Ethics and Socially Responsible Investment : A Philosophical Approach

This volume breaks new ground by approaching Socially Responsible Investment (SRI) as an explicitly ethical practice in financial markets. The work explains the philosophical and practical shortcomings of ‘long term shareholder value’ and the origins and conceptual structure of SRI, and links its pursuit to both its deeper philosophical foundations and the broader, multi-dimensional global movement towards greater social responsibility in global markets. Interviews with fund managers in the Australian SRI sector generate recommendations for better integrating ethics into SRI practice via ethically informed engagement with invested companies, and an in-depth discussion of the central practical SRI issue of fiduciary responsibility strengthens the case in favour of SRI. The practical and ethical theoretical perspectives are then brought together to sketch out an achievable ideal for SRI worldwide, in which those who are involved in investment and business decisions become part of an ‘ethical chain’ of decision makers linking the ultimate owners of capital with the business executives who frame, advocate and implement business strategies. In between there are investment advisors, fund managers, business analysts and boards. The problem lies in the fact that the ultimate owners are discouraged from considering their own values, or even their own long term interests, whilst the others often look only to short term interests. The solution lies in the latter recognising themselves as links in the ethical chain.

Latent degradation indicators estimation and prediction : a Monte Carlo approach

Asset health inspections can produce two types of indicators: (1) direct indicators (e.g. the thickness of a brake pad, and the crack depth on a gear) which directly relate to a failure mechanism; and (2) indirect indicators (e.g. the indicators extracted from vibration signals and oil analysis data) which can only partially reveal a failure mechanism. While direct indicators enable more precise references to asset health condition, they are often more difficult to obtain than indirect indicators. The state space model provides an efficient approach to estimating direct indicators by using indirect indicators. However, existing state space models to estimate direct indicators largely depend on assumptions such as, discrete time, discrete state, linearity, and Gaussianity. The discrete time assumption requires fixed inspection intervals. The discrete state assumption entails discretising continuous degradation indicators, which often introduces additional errors. The linear and Gaussian assumptions are not consistent with nonlinear and irreversible degradation processes in most engineering assets. This paper proposes a state space model without these assumptions. Monte Carlo-based algorithms are developed to estimate the model parameters and the remaining useful life. These algorithms are evaluated for performance using numerical simulations through MATLAB. The result shows that both the parameters and the remaining useful life are estimated accurately. Finally, the new state space model is used to process vibration and crack depth data from an accelerated test of a gearbox. During this application, the new state space model shows a better fitness result than the state space model with linear and Gaussian assumption.

Maintenance chain integration using Petri-net enabled multiagent system modeling and implementation approach

Engineering asset management (EAM) is a broad discipline and the EAM functions and processes are characterized by its distributed nature. However, engineering asset nowadays mostly relies on self-maintained experiential rule bases and periodic maintenance, which is lacking a collaborative engineering approach. This research proposes a collaborative environment integrated by a service center with domain expertise such as diagnosis, prognosis, and asset operations. The collaborative maintenance chain combines asset operation sites, service center (i.e., maintenance operation coordinator), system provider, first tier collaborators, and maintenance part suppliers. Meanwhile, to realize the automation of communication and negotiation among organizations, multiagent system (MAS) technique is applied to enhance the entire service level. During the MAS design processes, this research combines Prometheus MAS modeling approach with Petri-net modeling methodology and unified modeling language to visualize and rationalize the design processes of MAS. The major contributions of this research include developing a Petri-net enabled Prometheus MAS modeling methodology and constructing a collaborative agent-based maintenance chain framework for integrated EAM.

Damage detection in truss bridges using vibration based multi-criteria approach

This paper uses dynamic computer simulation techniques to develop and apply a multi-criteria procedure using non-destructive vibration-based parameters for damage assessment in truss bridges. In addition to changes in natural frequencies, this procedure incorporates two parameters, namely the modal flexibility and the modal strain energy. Using the numerically simulated modal data obtained through finite element analysis of the healthy and damaged bridge models, algorithms based on modal flexibility and modal strain energy changes before and after damage are obtained and used as the indices for the assessment of structural health state. The application of the two proposed parameters to truss-type structures is limited in the literature. The proposed multi-criteria based damage assessment procedure is therefore developed and applied to truss bridges. The application of the approach is demonstrated through numerical simulation studies of a single-span simply supported truss bridge with eight damage scenarios corresponding to different types of deck and truss damage. Results show that the proposed multi-criteria method is effective in damage assessment in this type of bridge superstructure.

Outcomes and implications of one teacher's approach to context-based science in the middle years

In Australia, there is a crisis in science education with students becoming disengaged with canonical science in the middle years of schooling. One recent initiative that aims to improve student interest and motivation without diminishing conceptual understanding is the context-based approach. Contextual units that connect the canonical science with the students’ real world of their local community have been used in the senior years but are new in the middle years. This ethnographic study explored the learning transactions that occurred in one 9th grade science class studying a context-based Environmental Science unit for 11 weeks. Outcomes of the study and implications are discussed in this paper.

A Bayesian approach to assess interaction between known risk factors: The risk of lung cancer from exposure to asbestos and smoking

We review the literature on the combined effect of asbestos exposure and smoking on lung cancer, and explore a Bayesian approach to assess evidence of interaction. Previous approaches have focussed on separate tests for an additive or multiplicative relation. We extend these approaches by exploring the strength of evidence for either relation using approaches which allow the data to choose between both models. We then compare the different approaches.