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This paper examines which basis functions are efficient to employ a combined method of Hull and White (1990) with the Monte Carlo simulation when we price a callable range note or a callable bond. We use the Huge and Rom-Poulsen (2007) method which has modified the least squared Monte Carlo simulation proposed by Longstaff and Schwartz (2001) to reduce the estimation errors of the continuation value or the underlying assets. To use Monte carlo Simulation for pricing the early exercise premium, it is essential to accurately estimate the continuation value, because the investors will choose the higher value between the exercise and the continuation value at the possible early exercise dates. The main purpose of this paper is to analyze the estimation errors originating from the choice of the basis functions for the underlying asset and the continuation value estimation.

We choose the callable bond and the callable range accrual note to show which basis functions are reliable to reduce the estimation errors. For this purpose, we replicate the callable range accrual note with a portfolio of a fixed rate bond and a delayed digital option. We use several basis functions such as a constant, the instantaneous interest rates, and the range in order to see which basis function is efficient for our purpose. We examine several combinations of the basis functions depending on which basis functions will be used for the underlying asset or the continuation value estimation. We show that the range which is an important determinant of the callable range accrual note is an effective basis function to accurately determine the underlying asset and the continuation value for the pricing of the callable range accrual note.

Though daycare centres are built to facilitate children's social and physical growth, divergent stakeholder perceptions yield conflicts while managing risks for each space due to the minimal guidelines in the Republic of Korea. Due to the unclearly defined knowledge and experience gap between representative stakeholders, teachers have difficulties in operating it with high satisfaction. This study therefore was conducted to systematically identify which parts of performance should be increased to preferentially increase end-user satisfaction in limited resources.

This research conducted quantitative analysis gradually. Importance–performance analysis (IPA) grasped the perceptions of construction practitioners and end-users after identifying space composition and representative risks of daycare centres. Based on the factors influencing perception differences, principal component analysis and structural equation modelling (SEM) were conducted to determine which space improves the performance preferentially to increase overall end-user satisfaction.

As the utilisation of indoor spaces increases after COVID-19, improvement of indoor spaces except for indoor playroom is necessary, especially, advancement of the quality of teachers' rooms.

Outputs by reflecting the end-user experiences support to understand which spaces are managed from the limited resources.

Theoretical framework for daycare centre was established in Korea where guidelines were insufficient, and differences in perception of each risk of stakeholders were identified. Moreover, gradual statistical analysis was set to construct end-user-focused centres by extracting where the performance of space should be improved in prior.

Adopting a self-congruence theory (SCT) and service dominant logic (SDL)-informed perspectives; we develop a model that investigates the interface between social media involvement (SMI), self-brand congruence (SBC), customer-brand engagement (CBE), brand co-creation behavior (BCB), brand interactivity and behavioral intentions (BIN) with luxury service hotel–brands.

We test a sample of hotel-customers to probe this matter using partial least squares structural equation modeling.

The results revealed that SBC and SMI positively impact CBE and BCB and behavioral intentions. The findings also exposed SMI’s and SBC’s indirect effect on customers' BCB and behavioral intentions, mediated through CBE. Finally, the results explored the moderating role of brand interactivity to enhance our model’s explanatory power.

We focus on SMI, CBE and BCB. This study contributes to the existing marketing and hospitality management research and spawns rich opportunities for further studies.

The study article assists marketers in comprehending the CBE-based antecedents and consequences and facilitates their increasing CBE, BCB and behavioral intentions.

While the growing insight into social media, customer engagement and co-creation within the service industries, little remains accredited concerning the link of these and related variables in the luxury hotel-brand context.

This study aims to provide a time- and price-sensitive market strategy for merchants to handle the markdown price strategy. The market demand for perishable products is usually price – and quality (freshness) – sensitive. The proper handling of markdown-price strategies can help merchants enhance competitiveness and maximize operational performance.

A markdown strategy consisting of price and markdown time was developed to explore the properties of market strategies based on the dynamic quality evaluation. The strategy considers multiple price discounts and multiple markdown times. The optimal price decisions in each stage and the optimal markdown times were derived during the selling season.

The results showed the following. A retailer always raises the initial price if it wants to adopt multiple price-markdown strategies. A high initial price may lead to a high inventory at the early stage and bring the next price reduction in advance. Large price discounts can be used to reduce the inventory later. The higher the previous price, the shorter the interval between the next price reduction. The markdown strategies showed that the regular discount as a new business model is not the best pricing model for perishable products. A time- and price-sensitive strategy, however, can increase operational performance and provide new insights for perishable products.

The results showed the following. A retailer always raises the initial price if it wants to adopt multiple price-markdown strategies. A high initial price may lead to a high inventory at the early stage and bring the next price reduction in advance. Large price discounts can be used to reduce the inventory later. The higher the previous price, the shorter the interval between the next price reduction. The markdown strategies showed that the regular discount as a new business model is not the best pricing model for perishable products. A time- and price-sensitive strategy, however, can increase operational performance and provide new insights for perishable products.

Compared with traditional methods relying on manual teaching or system modeling, data-driven learning methods, such as deep reinforcement learning and imitation learning, show more promising potential to cope with the challenges brought by increasingly complex tasks and environments, which have become the hot research topic in the field of robot skill learning. However, the contradiction between the difficulty of collecting robot–environment interaction data and the low data efficiency causes all these methods to face a serious data dilemma, which has become one of the key issues restricting their development. Therefore, this paper aims to comprehensively sort out and analyze the cause and solutions for the data dilemma in robot skill learning.

First, this review analyzes the causes of the data dilemma based on the classification and comparison of data-driven methods for robot skill learning; Then, the existing methods used to solve the data dilemma are introduced in detail. Finally, this review discusses the remaining open challenges and promising research topics for solving the data dilemma in the future.

This review shows that simulation–reality combination, state representation learning and knowledge sharing are crucial for overcoming the data dilemma of robot skill learning.

To the best of the authors’ knowledge, there are no surveys that systematically and comprehensively sort out and analyze the data dilemma in robot skill learning in the existing literature. It is hoped that this review can be helpful to better address the data dilemma in robot skill learning in the future.

The purpose of this research was to develop clothing-typed soft wearable robot embedded with textile-based actuators on ankles for elderly adults needing gait assistance.

Design guidelines were developed and they included function (type, targeting area, routing line and anchor points), design (size/fit, fabric/material, fastener, detail, color) and actuator (shape memory alloy type, size, deformation type, integration material, integration technique and evaluation method). Fabric-based actuator, integration methods to fabrics, routing lines and anchoring points were developed based on the guidelines and evaluated. Then, three long socks types and a pants type were designed and prototyped. Routing line position displacement measurement test was conducted with the prototypes. A survey was conducted to investigate satisfaction, likeness and use intention on the design/prototype to modify the designs.

Important design factors were identified, and design guidelines for clothing-typed soft wearable robots (SWRs) were developed. People satisfied the developed SWR designs and prototypes with mean scores over 4.60.

The results are expected to be helpful for designers and developers of SWRs in the development process, and they will ultimately be beneficial to members of the elderly population who have gait difficulties.

The contrast between Japanese purchasing practices and US traditional purchasing practices provides a good insight into the relative importance of JIT for US firms. Since the initial implementation of JIT purchasing in late 1980 by Kawasaki Motors (Lincoln plant), at least 50 companies in the US such as GM, Ford, Nissan, Hewlett‐Packard, Xerox, Goodyear, GE and other large US corporations, have adopted and implemented the concept. This has significantly altered not only the way these companies plan and control their production facilities and purchasing systems but has also led to improvements in their product quality and productivity.

Man has been seeking an ideal existence for a very long time. In this existence, justice, love, and peace are no longer words, but actual experiences. How ever, with the American preemptive invasion and occupation of Afghanistan and Iraq and the subsequent prisoner abuse, such an existence seems to be farther and farther away from reality. The purpose of this work is to stop this dangerous trend by promoting justice, love, and peace through a change of the paradigm that is inconsistent with justice, love, and peace. The strong paradigm that created the strong nation like the U.S. and the strong man like George W. Bush have been the culprit, rather than the contributor, of the above three universal ideals. Thus, rather than justice, love, and peace, the strong paradigm resulted in in justice, hatred, and violence. In order to remove these three and related evils, what the world needs in the beginning of the third millenium is the weak paradigm. Through the acceptance of the latter paradigm, the golden mean or middle paradigm can be formulated, which is a synergy of the weak and the strong paradigm. In order to understand properly the meaning of these paradigms, however, some digression appears necessary.

The major economies of East Asia, namely Japan and the Four Asian Tigers, have always prioritized the WTO-led multilateral trade liberalization over other trade arrangements primarily due to their unique economic structure with a high dependency on the world’s major markets such as the US. Along the same line, even the huge blow from the Asian Financial Crisis in 1997 only managed to trigger a few initiatives to aide East Asian regional integration while being led by different centering bodies, APEC and ASEAN. These dispersed efforts naturally resulted in no realistically significant achievements in the light of ‘integration’ until the present day. Under these circumstances, East Asia now faces a second opportunity to achieve its economic independence from the extra-regional influences via regionalization: the 2009 Global Credit Crunch. This paper hereupon critically reviews the actual progress and the likely impacts of the current global recession on the East Asian region.

The victim’s rights movement and restorative justice (RJ) have gained momentum around the world. More laws and policies have focused on crime victims and their families. Western literature suggests that the victim’s family suffers physical, emotional, and financial tolls and that the power of the victim’s family in pursuing justice for their loved ones remains limited. This is particularly concerning within the political and legal context of the abolitionist movement, innocence project, and human rights groups’ campaigns against police torture. Grounded in the perspectives of RJ and Chinese legal culture, this study examines the victim’s family, represented by Ding and senior Yu, of the Nian Bin capital murder case. Drawing on published reports and using the thematic content analysis method, this study examines the following aspects of victim’s family in a death penalty case: 1) victim family’s physical, emotional, and financial tolls; 2) victims’ family and the criminal justice system; 3) victims’ family and the media; and 4) the relationship between the victims’ and the accused’s families. This study concludes with discussions of the competing goals of families impacted by a crime and RJ practices that would help mitigate the loss of the victim’s family and enhance their confidence in the criminal justice system.