Securable competitive advantages have important effects on the firm's investment decision under uncertainty and competitive environment.The duopoly options game model under different competition advantage is built and numerically analyzed through the market share factor.Leader has incentive to enter the market at advance owe to its competitive advantage.Follower does not fear the Preemption's menace owe to it competitive advantage.At last the realistic implications such as firm's strategy choice and industry entry barrier etc are discussed.

With foreign exchange liberalization process accelerating and desire for hedging foreign exchange risk,opening up of non-deliverable forward(NDF),which is the result of stringent regulation,is an inevitable choice.Opening up of NDF market had little influence on volatility of currency market and economic development,but tightened the relationship between NDF and onshore market,and increased speculation which harmed efficiency of macro controlling measures.Emerging markets took measures to regulate the NDF market and introduced the foreign currency futures.Their experience is valuable to RMB NDF's opening up.

In this paper, we discuss how a risk-averse individual under an intertemporal equilibrium chooses his/her optimal insurance strategy to maximize his/her expected utility of terminal wealth. It is shown that the individual’s optimal insurance strategy actually is equivalent to buying a put option, which is written on his/her holding asset with a proper strike price. Since the cost of avoiding risk can be seen as a risk measure, the put option premium can be considered as a reasonable risk measure. Jarrow [Jarrow, R., 2002. Put option premiums and coherent risk measures. Math. Finance 12, 135–142] drew this conclusion with an axiomatic approach, and we verify it by solving the individual’s optimal insurance problem.

This paper analyzes how the competition and uncertainty influence the project investment value and entry threshold.The investment environment is divided into four types according to the high and low degree of competition and uncertainty.Four analysis methods are given to match the four types of environment,i.e.options game,real options,game and net present value methods.

Implementation of social medical insurance can reduce the risk that economic agent faces,and has effects on the household choice about consuming and savings/investment,and produce “crowd out” effect on household saving.The two-period model is built and simulated to analyses the “crowd out” effect.From macro effect's prospective,comprehensive implement ation of social medical plan can reduce the anxiety about present high savings.In the meantime substituting institutional arrangement to avoid risk for self-finance way of precautionary savings can improve the whole social welfare.At last advice about reform on Chinese social medical insurance institution is put forth.

Freight derivatives are a risk aversion instrument not adequately known and participated by Chinese enterprises in shipping industry. This market has seen rapid growth since 2004 as a result of the huge volatility of shipping freight. Meanwhile, the change in market participant base and competition among the exchanges are important factors to attend to. The review of freight derivative market development relating to its positive and negative experience might prove instrumental for improving risk management and facilitating product innovation in this area.

The interaction between onshore and offshore market become stronger after foreign exchange reform, so the offshore market influence on onshore market must been paid attention.The empirical ccausality tests be- tween Non-deliverable Forward(NDF)and spot rate are done.Onshore foreign exchange market takes on lo- cal information advantage after reform from the granger cause from spot rate to one month and one year NDF. One month NDF granger cause spot rate and one year NDF does not granger cause spot rate,which show partic- ipants in one month NDF mostly are hedger and participants in one year NDF mostly are speculator.

Assuming that production price(stochastic demand) follows geometric Brown motion with jumps,uncertainty features coming from sudden events and future market in the research and development projects can be simulated.Previous duopoly option game models in which the stochastic demand follows geometric Brown motion to simulate market uncertainties are extended.In the same time,real option approach under geometric Brown motion with jumps merges with the competition strategic interaction.And sensitivity analyses show that different uncertainties effect on research and development projects option value and the participants' entry threshold.The more is uncertainty,the more is participants' threshold.Sudden events occurring can reduce the project option value.If market uncertainty is lager,the follower's option value will increase,but the leader's value does not always increase.

A dynamic game model with incomplete information on owner and contractor is established.The reputation incentive effected on contractor's guarantee for the engineering quality is analyzed.It is produced that the reputation system can effectively prevent from the emergence of engineering quality accidents.

Engineering quality supervision is analyzed by using the game theory.Based on different hypothesis models of one-stage game and multistage games are established.And the equilibrium strategy is produced.Some key factors' impacting on the two parties including the mulct coefficient that supervision company punishes contractor,supervision cost and cheat amount are also discussed.Suggestions to reduce engineering quality accidents are made.