Securitization of motor insurance loss rate risks

In an attempt to transfer the loss rate risks in motor insurance to the capital market, we use the tranche technique to hedge the motor insurance risks. This paper illustrates AXA and their securitization of French motor insurance in 2005 as an example. Though this application is new, this transaction is based on a concept similar to CDOs. Tranches of bonds are constructed on the basis of the expected loss ratio from motor insurance policy holders’ groups. As a consequence we develop motor loss rate bonds using the structure of synthetic CDOs. The coupon payments of each tranche depend on the level of the loss rates of the underlying motor insurance pool. We show the integral formulas for the loss tranche contract where the loss distribution is modelled with discounted compound Poisson process. Esscher transform is chosen for a risk adjusted measure change and Fourier inversion method is used to calculate the price of the motor claim rate securities. The pricing methods of the tranches are illustrated, and possible suggestions to improve the pricing method and the design of these new securities follow.     

On structural properties of scale-free networks with finite size

Since many large real networks tend to present scale-free degree distribution, this paper investigates the structural properties of scale-free networks with finite size. Beginning with a comprehensive analysis of the degree distribution consisting of the concentration trend, dispersion and inequality, this paper then focuses on the discussion of heterogeneity and hub nodes of scale-free networks. The findings will help to improve our understanding of the structure and function of real networks.     

基于对转双转子电机的混合动力车用机电复合传动系统研究

为充分发挥混合动力汽车节省燃油降低排放的优势,提出了一种主要由双转子电机和行星齿轮机构组成的混合动力车用机电复合传动系统;分析了该系统的工作机理并基于快速模拟杠杠法建立系统的传动特性;在MATLAB/Simulink/Stateflow环境下建立了系统的整车仿真模型及转矩控制策略,仿真结果表明所提出的新型机电复合传输系统在UDDS循环工况下的百公里油耗为6.227L,具有较好的燃油经济性。     

整车风洞力/压同测实验方法研究

依托开口式整车风洞,以阶背式MIRA(Motor Industry Research Association)模型为实验对象,通过雷诺数扫掠测试,确定了力/压分测和力/压同测时气动力数据误差的变化规律;基于偏航工况下气动力的测试数据,明确了力/压分测和力/压同测时气动力数据误差的分布规律.依据计算流体力学的仿真结果,从流动机理层面剖析了误差产生的原因.最后,对力/压同测法在风洞实验中的具体实施及适用范围进行了总结.