Insurance services in multi-agent systems

In a multi-agent environment, there is often the need for an agent to cooperate with others so as to ensure that a given task is achieved timely and cost-effectively. Present agent systems currently maximizes this through mechanisms such as trust and risk assessments. In this paper, we extend this mechanism by introducing the concept of insurance, in which the insurance agents act as a bridge between agents who require resources from others. Unlike traditional systems, agents purchase insurance so as to guarantee to have the requested resources during the task execution time and thus minimize the risk in task failure. The novelty of this proposal is that it ensures agents continuously to exchange resources and to seek maximum expected utility in a dynamic environment at the same time. Our experimental results confirm the feasibility of our approach.

Grain refinement in steels through thermomechanical processing

The development of ultrafine grained microstructures in steels has received considerable attention in recent times. In many cases the aim is to produce high strength structural steels with minimal alloying. It is well established that for an equiaxed ferrite with a uniform dispersion of second phase, both the strength and toughness will be markedly improved if the grain size can be reduced to 1-2 μm, from the typical range of 5-10 μm. Means of achieving this through dynamic strain induced transformation are examined here, following a brief overview of some of the key issues encountered when attempting to refine the austenite in existing mill configurations. A number of deformation microstructure maps are developed to aid the discussion.

An analysis of the environment as a means of assessing training needs in the Insurance industry in Australia

In the five years leading up to 2002 there were many significant changes in
the insurance industry in Australia that brought about a range of training
needs. These training needs arose from matters as diverse as mergers, increased competition, corporate failures, and legislative changes. This study includes findings from a survey of the insurance industry in Australia in the period 2000·2002 asa means of exploring the importance of the environment (marketplace) in predicting aspects of training needs. The findings demonstrate that an environmental analysis approach to training needs analysis can predict the type of training that organisations will subsequently need to provide, and thus has the potential to produce a more accurate assessment of training needs in the future. The findings also have application to more broadly based businesses operating in the financial services sector of the economy

The separation of ownership and control under a happiness-based theory of the corporation

Explores the happiness-based theory of the corporation, suggesting that there is no conflict between the pursuance of economic and social objectives on the basis that their interplay is required to facilitate shareholder happiness. Considers: (1) the Berle-Means hypothesis and the separation of ownership and control, the dominant governance structure for large companies; (2) a happiness-based perspective on the separation; and (3) law reform applicable to a happiness-based theory. Argues that the separation of ownership and control is not in shareholders' best interests because the structure is not conducive to the happiness of individual shareholders and should be reformed.

How transnational environmental advocacy networks socialize international financial institutions: a case study of the international finance corporation

Environmental organizations, characterized here as transnational advocacy networks, use various strategies to "green" international financial institutions (IFIs). This article goes beyond analyzing network strategies to examine how transnational advocacy networks reconstitute the identity of IFIs. This, it is argued, results from processes of socialization: social influence, persuasion and coercion by lobbying. A case study of the International Finance Corporation (IFC), as a member of the World Bank Group, is used to analyze how an IFI internalized sustainable development norms. The IFC finances private enterprise in developing countries by providing venture capital for private projects. Transnational advocacy networks socialized the IFC through influencing its projects, policies and institutions via direct and indirect interactions to the point where the organization now sees itself as a sustainable development financier. This article applies constructivist insights to the greening process in order to demonstrate how socialization can reshape an IFI's identity.

Integrating insurance services, trust and risk mechanisms into multi-agent systems

In multi-agent systems, there is often the need for an agent to cooperate with others so as to ensure that a given task is achieved timely and cost effectively. Currently multi-agent systems maximize this through mechanisms such as coalition formation, trust and risk assessments, etc. In this paper, we incorporate the concept of insurance with trust and risk mechanisms in multi-agent systems. The novelty of this proposal is that it ensures continuous sharing of resources while encouraging expected utility to be maximized in a dynamic environment. Our experimental results confirm the feasibility of our approach.

Buying and selling with insurance in open multi-agent marketplace

In this paper, we incorporate the insurance concept in buying and selling model for agents to trade in the open multi-agent marketplace. During buying, agents purchase insurance as a method to search for potential sellers and select their partners based on the information provided by insurance agents. During selling, agents purchase insurance as a method to protect themselves against potential risk. The insurance concept greatly simplifies the trading procedure in the open marketplace. The novelty of this proposal is that it ensures a dynamic trading environment while agents continue to seek maximum utility and being fully protected by insurance. Our experimental results confirm the feasibility of our approach.

Formation of ultra-fine ferrite in hot rolled strip: potential mechanisms for grain refinement

A novel single-pass hot strip rolling process has been developed in which ultra-fine (<2 μm) ferrite grains form at the surface of hot rolled strip in two low carbon steels with average austenite grain sizes above 200 μm. Two experiments were performed on strip that had been re-heated to 1250°C for 300 s and air-cooled to the rolling temperatures. The first involved hot rolling a sample of 0.09 wt.%C–1.68Mn–0.22Si–0.27Mo steel (steel A) at 800°C, which was just above the Ar3 of this sample, while the second involved hot rolling a sample of 0.11C–1.68Mn–0.22Si steel (steel B) at 675°C, which is just below the Ar3 temperature of the sample. After air cooling, the surface regions of strip of both steel A and B consisted of ultra-fine ferrite grains which had formed within the large austenite grains, while the central regions consisted of a bainitic microstructure. In the case of steel B, a network of allotriomorphic ferrite delineated the prior-austenite grain boundaries throughout the strip cross-section. Based on results from optical microscopy and scanning/transmission electron microscopy, as well as bulk X-ray texture analysis and microtextural analysis using Electron Back-Scattered Diffraction (EBSD), it is shown that the ultra-fine ferrite most likely forms by a process of rapid intragranular nucleation during, or immediately after, deformation. This process of inducing intragranular nucleation of ferrite by deformation is referred to as strain-induced transformation.

Numerical investigation of austenite grain size distribution in square-diamond pass hot bar rolling

In this study, the austenite grain size (AGS) for hot bar rolling of AISI4135 steel was predicted based on two different AGS evolution models available in the literature. In order to predict the AGS more accurately, both models were integrated with a three-dimensional non-isothermal finite element program by implementing a modified additivity rule. The predicted results based on two models for the square-diamond (S-D) and round-oval (R-O) pass bar rolling processes were compared with the experimental data available in the literature. Then, numerical predictions depending on various process parameters such as interpass time, temperature, and roll speed were made to compare both models and investigate the effect of these parameters on the AGS distributions. Such numerical results were found to be beneficial to understand the effect of the microstructure evolution model on the rolling processes better and control the processes more accurately.

The nature and development of the general insurance industry in Australia to 1973

The development of the insurance industry in Australia in the twentieth century was fundamentally shaped by a collusive code of conduct called the tariff. This arrangement, established to overcome problems of uncertainty, initially benefited both tariff and non-tariff firms by enhancing market stability. It also reduced competition. The collusive agreements gradually broke down, however, as new entrants and products entered the market in the 1950s. Self-regulation gradually gave way as the 'rules of the game' changed. The result was a period of instability before new competitive practices, and more direct and specific regulatory requirements emerged in the 1970s.

Grain size in Mg alloys: recrystallization and mechanical consequences

The present paper examines the development of grain size during the recrystallization of magnesium alloys and the influence the grain size has on the mechanical response. In magnesium alloys grain refinement improves the strength-ductility balance. This simultaneous increase in both strength and ductility is ascribed to the impact the grain size has on deformation twinning. The mechanisms by which the grain size is established during hot working are shown to be conventional dynamic recrystallization followed by post-dynamic recrystallization. The role of alloying additionon both of these reactions is briefly considered.

Effect of solidification grain refinement on the development of wrought Mg alloys

A recent trial investigated the effect of solidification grain refinement of billet on the grain refinement and properties of alloy ZM20. It was found that even at levels of 0.4Mn, significant grain refinement could be obtained when 0.7Zr was added. At 0.2Mn grain sizes as low as 60μm were
obtained. Billets of Mg-2Zn-0.2Mn with four different grain sizes, due to different Zr and cooling rates were then cast via vertical direct chill casting and extruded conventionally. Benefits of grain refinement of the billet on extrusion were found to be a slight increase in the size of the operating
window, and a reduction of the grain size in the extrudate. However, the effect of the reduction in extrudate grain size due to refinement of the billet was small compared with the amount of grain refinement obtained due to recrystallisation on extrusion.

Structural adjustment and change in the Australian life insurance industry post demutualization

Deregulation of financial markets has been an important platform for government policy in recent times. It has been a catalyst in the expansion of financial sector. The experience of Australian life insurers during this period represents an interesting case study into the impact of regulatory transition. The lifting of restrictions changed the institutional environment within which life insurers operated. In doing so it precipitated changes in strategies and organizational structures of these financial intermediaries. An information cost framework is used to analyse the consequences of deregulation and its implications for the Australian life insurance industry in emerging global financial markets.