銀行承載許多公司借款、各式擔保貸款及各式信用貸款等，使金融機構面臨龐大各式信用風險問題。在新版巴塞爾資本協定針對信用風險之計算方法做了重大修正，其中信用衍生性商品已具有信用風險抵減之功能。故本研究將針對一籃子信用標的針對信用結構式商品中具有量身訂作的單一分券信用違約交換與單一分券擔保債權憑進行更深入之研究並使用加入Vasicek Model特例Ornstein-Uhlenbeck process表示違約強度之隨機動態過程利用類似風險性債券之概念求得出封閉解以替代存活函數，來為簡化起見在無風險利率假設為一固定常數使用Copula方法評價單一分券信用違約交換與單一分券擔保債權憑。 　　在數值模擬部分，本篇利用實際市場資料建構出一合成單一分券擔保債權憑證產品，先針對違約動態模型與Copula函數之相關參數以實際市場資料做計與校正，再以評價公式以計算出合理信用價差，其結果可知當Copula函數越能描繪具有信用違約相關之信用違約事件，則當發生信用標的資產先後違約聚集情形會越高，以本研究實際產品資料特性而言Clayton Copula最能表現出違維聚集之情形，但在反應在第一次發生違約的權益分券上反而沒有其他兩種Copula函數用蒙地卡羅法所模擬出之違約次數高反而更低，做所求出來的信用價差也相對來的低，反而在反應違約聚集部分的先償違約交換具有較高信用價差。而在VaR值之衡量上可能因信用標的資產比較少，並沒有明顯之差異。

在未來的無線點對點環境中，由於資訊將被賦予金錢上的價值，故核心議題將不在於如何解決資訊便車者問題，而是必須針對有價資訊制定一有效的定價模式以促進個體提供差異化服務的意願。本研究所提出之情境式小額定價模式，以價值導向定價為基礎，除了針對個體本身資源限制考量而設計之外，更考量服務本身之特性(如無形性、不可分割性、異質性與易逝性)，因此可有效地針對個體目前所處的情境需求以協助服務買方與賣方分別制定服務價格策略與價格談判策略，讓買賣雙方可快速地達成協議。 本研究期望藉由情境式定價與談判機制的提出，能對WP2P 的無線應用服 務發展有所貢獻，並期望讓使用者在動態且即時的環境下，能有效地促進資訊分享的意願與流通，進而能恣意地享受行動服務所帶來的全新生活體驗。 / In the foreseeable Wireless Peer-to-Peer (WP2P) environments (in which information traded is associated with monetary value), one of the key issues in WP2P will focus on how to build efficient pricing strategies to facilitate the peers’ willingness of offering differentiated services (rather than the status–quo of merely resolving the free rider problems). Accordingly, this paper presents a contextualized micro pricing strategy for e-services operating in distributed WP2P environments. The pricing strategy grounding in the concept of value-based pricing not only takes mobile device restrictions and attributes of the surrounding context (ex. time, location) into account, but also regards the unique features of services (intangibility, inseparability, heterogeneity, perishability) to assist service buyers and sellers to rapidly come to a deal with each other in terms of a lightweight pricing/bargaining process. The contribution of the proposed contextualized micro pricing strategy is to improve peers’ willingness of furnishing differentiated services and to enhance the distribution of the service resources amid the WP2P environments.

本文於確定提撥退休金制度下，探討基金經理人如何決定最適資產策略規避薪資所得及通貨膨脹之不確定風險，求得期末財富效用期望值極大化。本研究首先擴展Battocchio與Menoncin (2004)所建構之資產模型，我們不僅探討來自市場之風險，同時考量薪資所得、通貨膨脹與費用率之不確定性，研究其對最適資產配置行為的影響，建構隨機控制模型，以動態規劃方法求解Hamiltonian方程式，研究結果顯示，我們可利用五項共同基金分離定理來描述投資人之最適投資決策：短期市場基金、狀態變數避險基金、薪資所得避險基金、通貨膨脹避險基金與現金部位。數值結果顯示，股票持有部位中通貨膨脹避險基金佔有最大的成份，債券持有部位中通貨膨脹避險基金與狀態變數避險基金佔有最大的成份。 關鍵字：確定提撥、薪資的不確定性、通貨膨脹、隨機控制、動態規劃 / In this study, we investigate the portfolio selection problem in order to hedge the labor income and inflation uncertainties for defined contribution (DC) pension schemes. First, we extend the previous work of Battocchio and Menoncin (2004) that allowed the state variables (i.e., the risks from the financial market) and a set of stochastic processes to describe the inflation, labor income and expense uncertainties. A five-fund separation theorem is derived to characterize the optimal investment strategy for DC pension plans to hedge the labor income and the inflation risks. Second, by solving the Hamiltonian equation in the three-asset framework, we show that the optimal portfolio consists of five components: the myopic market portfolio, the hedge portfolio for the state variables, the hedge portfolio for the inflation risk, the hedge portfolio for the labor income uncertainty and the riskless asset. Then we explicitly solve the optimal portfolio problem. Finally, the numerical results indicate that the inflation hedge portfolio comprises the overwhelming proportion of stock holdings in the optimal portfolios. In addition, the inflation hedge portfolio and the state variable hedge portfolio constitute the overwhelming proportions of bond holdings. Keywords: defined contribution; salary uncertainty; inflation; stochastic control; dynamic programming.

開放經濟中，匯率可以透過競爭效果及進口型的通貨膨脹抬升價格，或藉由資產負債效果造成通貨緊縮。本文依循 Carranza et al. (2009) 的實證模型，控制美元化程度的影響，並使用Lin (2010) 的動態分量迴歸方法，針對1974Q1-2010Q4期間80個國家，檢驗不同通貨膨脹水準下的匯率轉嫁效果。總體而言，通膨愈高的時候，匯率貶值的擴張效果愈強；但當通膨降低，其強度也隨之減弱。此結果在考慮其他解釋變數或不同貶值情形後仍維持穩健。而當進一步檢視不同國家或期間的匯率轉嫁效果，匯率對通貨膨脹的正向效果，在中低所得國家中普遍較強，但在1995年後減弱，甚至轉為負向。Taylor（2000）的假說，得以在本文大部分的實證結果中證實。 / In an open economy, exchange rate could either increase prices by competitiveness effect and imported inflation, or be disinflationary through the balance-sheet effect. Controlling for the impact induced by the degree of dollarization, I follow the empirical model of Carranza et al. (2009) with a wide panel of 80 countries over 1974Q1-2010Q4. The exchange rate pass-through is investigated at various inflation levels in a dynamic panel quantile analysis suggested by Lin (2010). In general, exchange rate depreciation is more inflationary the higher inflation levels, but the magnitude of pass-through is reduced as inflation become lower. Also, the results are robust with respect to add other explanatory variables or take the depreciation cases into account. Furthermore, to investigate the pass-through across countries or periods, the positive impact of exchange rate on inflation is greater in middle- and low-income countries, but declines and even becomes negative after 1995. The hypothesis in Taylor (2000) is thus confirmed in most part of our empirical results.

在此網路普及、電子商務發展、全球化經營等趨勢下，倉儲管理要面對的是更有效與精確的處理以及儲存更多的品項，以較低的成本並滿足多樣的顧客需求；為維持企業競爭力，倉儲技術已經成為企業營運在產業競爭中的關鍵議題。 本研究是一個探索性的個案研究，研究對象為PCHome24小時購物事業部，分析基本架構為Chen(1996)所提出的動態競爭理論架構。依據PCHome論述有關倉儲管理的創新技術，透過專利資料分析，先以宏觀的角度來探討類似之倉儲管理技術樣貌，再以微觀的層面，探討其他擁有關聯性技術資源的廠商和PCHome 24小時購物之競爭關係以及策略。 研究結果顯示，擁有與PCHome 24小時購物創新倉儲管理類似技術的專利權人，其所屬於產業有與PCHome 24小時購物相同的電子商務，其他還有製造、健康照護、軟體資訊以及供應鍵自動化系統顧問服務業等，呈現多廣泛多元。依據Chen(1996)的動態競爭理論架構分析發現，擁有與PCHome所論述之創新倉儲管理技術概念類似技術專利的廠商，在不同的產業，依不同的市場共同性與專利技術資源相似程度，產生不同的市場策略與技術專利策略。其中包含PCHome面對相同市場時的優先專利佈局以防堵競爭對手進入策略，或透過專利訴訟發動攻擊性行動；面對已被專利的技術特徵時做回避以及差異化專利佈局以保護市場的防禦性行動；透過不同市場的相關專利技術做交叉授權或直接併購/取得技術專利授權，以強化自身專利技術來確保市場競爭力；以及最後，將其倉儲創新技術專利化商品化來開拓新市場，以及透過專利授權來賺取授權金以增加營收等策略。 / Basing on the popularity of internet, development of e-commerce, and business globalization, enterprises need more efficient and accurate warehouse management technology to meet diverse customer needs. In order to maintain the competitiveness of enterprises, innovative technology has become a key issue of the enterprises operating in industrial competition. This study is an exploratory case study and we select PCHome 24-hour Shopping as the subject. The foundation of this study is basing on the theoretical framework of dynamic competitive proposed by Chen (1996). According to the PCHome discourse on the warehouse management of innovative technologies, we started with the macro perspective to explore the similar appearance of the technologies basing on patent analysis; and then, to the micro level, we investigate the other enterprises which have similar technical resources and discuss their competitive relationship and business strategy of PChome. The results show that, the patentees which have similar technologies patents belong to diverse industries including e-commerce, manufacturing, health care, software information technology and supply chain automation systems consultancy services. Basing on the dynamic competitive framework, PCHome would produce different market strategy and patent strategy to the patentees depending on the market commonality and patented technology resources similarity. These competitive strategies include launching offensive action through patent litigation or attempt to prevent the entry strategies of competitors. Facing to the patentee who has patented similar technology, PCHome should avoid patented technical features and differentiate patent portfolio to protect the market. Further, through cross-licensing patented technology or directly to M & A / access to relate technology patents could strengthens the innovative technology to ensure market competitiveness. And finally, patenting or commercializing the innovative technologies could develop new markets, as well as through patents to earn licensing fees to increase revenues.

如何從大量的資料中擷取隱匿或不容易直接觀察的資訊，是重要的議題，社會網路提供了一個適當的系統描述模型與內部檢視分析的方法，過去社會網路分析多著重於靜態的分析，無法解釋發生在網路上的動態行為；我們的研究目的是從動態社會網路分析的角度，觀察政治權力的變化，將資料依時間切分成多個資料集，在各個資料集中，利用官員共同異動職務及共事資料建構網路，並使用EdgeBetweenness分群方法將網路做分群，以找出潛在的政治群組，接著再採用事件導向的方法(Event-based Framework)，比較連續兩個時間區間的網路分群結果，以觀察政治群體的動態發展，找出政治群組事件，並將其匯集成政治群組指標，以用來衡量政治群組的變動性及穩定性。我們提供了一個觀察政治權力變化的模型，透過網路建立、網路分群到觀察網路動態行為，找到不容易直接取得的資訊，我們也以此觀察模型解決以下問題：(1)觀察部門之接班梯隊之變化，(2)觀察特定核心人物之核心成員組成模式，(3)部門專業才能單一性或多元性之觀察。實驗結果顯示，利用政治群組事件設計的政治群組指標，可實際反應政府部門選用人才的傾向為內部調任或外部選用。 / Extracting implicit information from a considerable amount of data is an important intelligent data processing task. Social network analysis is appropriate for this purpose due to its emphasis on the relationship between nodes and the structure of networked interactions. Most research in the past has focused on a static point of view. It can't account for whatever action is taking place in the network. Our research objective is to observe the evolution of political power by dynamic social network analysis. We begin by creating static graphs at different time according to the synchronous job change between the government officials or the relationship between the government officials whom work in the same government agency. We obtain political communities from each of these snapshot graphs using edge betweenness clustering method. Next we define a set of evolutionary events of political communities using event-based framework. We compare two consecutive snapshots to capture the evolutionary events of political communities. We also develop two evolutionary political community metrics to measure the stability of political communities. We propose a model of observing the evolution of political power by three steps－network construction, community identification and community evolution tracking. The approach is shown to be effectual for the purposes of: (1) finding succession pool members in government agencies, (2) observing the inner circle of a leading political figure, (3) measuring the specialized degree of government agencies. Experiments also show that our community evolution metrics reflect the tendency of whether a government agency conducts internal succession or outside appointment.

在一兩開放體系為貨幣同盟與非貨幣同盟的情況下， 本文利用微分賽局理論來探討兩對稱國政府在財政政策上的策略搭配。 本研究分析並比較兩國在貨幣同盟國與非貨幣同盟國中採取合作的財政政策、非合作的財政政策與領導和跟隨者的財政政策等三種不同策略對兩國總體經濟之影響。 最後本文對本研究的模型作數值模擬並試圖利用其結果來闡明目前歐元區國家主權債務危機的可能解決之道。 / Considering both cases of monetary union and non-monetary union, this paper uses the differential game theory to explore the coordination of the fiscal policies between two governments. In both cases, each country can choose to cooperate in the fiscal policy, not to cooperate in the fiscal policy, or just to follow the policy of the other country. Diffrent stratigical decisions may cause different economic impacts. Finally, the paper also uses numerical method to simulate our model and provide some possible solutions to the current economic crisis of the Eurozone.

近來共享經濟商業模式崛起，對各國既有相關市場皆造成不少之衝擊，當中，優步公司用以計算車資之「訂價演算法」，於美國實務亦引起許多爭議。美國司法案例中其中一個重要爭議即為優步公司單方制定之「訂價演算法」與其採行之「高峰動態訂價法」究否構成價格聯合行為。於美國實務近來2起與價格聯合行為相關之案例，即包含Meyer v. Kalanick案與Chamber of Commerce & RASIER, LLC v. City of Seattle案（以下簡稱「City of Seattle案」）中，皆可見Uber企圖正當化其價格聯合行為，以免於競爭法審查下有違法之嫌。而美國對於價格聯合行為之規範，載明於休曼法第1條；依據休曼法第1條規定，若原告擬主張被告行為違反卡特爾行為，則應證明系爭卡特爾行為符合合意主體要件、具合意或共謀行為，與造成限制性之競爭效果等三項要件。由於上述二案皆仍於訴訟前階段，判決尚未出爐，因此，此議題值得吾等分析之。本文擬以美國實務判決為基準，彙整相關爭議，進而探討Uber所採訂價演算法是否構成價格聯合行為。 本文發現，雖然此等訂價演算法究否構成價格聯合行為尚未有定論，然由於訂價演算法中之高峰動態訂價法可提高駕駛於尖峰時段中提供載客服務之誘因，將有助於調節市場機制與促進競爭。此外，Uber亦可利用其訂價演算法與設置平台所奠立之優勢，使其得以潛在破壞市場秩序之形式，創造競爭優勢。據此，Uber除可克服既有行政管制下市場進入之劣勢外，亦得使相關市場交易效率大幅提升、市場更加競爭。因此，於探討Uber價格聯合行為合法與否時，亦應將此等因素納入考量。 / The rapid expansion of sharing economy enterprises around the world has led to many challenges. And among these enterprises, one of the most disruptive examples is Uber because of its algorithm. In the United States, the lawsuits regarding Uber's algorithm has also gained massive attention. One of the controversial issues of the complaints relies upon whether Uber's algorithm which set by Uber, and “surge pricing” model do constitute an illegal price-fixing in violation of Section 1 of the Sherman Act. In 2 recent high-profile cases, Meyer v. Kalanick & Chamber of Commerce & RASIER, LLC v. City of Seattle, Uber has tried to justify its price fixing to avoid antitrust scrutiny. There are three specific facts that the Plaintiff must prove to establish its antitrust claim in Section 1 of the Sherman Act: 2 or more entities entering into an agreement, conspiracy, and unreasonably restrains competition. Analysis regarding Uber's algorithm is significant because the trials are ongoing. Therefore, the thesis examines whether Uber's algorithm do constitute an illegal price-fixing in violation of Section 1 of the Sherman Act by exploring the potential problems with regard to the elements based on U.S. judicial decisions. The thesis believes that Uber's algorithm can enhance the efficiency of transaction and has pro-competitive effects, leading to the impact of Uber's surge pricing on providing the incentives for drivers during peak hours. Establishing platform and Uber's algorithm create Uber's strengths and advantages. By having disrupted the existing industry, Uber's algorithm serves pro-competitive purposes.

近年來社交媒體發展迅速，以Facebook為代表的社群網站已多次被證實在維繫線上與線下的人際互動上扮演舉足輕重的角色。而誕生至今近六年的時間，Instagram在各大社群數據排行中已擠進前五名。Instagram自身的社交與媒體屬性給用戶多樣的使用方式，使用者不僅可以透過Instagram進行人際互動累積社會資本，更能透過互動中獲得自身心理的幸福感。而近期Instagram新增的「限時動態」功能，更開創出一個新的社交模式，允許用戶更容易進行一對一的社交互動。 本研究將以Instagram限時動態功能為主要的研究對象，檢驗Instagram限時動態使用強度、黏結型與橋接型社會資本與幸福感之間的關係。透過482份Instagram用戶的網路問卷調查發現，Instagram限時動態使用強度能夠顯著預測黏結型與橋接型社會資本。此外，透過橋接型與黏結型社會資本的累積更能顯著預測幸福感。研究更發現，用戶更能透過黏結型社會資本的累積獲得更高的心理幸福感。本研究為Instagram研究開闢新的研究取徑，引介過往文獻將社會資本與幸福感等概念融合至Instagram。 / The rise of social media has changed the way people interact with each other. Literatures have examined social media such as how Facebook could help people maintain interpersonal interaction online and offline. And nearly six years after birth of Instagram, it has topped the first five rankings in major social media. Instagram's own social and media attributes give users a variety of ways in which users can not only accumulate social capital through social interaction via Instagram, but also gain their own psychological well-being through interaction. The new function on “Stories” let Instagram create a new social model that makes it easier for users to engage in one-on-one social interactions. In this study, we will use Stories of Instagram as the main research approach to examine the significance of usage intensity, bonding and bridging social capital, and well-being. Based on 482 internet questionnaire survey, this study finds that usage intensity indicates significance influence to bonding and bridging social capital. Bonding and bridging social capital indicate significance influence to well-being. The study also found that users are more likely to get a higher sense of psychological well-being through interaction with bonding social capital. This study opens up a new avenue for research on Instagram and quotes from past literatures such as Social Capital and Well-being integrating into Instagram.

增強式學習（Reinforcement Learning）透過與環境不斷的互動來學習，以達到極大化每一期報酬的總和的目標，廣泛被運用於多期的決策過程。基於這些特性，增強式學習可以應用於建立需不斷動態調整投資組合配置比例的動態資產配置策略。 本研究應用Deep Q-Learning演算法建立動態資產配置策略，研究如何在每期不同的環境狀態之下，找出最佳的配置權重。採用2007年7月2日至2017年6月30日的美國中大型股的股票ETF及投資等級的債券ETF建立投資組合，以其日報酬率資料進行訓練，並與買進持有策略及固定比例投資策略比較績效，檢視深度增強式學習在動態資產配置適用性。 / Reinforcement learning learns by interacting with the environment continuously, in order to achieve the target of maximizing the sum of each return. It has been used to solve multi-period decision making problem broadly. Because of these characteristics, reinforcement learning can be applied to build the strategies of dynamic asset allocation which keep reallocating the mix of portfolio consistently. In this study, we apply deep Q-Learning algorithm to build the strategies of dynamic asset allocation. Studying how to find the optimal weights in the different environment. We use Large-Cap, Mid-Cap ETFs and investment-grade bond ETFs in the U.S. to build up the portfolio. We train the model with the data of daily return, and then we measure its performance by comparing with buy-and-hold and constant-mix strategy to check the fitness of deep Q-Learning.