<abstract><p>This paper presents a hybrid-triggered catastrophe bond (CAT bond) pricing model. We take earthquake CAT bonds as an example for model construction and numerical analysis. According to the characteristics of earthquake disasters, we choose direct economic loss and magnitude as trigger indicators. The marginal distributions of the two trigger indicators are depicted using extreme value theory, and the joint distribution is established by using a copula function. Furthermore, we derive a multi-year hybrid-triggered CAT bond pricing formula under stochastic interest rates. The numerical experiments show that the bond price is negatively correlated with maturity, coupon rate and dependence of trigger indicators, and positively correlated with trigger level and market interest rate. This study can be used as a reference for formulating reasonable CAT bond pricing strategies.</p></abstract>

This paper investigates the dynamical behaviors of a Stackelberg mixed duopoly game with price competition in the insurance market, involving one state-owned public insurance company and one private insurance company. We study and compare the stability conditions for the Nash equilibrium points of two sequential-move games, public leadership, and private leadership games. Numerical simulations present complicated dynamic behaviors. It is shown that the Nash equilibrium becomes unstable as the price adjustment speed increases, and the system eventually becomes chaotic via flip bifurcation. Moreover, the time-delayed feedback control is used to force the system back to stability.