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The bilateral trade relationship between China and ASEAN has improved substantially in recent years. Considering China's fantastic economic growth and its increasing role in the world economy, ASEAN countries are more cautious about China's presence. In order to promote mutual understanding, to continuously search for new fields and ways for cooperation, and to find possible approaches to attaining a propitious outcome of the competition, and ways to ameliorate adverse effects of the rivalry

19 pages, 12 figures ; In this paper, we develop a deep neural network approach to solve a lifetime expected mortality-weighted utility-based model for optimal consumption in the decumulation phase of a defined contribution pension system. We formulate this problem as a multi-period finite-horizon stochastic control problem and train a deep neural network policy representing consumption decisions. The optimal consumption policy is determined by personal information about the retiree such as age, wealth, risk aversion and bequest motive, as well as a series of economic and financial variables including inflation rates and asset returns jointly simulated from a proposed seven-factor economic scenario generator calibrated from market data. We use the Australian pension system as an example, with consideration of the government-funded means-tested Age Pension and other practical aspects such as fund management fees. The key findings from our numerical tests are as follows. First, our deep neural network optimal consumption policy, which adapts to changes in market conditions, outperforms deterministic drawdown rules proposed in the literature. Moreover, the out-of-sample outperformance ratios increase as the number of training iterations increases, eventually reaching outperformance on all testing scenarios after less than 10 minutes of training. Second, a sensitivity analysis is performed to reveal how risk aversion and bequest motives change the consumption over a retiree's lifetime under this utility framework. Our results show that stronger risk aversion generates a flatter consumption pattern; however, there is not much difference in consumption with or without bequest until age 103. Third, we provide the optimal consumption rate with different starting wealth balances. We observe that optimal consumption rates are not proportional to initial wealth due to the Age Pension payment. Forth, with the same initial wealth balance and utility parameter settings, the optimal consumption level is different between males ...

Abstract
In this paper, a general framework is built up to model the dynamic of consumer health plan choice and individual health insurance market competition. A primary goal is to identify driving forces to individual health insurance equilibrium market coverage and premium. In the baseline model, we introduce plan quality information search cost as an additional determinant to consumer's plan choice. Health insurers compete under the Hotelling's game theory framework. Equilibrium solutions of the baseline model highlight the importance of budget limit and information search cost to health plan enrollment. The more important objective is to examine the impact of market entrants on equilibrium insurance market coverage and plan prices. In the model with market entry, we add an additional dimension to the baseline model. Equilibrium solutions and numerical studies show positive impact of higher insurance market coverage and lower health plan prices. The Affordable Care Act (ACA) brought multiple unprecedented changes to the health insurance market and provided opportunities to study market dynamics and driving forces. The ACA health insurance exchange market experience shows consistency with our model findings even at the early stage of implementation. More importantly, market observations suggest that entry barriers of claim costs and information search cost are high for entrants.

For many countries, irregular immigration usually engenders adverse public reaction and restrictionist policies. However, public attitudes often vary and looser policies have been adopted at certain times and for certain reasons. The purpose of this paper is to explore the phenomenon of undocumented, transnational marriages in the Sino-Vietnamese border areas of China, and to explain why many undocumented immigrants are treated leniently and/or have not been deported. Research reveals that this could be due to female immigrants considerably relieving the marriage market crisis along China's border. Thus, unauthorized border crossing continues despite prohibition and de facto marriage is prevalent and uncontrollable. China and Vietnam have yet to establish a bilateral cooperation to address the problematic aspects of this phenomenon.