements of lubricating condition, operating condition and materials. In order to improve the lubricating condition, it is necessary to investigate the relation of the microscopic surface texturing and the contact modes of machine elements. In this paper, thus, the pressure and oil film thickness of the contact between sphere and the plate with 5 kinds surface texturing were calculated using a commercial software based on Reynolds equation. There was sufficient evidence to suggest that the dimple shape was the optimum texturing to increase the lubricating condition.
In this paper, we mainly discuss an empirical study of option prices under the hybrid Brownian motion model developed by . In a specific case of parameters, we have a simple transition probability density function that has a fattailed feature as time passes. We show some empirical evidences that the feature of the model reflects the real market price movements in Japanese stock market. Furthermore, we make a performance comparison between the hybrid model and the BS model using Nikkei 225 call options. In general our results show that the hybrid model is slightly better than the BS model.
This paper considers an optimal life insurance for a household subject to mortality risk. The household receives wage income continuously, which could be terminated by unexpected premature loss of earning power. In order to hedge the risk of losing income stream, the household enters a life insurance contract. The household may also invest their wealth into a financial market. Therefore, the problem is to determine an optimal insurance/investment/consumption strategy. To reflect a real-life situation better, we consider an incomplete market where the household cannot trade insurance contracts continuously. We provide explicit solutions in a fairly general setup.