{"id":"https://openalex.org/W4411280255","doi":"https://doi.org/10.1007/s44196-025-00872-x","title":"Modeling Fuzzy Moral Hazard in Credit Default Swap Pricing: A Reduced-Form Approach","display_name":"Modeling Fuzzy Moral Hazard in Credit Default Swap Pricing: A Reduced-Form Approach","publication_year":2025,"publication_date":"2025-06-13","ids":{"openalex":"https://openalex.org/W4411280255","doi":"https://doi.org/10.1007/s44196-025-00872-x"},"language":"en","primary_location":{"id":"doi:10.1007/s44196-025-00872-x","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s44196-025-00872-x","pdf_url":"https://link.springer.com/content/pdf/10.1007/s44196-025-00872-x.pdf","source":{"id":"https://openalex.org/S190680769","display_name":"International Journal of Computational Intelligence Systems","issn_l":"1875-6883","issn":["1875-6883","1875-6891"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Computational Intelligence Systems","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://link.springer.com/content/pdf/10.1007/s44196-025-00872-x.pdf","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101930148","display_name":"Liang Wu","orcid":"https://orcid.org/0000-0002-6022-7077"},"institutions":[{"id":"https://openalex.org/I4210114043","display_name":"Henan Institute of Technology","ror":"https://ror.org/024f5m737","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210114043"]},{"id":"https://openalex.org/I4210163247","display_name":"Henan Institute of Science and Technology","ror":"https://ror.org/0578f1k82","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210163247"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Liang Wu","raw_affiliation_strings":["College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People\u2019s Republic of China","College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People's Republic of China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People\u2019s Republic of China","institution_ids":["https://openalex.org/I4210163247","https://openalex.org/I4210114043"]},{"raw_affiliation_string":"College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People's Republic of China","institution_ids":["https://openalex.org/I4210163247","https://openalex.org/I4210114043"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5118141472","display_name":"Hongtao Hua","orcid":null},"institutions":[{"id":"https://openalex.org/I4210114043","display_name":"Henan Institute of Technology","ror":"https://ror.org/024f5m737","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210114043"]},{"id":"https://openalex.org/I4210163247","display_name":"Henan Institute of Science and Technology","ror":"https://ror.org/0578f1k82","country_code":"CN","type":"education","lineage":["https://openalex.org/I4210163247"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Hongtao Hua","raw_affiliation_strings":["College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People\u2019s Republic of China","College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People's Republic of China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People\u2019s Republic of China","institution_ids":["https://openalex.org/I4210163247","https://openalex.org/I4210114043"]},{"raw_affiliation_string":"College of Mathematical Sciences, Henan Institute of Science and Technology, Xinxiang, 453003, Henan, People's Republic of China","institution_ids":["https://openalex.org/I4210163247","https://openalex.org/I4210114043"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5101930148"],"corresponding_institution_ids":["https://openalex.org/I4210114043","https://openalex.org/I4210163247"],"apc_list":{"value":1390,"currency":"GBP","value_usd":1704},"apc_paid":{"value":1390,"currency":"GBP","value_usd":1704},"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.15934131,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"18","issue":"1","first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9995999932289124,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.9995999932289124,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11496","display_name":"Credit Risk and Financial Regulations","score":0.9988999962806702,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11653","display_name":"Financial Distress and Bankruptcy Prediction","score":0.988099992275238,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/credit-default-swap","display_name":"Credit default swap","score":0.7157186269760132},{"id":"https://openalex.org/keywords/swap","display_name":"Swap (finance)","score":0.6820287704467773},{"id":"https://openalex.org/keywords/moral-hazard","display_name":"Moral hazard","score":0.5854502320289612},{"id":"https://openalex.org/keywords/fuzzy-logic","display_name":"Fuzzy logic","score":0.5748586654663086},{"id":"https://openalex.org/keywords/itraxx","display_name":"iTraxx","score":0.46384647488594055},{"id":"https://openalex.org/keywords/credit-risk","display_name":"Credit risk","score":0.4540756940841675},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.44240570068359375},{"id":"https://openalex.org/keywords/credit-derivative","display_name":"Credit derivative","score":0.42008769512176514},{"id":"https://openalex.org/keywords/actuarial-science","display_name":"Actuarial science","score":0.38716909289360046},{"id":"https://openalex.org/keywords/business","display_name":"Business","score":0.36245954036712646},{"id":"https://openalex.org/keywords/credit-valuation-adjustment","display_name":"Credit valuation adjustment","score":0.33683085441589355},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.23152172565460205},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.2165147066116333},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"Artificial intelligence","score":0.21440327167510986},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.11087551712989807},{"id":"https://openalex.org/keywords/credit-reference","display_name":"Credit reference","score":0.05759522318840027}],"concepts":[{"id":"https://openalex.org/C30589699","wikidata":"https://www.wikidata.org/wiki/Q624028","display_name":"Credit default swap","level":3,"score":0.7157186269760132},{"id":"https://openalex.org/C99821215","wikidata":"https://www.wikidata.org/wiki/Q1136583","display_name":"Swap (finance)","level":2,"score":0.6820287704467773},{"id":"https://openalex.org/C2780202544","wikidata":"https://www.wikidata.org/wiki/Q44454","display_name":"Moral hazard","level":3,"score":0.5854502320289612},{"id":"https://openalex.org/C58166","wikidata":"https://www.wikidata.org/wiki/Q224821","display_name":"Fuzzy logic","level":2,"score":0.5748586654663086},{"id":"https://openalex.org/C26457952","wikidata":"https://www.wikidata.org/wiki/Q1655033","display_name":"iTraxx","level":5,"score":0.46384647488594055},{"id":"https://openalex.org/C178350159","wikidata":"https://www.wikidata.org/wiki/Q162714","display_name":"Credit risk","level":2,"score":0.4540756940841675},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.44240570068359375},{"id":"https://openalex.org/C44309892","wikidata":"https://www.wikidata.org/wiki/Q691313","display_name":"Credit derivative","level":3,"score":0.42008769512176514},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.38716909289360046},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.36245954036712646},{"id":"https://openalex.org/C89997419","wikidata":"https://www.wikidata.org/wiki/Q2828882","display_name":"Credit valuation adjustment","level":4,"score":0.33683085441589355},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.23152172565460205},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2165147066116333},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.21440327167510986},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.11087551712989807},{"id":"https://openalex.org/C24308983","wikidata":"https://www.wikidata.org/wiki/Q5183781","display_name":"Credit reference","level":3,"score":0.05759522318840027},{"id":"https://openalex.org/C29122968","wikidata":"https://www.wikidata.org/wiki/Q1414816","display_name":"Incentive","level":2,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1007/s44196-025-00872-x","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s44196-025-00872-x","pdf_url":"https://link.springer.com/content/pdf/10.1007/s44196-025-00872-x.pdf","source":{"id":"https://openalex.org/S190680769","display_name":"International Journal of Computational Intelligence Systems","issn_l":"1875-6883","issn":["1875-6883","1875-6891"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Computational Intelligence Systems","raw_type":"journal-article"},{"id":"pmh:oai:doaj.org/article:9968e5e59a2c41adaf9d8b3a98cd77e6","is_oa":true,"landing_page_url":"https://doaj.org/article/9968e5e59a2c41adaf9d8b3a98cd77e6","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"International Journal of Computational Intelligence Systems, Vol 18, Iss 1, Pp 1-33 (2025)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.1007/s44196-025-00872-x","is_oa":true,"landing_page_url":"https://doi.org/10.1007/s44196-025-00872-x","pdf_url":"https://link.springer.com/content/pdf/10.1007/s44196-025-00872-x.pdf","source":{"id":"https://openalex.org/S190680769","display_name":"International Journal of Computational Intelligence Systems","issn_l":"1875-6883","issn":["1875-6883","1875-6891"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310319965","host_organization_name":"Springer Nature","host_organization_lineage":["https://openalex.org/P4310319965"],"host_organization_lineage_names":["Springer Nature"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Computational Intelligence Systems","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4411280255.pdf","grobid_xml":"https://content.openalex.org/works/W4411280255.grobid-xml"},"referenced_works_count":25,"referenced_works":["https://openalex.org/W1968509795","https://openalex.org/W1980509169","https://openalex.org/W2027182449","https://openalex.org/W2083309845","https://openalex.org/W2084716442","https://openalex.org/W2108491286","https://openalex.org/W2178314926","https://openalex.org/W2890010334","https://openalex.org/W2967373187","https://openalex.org/W2972515768","https://openalex.org/W2990522629","https://openalex.org/W3048788895","https://openalex.org/W3085654351","https://openalex.org/W3124658224","https://openalex.org/W3203285099","https://openalex.org/W4211007335","https://openalex.org/W4212886988","https://openalex.org/W4224315649","https://openalex.org/W4293052140","https://openalex.org/W4308998755","https://openalex.org/W4379931469","https://openalex.org/W4386051280","https://openalex.org/W4386277653","https://openalex.org/W4391482014","https://openalex.org/W4407602697"],"related_works":["https://openalex.org/W2118383063","https://openalex.org/W4232579134","https://openalex.org/W70462951","https://openalex.org/W281084668","https://openalex.org/W2618665466","https://openalex.org/W2007876610","https://openalex.org/W4316095752","https://openalex.org/W1593621785","https://openalex.org/W2487657577","https://openalex.org/W2281031378"],"abstract_inverted_index":{"In":[0,242],"existing":[1],"literature,":[2],"moral":[3,12,22,58,85,102,113,152,166,246],"hazard":[4,13,23,86,103,114,153,167],"is":[5,24,89,143,171,184,233],"often":[6],"modeled":[7],"as":[8,42,214],"a":[9,43,66,75,134,223],"constant.":[10],"However,":[11],"can":[14],"be":[15],"\u201cfuzzy\u201d":[16],"rather":[17],"than":[18,38],"\u201cprecisely":[19],"defined.\u201d":[20],"As":[21],"dynamic":[25],"and":[26,31,62,84,154,168,190,250,266],"variable,":[27],"exhibiting":[28],"both":[29],"constancy":[30],"differentiation,":[32],"its":[33],"representation":[34],"through":[35,187],"fuzzy":[36,50,60,95,108,155,169,207,248],"intervals\u2014rather":[37],"fixed":[39],"constants\u2014has":[40],"emerged":[41],"meaningful":[44],"research":[45],"direction.":[46],"This":[47,274],"paper":[48],"integrates":[49,165],"set":[51],"theory":[52],"into":[53,107],"credit":[54,63,230,251,279],"default":[55,77,118,126,130,136,181,231,260],"analysis,":[56],"combining":[57],"hazard,":[59,247],"risk,":[61,170,249],"risk":[64,156,252,261],"in":[65,98,132,268],"cross-disciplinary":[67],"study":[68,194],"to":[69,116,121,173,222],"explore":[70],"their":[71,257],"intrinsic":[72],"interdependencies.":[73],"First,":[74],"novel":[76],"intensity":[78,137],"model":[79,138],"incorporating":[80],"market":[81],"state":[82,87],"variables":[83,88],"proposed.":[90],"By":[91],"accounting":[92],"for":[93,180],"the":[94,101,123,148,161,193,199,205,215,237,269,285],"risks":[96],"inherent":[97],"trading":[99,243],"environments,":[100],"indicators":[104],"are":[105,157],"transformed":[106],"intervals,":[109],"thereby":[110],"establishing":[111],"interval-based":[112],"metrics":[115],"characterize":[117],"intensity.":[119],"Subsequently,":[120],"address":[122],"phenomenon":[124],"of":[125,151,209,229,239,256,271,288],"clustering":[127],"caused":[128],"by":[129,236],"dependence":[131],"markets,":[133],"circular":[135],"involving":[139],"two":[140],"reference":[141,240,272],"assets":[142],"constructed.":[144],"Within":[145],"this":[146],"framework,":[147],"cross-influence":[149],"mechanisms":[150],"further":[158],"investigated.":[159],"Furthermore,":[160],"proposed":[162],"model,":[163],"which":[164],"applied":[172],"derivative":[174],"pricing.":[175],"A":[176],"new":[177],"pricing":[178],"formula":[179],"management":[182,232,280],"costs":[183,281],"derived.":[185],"Finally,":[186],"comparative":[188],"analysis":[189],"simulation":[191],"experiments,":[192],"concludes":[195],"that:":[196],"(1)":[197],"Under":[198],"parameter":[200,217],"settings":[201],"representing":[202],"economic":[203],"stagnation,":[204],"triangular":[206],"interval":[208],"survival":[210],"probability":[211],"narrows":[212],"progressively":[213],"credibility":[216],"$$\\gamma$$":[218],"increases,":[219],"eventually":[220],"converging":[221],"real":[224],"number.":[225],"(2)":[226],"The":[227],"cost":[228],"significantly":[234],"influenced":[235],"number":[238,270],"assets.":[241,273],"environments":[244],"where":[245],"intertwine,":[253],"effective":[254],"mitigation":[255],"impacts":[258],"on":[259],"requires":[262],"strategic":[263],"information":[264],"utilization":[265],"reduction":[267],"approach":[275],"not":[276],"only":[277],"lowers":[278],"but":[282],"also":[283],"fosters":[284],"healthy":[286],"development":[287],"financial":[289],"markets.":[290]},"counts_by_year":[],"updated_date":"2026-06-13T06:13:01.061226","created_date":"2025-10-10T00:00:00"}
