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The authors consider the mutual benefits of the ceding company and reinsurance company in the design of reinsurance contracts. Two objective functions to maximize social expected utilities are established, which are to maximize the sum of the expected utilities of both the ceding company and reinsurance company, and to maximize their products. The first objective function, additive, emphasizes the total gains of both parties, while the second, multiplicative, accounts for the degree of substitution of gains of one party through the loss of the other party. The optimal price and retention of reinsurance are found by a grid search method, and numerical analysis is conducted. The results indicate that the optimal solutions for two objective functions are quite different. However, optimal solutions are sensitive to the change of the means and volatilities of the claim loss for both objective functions. The results are potentially valuable to insurance regulators and government entities acting as reinsurers of last resort.

In this paper, the authors apply relatively simple, but in the view significant, methods and models to discuss the optimization of excess loss reinsurance strategy. The authors only consider the influence of loss distribution on optimal retention and reinsurance price but neglect the investment factor. The authors also consider the benefits of both ceding company and reinsurance company to determine optimal premium and retention of reinsurance jointly based on maximizing social utility: the sum (or the product) of expected utilities of reinsurance company and ceding company. The authors solve for optimal solutions numerically, applying simulation.

This paper establishes two optimization models of excess-of-loss reinsurance contract against catastrophic losses to determine optimal premium and retention. One model considers the sum of the expected utilities of a ceding company and a reinsurance company's expected utility; another considers the product of them. With an example, the authors find the optimal solutions of premium and retention of excess loss reinsurance. Finally, the authors carry out the sensitivity analysis. The results show that increasing the means and the volatilities of claim loss will increase the optimal retention and premium. For objective function I, increasing the coefficients of risk aversion of or reducing the coefficients of risk aversion of will make the optimal retention reduced but the optimal premium increased, and vice versa. However, for objective function 2, the change of coefficient of risk aversion has no effect on optimal solutions.

Utility of the two partners: The ceding company and the reinsurance company, may have different weights and different significance. The authors have not studied their relative significance. The simulation approach in numerical methods limits us to the probability distributions and stochastic processes the authors use, based on, generally speaking, lognormal models of rates of return. This may need to be generalized to other returns, including possible models of shocks through jump processes.

In the recent two decades, reinsurance companies have played a great role in hedging mega-catastrophic losses. For example, reinsurance companies (and special loss sharing arrangements) paid as much as two-thirds of the insured losses for the September 11, 2001 tragedy. Furthermore, large catastrophic events have increased the role of governments and regulators as reinsurers of last resort. The authors hope that the authors provide guidance for possible balancing of the needs of two counterparties to reinsurance contracts.

Nearly all governments around the world are engaged in regulation of insurance and reinsurance, and some are reinsurers themselves. The authors provide guidance for them in these activities.

The authors believe this paper to be a completely new and original contribution in the area, by providing models for balancing the utility to the ceding insurance company and the reinsurance company.

我們探討分出公司和再保險公司在再保險合約的設計上、如何能達至互利互惠。研究確立了兩個目標函數，分別為把分出公司和再保險公司兩者之預期效用的總和最大化，以及把它們的產品最佳化。第一個目標函數是加法的，強調兩個參與方的總增益;而第二個目標函數則是乘法的，這個目標函數，闡釋參與方因另一方虧損而有所收益之取代度。再保險的最佳價格和自留額是利用網格搜索法找出的，數值分析也予以進行。研究結果顯示，兩個目標函數的最佳解決方案甚為不同。唯最佳解決方案會對就這兩個目標函數而言的追討損失的波動、以及其平均值之改變產生敏感反應。研究結果將會見其價值於作為在萬不得已的時候的再保險人的保險業規管機構和政府實體。

在這學術論文裡，我們採用了相對簡單、但我們認為是重要的方法和模型，來探討超額賠款再保險策略的優化課題。我們只考慮虧損分佈對最佳自留額和再保險價格的影響，而不去檢視投資因素。我們亦考慮對分出公司和再保險公司兩者的利益，來釐定最佳保費和再保險的自留額，而這兩者則共同建基於把社會效益最大化之上：再保險公司和分出公司的預期效益的總和 (或其積數) 。 我們採用類比模仿方法、來解決尋求在數字上最佳解決方案的問題。

本研究建立了就應對嚴重虧損而設的兩個超額賠款再保險合約的優化模型，來釐定最佳的保費和自留額。其中一個模型考慮了分出公司和再保險公司兩者各自的預期效益的總和。另外的一個模型則考慮了兩者的預期效益的積數。透過例子，我們找到了保費和超額虧損再保險自留額的最佳解決方案。最後，我們進行了敏感度分析。研究結果顯示、若增加追討損失的平均值和波動，則最佳自留額和保費也會隨之而增加。就第一個目標函數而言，若增加風險規避係數、或減少這個係數，則最佳自留額會隨之而減少，但最佳保費卻會隨之而增加，反之亦然。唯就第二個目標函數而言，風險規避係數的改變，對最佳解決方案是沒有影響的。

• – 有關的兩個夥伴之效用性：分出公司和再保險公司或有不同的份量和重要性。我們沒有探討兩者的相對重要性。

• – 我們以數值方法為核心的類比模仿研究法、使我們局限於機率分配和一般而言建基於投資報酬率對數常態模型之隨機過程的使用。我們或許需要調節研究法。以能概括其它回報收益，包括透過跳躍過程而可能達至之沖擊模型。

– 有關的兩個夥伴之效用性：分出公司和再保險公司或有不同的份量和重要性。我們沒有探討兩者的相對重要性。

– 我們以數值方法為核心的類比模仿研究法、使我們局限於機率分配和一般而言建基於投資報酬率對數常態模型之隨機過程的使用。我們或許需要調節研究法。以能概括其它回報收益，包括透過跳躍過程而可能達至之沖擊模型。

在過去20年裡，再保險公司在控制極嚴重災難性的損失上曾扮演重要的角色。例如、再保險公司 (以及特殊的損失分擔安排) 為了2001年9月11日的災難事件而支付多至保險損失的三分之二的費用。而且，重大的災難性事件使政府及作為最後出路再保險人的調控者得扮演更重要的角色。我們希望研究結果能為再保險合約兩對手提供指導，以平衡雙方的需要。

全球差不多每個政府都參與保險和再保險的管理工作，有部份更加本身就是再保險人。研究結果為他們的管理工作提供了指導。

我們相信本學術論文、提供了平衡分出保險公司和再保險公司效用性的模型，就此而言，本論文在相關的領域上作出了全新和獨創性的貢獻。

The purpose of this paper is to present experimental studies on the designed muffler which contains ceramic foam and has the integration function of purification and noise elimination.

Comparative tests were done on a diesel engine with no muffler, the original muffler and the purification muffler. The soot index (light absorption coefficient), A-weighted sound pressure level and fuel consumption rate, which were collected by the partial flow opacity method, the insertion loss measurement of spatial five points and the load characteristics tests, respectively, and the effects of purification and noise elimination were studied.

The results of this paper state that the purification muffler shows great improvement on exhaust soot purification and noise elimination. The variation in diesel fuel consumption rate was small, the sound pressure level of purification muffler was reduced by 6 to 10 dB, the insertion loss of the purification muffler was increased by 6.41 dB and the average light absorption coefficient decreased by 57.8 percent compared with the original muffler.

The value of this study is that it supplies a purification muffler which contains a ceramic foam. Under the prerequisite of little effect on the fuel economy of diesel engine, the purification muffler shows great improvement in exhaust soot purification and noise elimination.

Every society has unique factors that contribute to the selection of marriage partner among young adults. These factors have been found to equally determine marital satisfaction and marital stability. This study focuses on married couples in Nigeria and factors that determined how they transcended from their dating period to marriage.

A total of 19 married couples participated in this study, which involved the use of focus group discussions to elicit data from them. Snowball sampling technique was used to obtain respondents who had similar characteristics.

The respondents were aged between 38 and 50 years, had courted for at least 7 years before marriage, and marriage was not less than 10 years. Data was analyzed using content analysis. Themes bordered on factors determining choice of partner, how they met, length of their dating, and courtship periods. Physical attractiveness, as a determining factor, was clearly evident among participants. Participants agreed that communication was vital to marriage stability.

The study brought to light that in spite of strong traditional values, Nigerians displayed romantic characteristics similar to Western societies such as the United States and the United Kingdom. The study was limited because of the method adopted for selecting participants. Also, some variables such as ethnic background and educational background were not included in the study. The study recommends future studies which may be longitudinal, involving couples’ personality traits, families of origin, and so on, in order to yield more salient issues.

A Soviet type of “shock therapy” is not likely to take place in China since a gradual economic reform has already improved the overall economic conditions. Argues that, for further economic development, however, the Chinese communists must recognize two basic facts: (1) Chinese communism has already fulfilled its historical mission by expelling foreign imperialism and domestic feudalism; (2) Marxism and Leninism are of foreign origin. This recognition is able to pave the way for a final adoption of the Taiwanese model of economic development, which is based on the ideas developed by Sun Yat‐Sen, who had never stopped to insist that modernization should not abandon the Chinese tradition, especially Confucianism.

Outlines Hong Kong’s financial system during the pre‐unification era. Looks at recent issues, regulatory changes and its development as an international financial centre. Considers banking, the stock market, the bond & futures market, the gold market, regulatory bodies and monetary and currency policies. Contrasts these with the pre‐unification system in China. Outlines the way that these two systems propose to exist together, looking at the potential benefits and problems this may bring.

An industrialized building system (IBS) is regarded as an effective residential building system that provides several benefits, including high quality, low cost, short time, good flexibility, reduced waste, and strong environmental performance. This system is considered to be valuable in promoting sustainable practices in China, where plans for urbanization have been established. However, the adoption of IBS in China is extremely limited. Potential risks exist and affect the attitudes of practitioners toward the use of this system. The purpose of this paper is to prioritize and analyze these risks and to develop corresponding strategies for mitigating these risks in China.

In total, 24 risks that inhibit the implementation of IBS in China are identified through literature review and examined through interviews for consistency. A questionnaire survey is conducted to quantify the significance of these risks. Cronbach’s coefficient α is employed to measure the internal consistency among the risk factors. The survey results are further analyzed using three case studies.

The top five risks identified are “poor cooperation between multi-interface,” “inappropriate design codes and standards for industrialized buildings,” “lack of management practices and experiences,” “enormous difficulty in achieving return on high initial investment,” and “lack of a quality monitoring mechanism for the production process.” The findings emphasize the government’s leading role in promoting the new building system in its introduction and enforcement of adequate policies and regulations. Practitioners are also instrumental in establishing proper understanding and knowledge of IBS and its application.

This study bridges the knowledge gaps on risk identification for implementing IBS in China. The findings provide practitioners and decision makers with valuable references for adopting adequate risk management methods and policies to promote IBS in China.

This paper aimed to introduce a systematic body of knowledge via a scientometric review, guiding the sustainable transition from conventional construction to prefabricated construction. The construction industry currently faces a challenge to balance sustainable development and the construction of new buildings. In this context, one of the most recent debates is prefabricated construction. As an emerging construction approach, although existing knowledge makes contributions to the implementation of prefabricated construction, there is a lack of a comprehensive and in-depth overview of the critical knowledge themes and gaps.

This study uses the scientometric analysis to review the state-of-the-art knowledge of prefabricated construction. It retrieved data from the Web of Science core collection database. CiteSpace software was used to conduct the analysis and visualization; three analysis methods identify the knowledge hotspots, knowledge domains and knowledge topics. Finally, according to integrating the hidden connections among results, a body of knowledge for prefabricated construction application can be inferred.

The results show that 120 knowledge hotspots, five critical knowledge domains and five prominent knowledge topics are vital for promoting implementation of prefabricated construction. Based on the afore analysis, a body of knowledge for prefabricated construction that can systematically cover a broad knowledge of prefabricated construction-related research and activities are integrated and proposed in this paper.

Body of knowledge systematically covers a broad knowledge of prefabricated construction applications and is vital to guide researchers and practitioners to conduct related research and activities, thereby promoting the sustainable transition to prefabricated construction implementation.

Although the Chinese economy has experienced a strong and rapid growth due to the success of its economic reform, the Chinese central government faces a stern fiscal decline. The fiscal problem has undermined the ability of the central government in completing many crucial governing tasks. By examining the institutional root of the fiscal problem, this paper argues that the fiscal decline is part of the ironic corollary of the decentralization strategy of China’s economic reform which produces a “weak center, strong local” outcome. To fully address the problem, China should undertake major institutional reforms to redefine as well as institutionalize the fiscal roles of different levels of government.

Prefabricated construction is an innovative technique for decreasing carbon emissions in the construction industry. However, as the investors of housing projects, a majority of developers are unwilling to adopt prefabricated housing in practice. To promote prefabricated housing, this study aims to develop an integrated framework of fuzzy-decision making trial and evaluation laboratory (fuzzy-DEMATEL) and system dynamics (SD) to understand the underlying influencing mechanism of developers' willingness.

Through literature review, a total of 17 influencing factors were identified. Then, the interrelationships among the factors were evaluated by 10 experienced professionals, and the impacts given and received by each factor were further analyzed through fuzzy-DEMATEL. Based on the technology acceptance model (TAM), a SD model was developed to explore the influencing mechanism.

The major cause factors were identified, including mandatory implementation policies, economic incentive policies, environmental protection policies, component standardization and developers' economic strength. This group of factors was expected to be given priority attention in the case of limited resources. On the other hand, the results indicated that economic incentive policies and mandatory implementation policies could affect the developers' willingness via perceived usefulness, while the others mainly influenced perceived ease of use.

Little research has focused on the interrelationships among the influencing factors of developers' willingness to adopt prefabricated housing. This study contributed to understanding the mechanism of developers' willingness from a systematic view and providing the priority of influencing factors. Several strategies were proposed to improve the practical implementation of prefabricated housing development.

There have been regular policy enactment and dynamism to ensure progress and sustainability in the development of higher education (HE) in China after the Cultural Revolution. This study was purposed to reveal the processes of the Chinese higher education (CHE) development through series of policy implementations from the epoch of economic reformation and opening-up policy.

The authors employed document analysis, and selected and critically analyzed documents that include published articles and books, the official website of the Chinese Ministry of Education, and historical documentaries of the Chinese Cultural Revolution and their HE aftermath. Again, a semi-structured interview was utilized with a sample size of 20 academics vested in the CHE history. Five academics from four universities in China were interviewed to analyze the historical events of the CHE transformation and current policies about the CHE development.

The authors established that enrollment in the CHE has increased since the economic reformation; there has been the enhancement of the CHE internationalization in recent decades and the emergence of world-class universities and programs in the CHE as a result of the world class policies and projects. For consistency of the innovative programs toward HE development, the authors have posited some challenges, future goals and the global impacts of the CHE development and its sustainability.

The utilization of document analysis cements the claims by the interviewees, which enriches the value of the results. This study would provide literature guidance to international researchers to critically concoct theoretical assumptions from the findings to critically investigate the developmental policy pattern of HE institutions.