Information Dissemination and Aggregation in Asset Markets with Simple Intelligent Traders

Various studies of asset markets have shown that traders are capable of learning and transmitting information through prices in many situations. In this paper we replace human traders with intelligent software agents in a series of simulated markets. Using these simple learning agents, we are able to replicate several features of the experiments with human subjects, regarding (1) dissemination of information from informed to uninformed traders, and (2) aggregation of information spread over different traders.

Granular Attrition due to Rotary Valve in a Pneumatic Conveying System

The rotary valve is a widely used mechanical device in many solids-handling industrial processes. However, it may also be responsible for most of the attrition effects occurring in a typical process. In this study, the attrition effects occurring in a rotary valve operating as a stand-alone device and as part of a pneumatic conveying system were investigated. In the former case granular attrition was carried out at three different rotary valve speeds and the experimental results obtained were found to be in good agreement with the Gwyn correlation. In the latter case three typical air flow rates were used in the pneumatic conveying system. The size distribution of the attrition product obtained at the lowest air flow rate used was not adequately described by the Gwyn correlation. The attrition process and mechanisms involved were analysed and the minimum size of the attrition product obtained from both modes of operations was found to be similar.