The Asymmetric Behavior and Spillover Effects on Stock Index Returns: Evidence on Hong Kong and China

The evaluation of flexible pavements is very important in the pavement management system. The government can determine the priority for road rehabilitation projects according to the evaluation results. The common method to solve the priority-setting problem of flexible pavement rehabilitation is to use the weighted mean. This approach is based on the assumption that the weighted evaluations of individual criteria are independent of one another and, consequently, are additive. However, the effects among criteria are interactive in most real situations. On the other hand, the measurement of evaluations towards the alternative in criteria is often determined by subjective judgment. Thus, this study applies fuzzy measures and fuzzy integrals to establish the priority-setting procedure for flexible pavement rehabilitation. An empirical study about determining the priority of rehabilitation projects in Taoyuan County of Taiwan Highway Bureau was conducted to show the applicability of the procedure.