Search results for: market microstructure

Authors: Reinhard Neck, Guido Schäfer

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In this paper, we explore the macroeconomic effects of the European Single Market on Austria by simulating the McKibbin-Sachs Global Model. Global interdependence and the impact of long-run effects on short-run adjustments are taken into account. We study the sensitivity of the results with respect to different assumptions concerning monetary and fiscal policies for the countries and regions of the world economy. The consequences of different assumptions about budgetary policies in Austria are also investigated. The simulation results are contrasted with ex-post evaluations of the actual impact of Austria’s membership in the Single Market. As a result, it can be concluded that the Austrian participation in the European Single Market entails considerable long-run gains for the Austrian economy with nearly no adverse side-effects on any macroeconomic target variable.

Keywords: macroeconomics, European Union, simulation, sensitivity analysis

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Authors: Ehsan Mohseni, Waiching Tang, Shanyong Wang

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Low thermal conductivity of phase change materials (PCMs) affects the thermal performance and energy storage efficiency of latent heat thermal energy storage systems. In the current research, a structural lightweight concrete with function of indoor temperature control was developed using thermal energy storage aggregates (TESA) and nano-titanium (NT). The macro-encapsulated technique was served to incorporate the PCM into the lightweight aggregate through vacuum impregnation. The compressive strength was measured, and the thermal performance of concrete panel was evaluated by using a self-designed environmental chamber. The impact of NT on microstructure was also assessed via scanning electron microscopy (SEM) and energy dispersive spectroscopy (EDS) tests. The test results indicated that NT was able to increase the compressive strength by filling the micro pores and making the microstructure denser and more homogeneous. In addition, the environmental chamber experiment showed that introduction of NT into TESA improved the heat transfer of composites noticeably. The changes were illustrated by the reduction in peak temperatures in the centre, outside and inside surfaces of concrete panels by the inclusion of NT. It can be concluded that NT particles had the capability to decrease the energy consumption and obtain higher energy storage efficiency by the reduction of indoor temperature.

Keywords: heat transfer, macro-encapsulation, microstructure properties, nanoparticles, phase change material

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Authors: Mo-Se Lee, Cheol-Hwi Ahn, Kee-Young Kwahk, Hyunchul Ahn

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Over the past decade, deep learning has been in spotlight among various machine learning algorithms. In particular, CNN (Convolutional Neural Network), which is known as effective solution for recognizing and classifying images, has been popularly applied to classification and prediction problems in various fields. In this study, we try to apply CNN to stock market prediction, one of the most challenging tasks in the machine learning research. In specific, we propose to apply CNN as the binary classifier that predicts stock market direction (up or down) by using a graph as its input. That is, our proposal is to build a machine learning algorithm that mimics a person who looks at the graph and predicts whether the trend will go up or down. Our proposed model consists of four steps. In the first step, it divides the dataset into 5 days, 10 days, 15 days, and 20 days. And then, it creates graphs for each interval in step 2. In the next step, CNN classifiers are trained using the graphs generated in the previous step. In step 4, it optimizes the hyper parameters of the trained model by using the validation dataset. To validate our model, we will apply it to the prediction of KOSPI200 for 1,986 days in eight years (from 2009 to 2016). The experimental dataset will include 14 technical indicators such as CCI, Momentum, ROC and daily closing price of KOSPI200 of Korean stock market.

Keywords: convolutional neural network, deep learning, Korean stock market, stock market prediction

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Authors: F. Dabir, R. Sarraf-Mamoory, N. Riahi-Noori

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In this work, a nanostructured TiO2 layer was coated onto a FTO-less glass substrate using screen printing technique for back contact DSSC application. Then, titanium nitride thin film was applied on TiO2 layer by plasma assisted chemical vapor deposition (PACVD) as charge collector layer. The microstructure of prepared TiO2 layer was characterized by SEM. The sheet resistance, microstructure and elemental composition of titanium nitride thin films were analysed by four point probe, SEM, and EDS, respectively. TiO2 layer had porous nanostructure. The EDS analysis of TiN thin film showed presence of chlorine impurity. Sheet resistance of TiN thin film was 30 Ω/sq. With respect to the results, PACVD TiN can be a good candidate as a charge collector layer in back contacts DSSC.

Keywords: TiO2, TiN, charge collector, DSSC

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Authors: Zilin Zhang

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Agent-based simulation has become a popular method of exploring the behavior of all kinds of urban systems. The city clearly is viewed as such a system. Many urban evolution processes, such as the development or the transaction of a piece of land, can be modeled with a set of rules. Such modeling approaches can be used to gain insight into urban-development and land market transactions in the real world. Our work contributes to such type of research by modeling the transactions of lands in a city and its surrounding suburbs. By replicating the demand and supply needs in the land market, we are able to demonstrate the different transaction patterns in three types of residential areas - downtown, city-suburban, and further suburban areas. In addition, we are also able to compare the vital roles of different activation conditions play in generating the various transaction patterns of the land market at the macro level. We use this simulation to loosely test our hypotheses about the nature of activation regimes by the replication of the Zi traders’ model. In the end, we hope our analytical results can be useful for city planners and policymakers to develop rational city plans and policies for shaping sustainable urban development.

Keywords: simulation, agent-based modeling, housing market, city

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Authors: Saliha Gachi, Mouloud Aissani, Fouad Boubenider

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Friction Stir Welding (FSW) is a solid-state welding technique that can join material without melting the plates to be welded. In this work, we are interested to demonstrate the potentiality of FSW for joining the heat-treatable aluminum alloy 2024-T3 which is reputed as difficult to be welded by fusion techniques. Thereafter, the FSW joint is compared with another one obtained from a conventional fusion process Tungsten Inert Gas (TIG). FSW welds are made up using an FSW tool mounted on a milling machine. Single pass welding was applied to fabricated TIG joint. The comparison between the two processes has been made on the temperature evolution, mechanical and microstructure behavior. The microstructural examination revealed that FSW weld is composed of four zones: Base metal (BM), Heat affected zone (HAZ), Thermo-mechanical affected zone (THAZ) and the nugget zone (NZ). The NZ exhibits a recrystallized equiaxed refined grains that induce better mechanical properties and good ductility compared to TIG joint where the grains have a larger size in the welded region compared with the BM due to the elevated heat input. The microhardness results show that, in FSW weld, the THAZ contains the lowest microhardness values and increase in the NZ; however, in TIG process, the lowest values are localized on the NZ.

Keywords: friction stir welding, tungsten inert gaz, aluminum, microstructure

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Authors: Petra Buzkova, Milos Kopa

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Reliability of the credit default swap market had been questioned repeatedly during the EMU debt crisis. The article examines whether this development influenced sovereign EMU CDS prices in general. We regress the CDS market price on a model risk neutral CDS price obtained from an adopted reduced form valuation model in the 2009-2013 period. We look for a break point in the single-equation and multi-equation econometric models in order to show the changes in relations between CDS market and model prices. Our results differ according to the risk profile of a country. We find that in the case of riskier countries, the relationship between the market and model price changed when market participants started to question the ability of CDS contracts to protect their buyers. Specifically, it weakened after the change. In the case of less risky countries, the change happened earlier and the effect of a weakened relationship is not observed.

Keywords: chow stability test, credit default swap, debt crisis, reduced form valuation model, seemingly unrelated regression

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Authors: Mohammed Ibrahim Girei

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Adamawa state is one the major producers of both crop and animals in Nigeria. Agricultural production serves as the major means livelihood of the people in the state. However, the agricultural activities of the farmers in the state are at subsistence level. However integration of these small scale farmers in local, national and international market is paramount importance. The paper was designed to categorize farmers based on market participation among the cattle farmers in Adamawa state, Nigeria. The multistage sampling procedure was employed. To achieve this procedure, structured questionnaires were used to collect data from 400 respondents. The data were analyzed using the descriptive statistics. The result revealed that the majority of market participants were net sellers (78.51 %) (Sales greater than purchase), net buyers were (purchase greater than sales) 12.95 % and only 9% were autarkic (sales equal purchase). The study recommends that Government should provide more effective security services in cattle farming communities, which is very important as the market participants in the study area were net sellers (producers), it will help in addressing the problem of cattle rustling and promote more investment in cattle industry. There is a need to establish a standard cattle market, veterinary services and grazing reserves in the area so that to facilitate the cattle production and marketing system in the area and to meet up with the challenging of livestock development as a result of rapid human population growth in developing countries like Nigeria.

Keywords: categories, cattle, farmers, market, participation

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Authors: Yusuf Emirov, Abdullatif Hakami, Prasanta K Biswas, Elias K Stefanakos, Sesha S Srinivasan

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This study is aimed to develop microencapsulated thermochromic materials and the analysis of core-shell formation using high resolution electron microscopy. The candidate metal oxides (e.g., titanium oxide and silicon oxide) used for the microencapsulation of thermochromic materials are based on the microemulsion route that involves the micelle formation using different surfactants. The effectiveness of the core-shell microstructure formationrevealed the influence of surfactants and the metal oxide precursor concentrations. Additionally, a detailed thermal and color chromic behavior of these core-shell microcapsules are evaluated with the pristine thermochromic dye particles.

Keywords: core-shell thermochromic materials, core-shell microstructure formation, thermal and color chromic behavior of core-shell microcapsules, development micro-capsulated thermochromic materials

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Authors: Siri Marthe Arbo, Afaf Saai, Sture Sørli, Mette Nedreberg

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This work aims to establish a reliable approach for optimizing a Laser Metal Deposition (LMD) process for a critical maritime component, based on the material properties and structural performance required by the maritime industry. The component of interest is a water jet impeller, for which specific requirements for material properties are defined. The developed approach is based on the assessment of the effects of LMD process parameters on microstructure and material performance of standard AM 2205 duplex stainless steel powder. Duplex stainless steel offers attractive properties for maritime applications, combining high strength, enhanced ductility and excellent corrosion resistance due to the specific amounts of ferrite and austenite. These properties are strongly affected by the microstructural characteristics in addition to microstructural defects such as porosity and welding defects, all strongly influenced by the chosen LMD process parameters. In this study, the influence of deposition speed and heat input was evaluated. First, the influences of deposition speed and heat input on the microstructure characteristics, including ferrite/austenite fraction, amount of porosity and welding defects, were evaluated. Then, the achieved mechanical properties were evaluated by standard testing methods, measuring the hardness, tensile strength and elongation, bending force and impact energy. The measured properties were compared to the requirements of the water jet impeller. The results show that the required amounts of ferrite and austenite can be achieved directly by the LMD process without post-weld heat treatments. No intermetallic phases were observed in the material produced by the investigated process parameters. A high deposition speed was found to reduce the ductility due to the formation of welding defects. An increased heat input was associated with reduced strength due to the coarsening of the ferrite/austenite microstructure. The microstructure characterizations and measured mechanical performance demonstrate the great potential of the LMD process and generate a valuable database for the optimization of the LMD process for duplex stainless steels.

Keywords: duplex stainless steel, laser metal deposition, process optimization, microstructure, mechanical properties

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Authors: Andrea Bellucci, Martina Tofi

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The aim of paper is to analyze business models of bancassurance in Italy for life business. The life insurance business is very developed in the Italian market and banks branches have 80% of the market share. Given its maturity, the life insurance market needs to consolidate its organizational form to allow for the development of non-life business, which nowadays collects few premiums but represents a great opportunity to enlarge the market share of bancassurance using its strength in the distribution channel while the market share of independent agents is decreasing. Starting with the main business model of bancassurance for life business, this paper will analyze the performances of life companies in the Italian market by balance sheet indicators and by main discriminant variables of business models. The study will observe trends from 2013 to 2015 for the Italian market by exploiting a database managed by Associazione Nazionale delle Imprese di Assicurazione (ANIA). The applied approach is based on a bottom-up analysis starting with variables and indicators to define business models’ classification. The statistical classification algorithm proposed by Ward is employed to design business models’ profiles. Results from the analysis will be a representation of the main business models built by their profile related to indicators. In that way, an unsupervised analysis is developed that has the limit of its judgmental dimension based on research opinion, but it is possible to obtain a design of effective business models.

Keywords: bancassurance, business model, non life bancassurance, insurance business value drivers

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Authors: Tahmina Akhter

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In the present work, we make a study of the repercussions of the pandemic generated by Covid-19 in the real estate market, this disease has affected almost all sectors of the economy across different countries in the world, including the real estate markets. This documentary research, basically focused on the years 2021 and 2022, as we seek to focus on the strongest time of the pandemic. We carried out the study trying to take into account the repercussions throughout the world and that is why the data we analyze takes into account information from all continents as possible. Particularly in the US, Europe and China where the Covid-19 impact has been of such proportions that it has fundamentally affected the housing market for middle-class housing. In addition, a risk has been generated, the investment of this market, due to the fact that companies in the sector have generated losses in certain cases; in the Chinese case, Evergrande, one of the largest companies in the sector, fell into default.

Keywords: COVID-19, real estate market, statistics, pandemic

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Authors: Azad Hussain, Andrew Cobley

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The demand for lightweight parts with high mechanical strength(s) and integrity, in sectors such as the aerospace and automotive is ever increasing, motivated by the need for weight reduction in order to increase fuel efficiency with components usually manufactured using a high grade primary metal or alloy. For components manufactured using the squeeze casting process, this alloy is usually A356 aluminium (Al), it is one of the most versatile Al alloys; and is used extensively in castings for demanding environments. The A356 castings provide good strength to weight ratio making it an attractive option for components where strength has to be maintained, with the added advantage of weight reduction. In addition, the versatility in castabilitiy, weldability and corrosion resistance are other attributes that provide for the A356 cast alloy to be used in a large array of industrial applications. Conversely, it is rare to use remelted Al in these cases, due the nature of the applications of components in demanding environments, were material properties must be defined to meet certain specifications for example a known strength or ductility. However the use of remelted Al, especially primary grade Al such as A356, would offer significant cost and energy savings for manufacturers using primary alloys, provided that remelted aluminium can offer similar benefits in terms of material microstructure and mechanical properties. This study presents the results of the material microstructure and properties of 100% primary A356 Al and 100% remelt Al cast, manufactured via the direct squeeze cast method. The microstructures of the castings made from remelted A356 Al were then compared with the microstructures of primary A356 Al. The outcome of using remelting Al on the microstructure was examined via different analytical techniques, optical microscopy of polished and etched surfaces, and scanning electron microscopy. Microstructural analysis of the 100% remelted Al when compared with primary Al show similar α-Al phase, primary Al dendrites, particles and eutectic constituents. Mechanical testing of cast samples will elucidate further information as to the suitability of utilising 100% remelt for casting.

Keywords: A356, microstructure, remelt, squeeze casting

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Authors: Mehari Kahsay, Krishna Murthy Kyathegowda, Temesgen Berhanu

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Aluminum matrix composites have gained focus on research and industrial use, especially those not requiring extreme loading or thermal conditions, for the last few decades. Their relatively low cost, simple processing and attractive properties are the reasons for the widespread use of aluminum matrix composites in the manufacturing of automobiles, aircraft, military, and sports goods. In this article, the microstructure, mechanical, and corrosion behaviors of the aluminum metal matrix were reviewed, focusing on the stir casting fabrication process and usage of agro/industrial waste reinforcement particles. The results portrayed that mechanical properties like tensile strength, ultimate tensile strength, hardness, percentage of elongation, impact, and fracture toughness are highly dependent on the amount, kind, and size of reinforcing particles. Additionally, uniform distribution, wettability of reinforcement particles, and the porosity level of the resulting composite also affect the mechanical and corrosion behaviors of aluminum matrix composites. The two-step stir-casting process resulted in better wetting characteristics, a lower porosity level, and a uniform distribution of particles with proper handling of process parameters. On the other hand, the inconsistent and contradicting results on corrosion behavior regarding monolithic and hybrid aluminum matrix composites need further study.

Keywords: microstructure, mechanical behavior, corrosion, aluminum matrix composite

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Authors: Michael Regev, Shai Essel, Alexander Katz-Demyanetz

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Magnesium alloys are characterized by good physical properties: They exhibit high strength, are lightweight and have good damping absorption and good thermal and electrical conductivity. Amorphous magnesium alloys, moreover, exhibit higher strength, hardness and a large elastic domain in addition to having excellent corrosion resistance. These above-mentioned advantages make magnesium based metallic glasses attractive for industrial use. Among the various existing magnesium alloys, Mg₆₅Cu₂₅Y₁₀ alloy is known to be one of the best glass formers. In the current study, Mg₆₅Cu₂₅Y₁₀ ribbons were produced by melt spinning, their microstructure was investigated in its as-cast condition, after pressing under 0.5 GPa for 5 minutes under different temperatures - RT, 500C, 1000C, 1500C and 2000C - and after five minute exposure to the above temperatures without pressing. The microstructure was characterized by means of X-ray Diffraction (XRD), Differential Scanning Calorimetry (DSC), High Resolution Scanning Electron Microscope (HRSEM) and High Resolution Transmission Electron Microscopy (HRTEM). XRD and DSC studies showed that the as-cast material had an amorphous character and that the material crystallized during exposure to temperature with or without applying stress. HRTEM revealed that the as-cast Mg65Cu25Y10, although known to be one of the best glass formers, is nano-crystalline rather than amorphous. The current study casts light on the question what an amorphous alloy is and whether there is any clear borderline between amorphous and nano-crystalline alloys.

Keywords: metallic glass, magnesium, melt spinning, amorphous alloys

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Authors: Bhawat Chiamjinnawat

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The agri-food market transformation has implied market growth for the fruit industry in Thailand. This article focuses on analysis of farmer competence and farm resources which affect market strategies used by fruit farmers in Chanthaburi province of Thailand. The survey data were collected through the use of face-to-face interviews with structured questionnaires. This study identified 14 drivers related to farmer competence and farm resources of which some had significant effect on the decision to use either high-value markets or traditional markets. The results suggest that farmers who used high-value markets were better educated and they had longer experience and larger sized business. Identifying the important factors that match with the market transformation provides policy with opportunities to support the fruit farmers to increase their market power. Policies that promote business expansion of agricultural cooperatives and knowledge sharing among farmers are recommended to reduce limitations due to limited knowledge, low experience, and small business sizes.

Keywords: farmer competence, farm resources, fruit industry, high-value markets, Thailand

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Authors: Marin Mandić, Elis Sutlović, Tonći Modrić, Luka Stanić

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With the restructuring and deregulation of the power system, storage owners, generation companies or private producers can offer their multiple services on various power markets and earn income in different types of markets, such as the day-ahead, real-time, ancillary services market, etc. During the COVID-19 pandemic, electricity prices, as well as ancillary services prices, increased significantly. The optimization of the energy storage operation was performed using a suitable model for simulating the operation of a pumped storage hydropower plant under market conditions. The objective function maximizes the income earned through energy arbitration, regulation-up, regulation-down and spinning reserve services. The optimization technique used for solving the objective function is mixed integer linear programming (MILP). In numerical examples, the pumped storage hydropower plant operation has been optimized considering the already achieved hourly electricity market prices from Nord Pool for the pre-pandemic (2019) and the pandemic (2020 and 2021) years. The impact of the electricity market prices during the COVID-19 pandemic on energy storage operation is shown through the analysis of income, operating hours, reserved capacity and consumed energy for each service. The results indicate the role of energy storage during a significant fluctuation in electricity and services prices.

Keywords: electrical market prices, electricity market, energy storage optimization, mixed integer linear programming (MILP) optimization

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Authors: Trisiladi Supriyanto

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This study aims to establish a concept of rate of profit on Islamic banking that can create economic justice and stability in the Islamic Financial Market (Banking and Capital Markets). A rate of profit that creates economic justice and stability can be achieved through its role in maintaining the stability of the financial system in which there is an equitable distribution of income and wealth. To determine the role of the rate of profit as the basis of the profit sharing system implemented in the Islamic financial system, we can see the connection of rate of profit in creating financial stability, especially in the asset-liability management of financial institutions that generate a stable net margin or the rate of profit that is not affected by the ups and downs of the market risk factors, including indirect effect on interest rates. Furthermore, Islamic financial stability can be seen from the role of the rate of profit on the stability of the Islamic financial assets value that are measured from the Islamic financial asset price volatility in the Islamic Bond Market in the Capital Market.

Keywords: economic justice, equitable distribution of income, equitable distribution of wealth, rate of profit, stability in the financial system

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Authors: Hammad Riaz, Abubakr Saeed

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Environmental Management System (EMS), i.e., ISO 14001 helps to build corporate reputation, legitimacy and can also be considered as firms’ strategic response to institutional pressure to reduce the impact of business activity on natural environment. The financial outcomes of certifying with ISO 14001 are still unclear and equivocal. Drawing on institutional and market learning theories, the impact of ISO 14001 on firms’ market performance is examined for Chinese firms. By employing rigorous event study approach, this paper compared ISO 14001 certified firms with non-certified counterpart firms based on different matching criteria that include size, return on assets and industry. The results indicate that the ISO 14001 has been negatively signed by the investors both in the short and long-run. This paper suggested implications for policy makers, managers, and other nonprofit organizations.

Keywords: ISO 14001, legitimacy, institutional forces, event study approach, emerging markets

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Authors: Sasitorn Chetanont

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The objectives of this study are to find out the approaches to promote healthy recreation activities for elderly tourists and develop Bang Nam Phueng Floating Market to be a health tourism attraction. The research methodology was to analyze internal and external situations according to MP-MF and the MC-STEPS principles. As for the results of this study the researcher found that the healthy recreational activities for elderly tourists could be divided in 7 groups; travelling Bang Nam Phueng Floating Market activity, homestay relaxation, arts center platform activity, healthy massage activity, paying homage to a Buddha image activity, herbal joss-stick home activity, making local desserts and food activity.

Keywords: elderly tourists, recreation activities, Bang Nam Phueng Floating Market, health tourism

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Authors: D. Tloczynski

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The main aim of this article is to present a balance of the decade of Polish air transport market in the European Union having taking into account selected entities of the aviation market. This article analyzes the functioning of the Polish air transport market after the Polish accession to the European Union. During the study two main areas were pointed: shipping activity and activity of the airports. The most important benefits of integration and the benefits of introducing of the open sky policy were indicated. The last part of the article presents the perspectives of development of air traffic.

Keywords: air transport, airports, development air transport, European Union, Poland

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Authors: Mohamed M. Ali, Adel Nofal, Amr Kandil, Mahmoud Agour

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High phosphorus gray iron (HPGI) is used to connect the steel stub of an anode rod to a prebaked anode carbon block in the aluminium reduction cells. In this paper, a complete characterization for HPGI was done, includes studying the chemical composition of the HPGI collar, anodic voltage drop, collar temperature over 30 days anode life cycle, microstructure and mechanical properties. During anode life cycle, the carbon content in HPGI was lowed from 3.73 to 3.38%, and different changes in the anodic voltage drop at the stub- collar-anode connection were recorded. The collar temperature increases over the anode life cycle and reaches to 850°C in four weeks after anode changing. Significant changes in the HPGI microstructure were observed after 3 and 30 days from the anode changing. To simulate the actual operating conditions in the steel stub/collar/carbon anode connection, a bench-scale experimental set-up was designed and used for electrical resistance and resistivity respectively. The results showed the current HPGI properties needed to modify or producing new alloys with excellent electrical and mechanical properties. The steel stub and HPGI thermal expansion were measured and studied. Considerable permanent expansion was observed for the HPGI collar after the completion of the heating-cooling cycle.

Keywords: high phosphorus gray iron (HPGI), aluminium reduction cells, anodic voltage drop, microstructure, mechanical and electrical properties

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Authors: Alexander Marx

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Measuring and mitigating market risk is essential for the stability of enterprises, especially for major banking corporations and investment bank firms. To employ these risk measurement and mitigation processes, the Value at Risk (VaR) is the most commonly used risk metric by practitioners. In the past years, we have seen significant weaknesses in the predictive performance of the VaR in times of financial market crisis. To address this issue, the purpose of this study is to investigate the value-at-risk (VaR) estimation models and their predictive performance by applying a series of backtesting methods on the stock market indices of the G7 countries (Canada, France, Germany, Italy, Japan, UK, US, Europe). The study employs parametric, non-parametric, and semi-parametric VaR estimation models and is conducted during three different periods which cover the most recent financial market crisis: the overall period (2006–2022), the global financial crisis period (2008–2009), and COVID-19 period (2020–2022). Since the regulatory authorities have introduced and mandated the Conditional Value at Risk (Expected Shortfall) as an additional regulatory risk management metric, the study will analyze and compare both risk metrics on their predictive performance.

Keywords: value at risk, financial market risk, banking, quantitative risk management

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Authors: Yağmur Can Gündoğan, Kübra Gürcan Bayrak, Ece Özerdem, Buse Katipoğlu, Erhan Ayas, Rifat Yılmaz

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Eutectic oxide based ceramic matrix composites have a unique microstructure that does not include grain boundary in the form of a continuous network. Because of this, these materials have the properties of perfect high-temperature strength, creep strength, and high oxidation strength. Mechanical properties of them are much related to occurring solidification structures during eutectic reactions. One of the most important production methods of this kind of material is the process of vacuum arc melting. Within scope of this studying, it is aimed to investigate the production of Al₂O₃-YAG-based eutectic ceramics by Arc melting and Spark Plasma Sintering methods for use in aerospace and defense industries where high-temperature environments play an important role and to examine the effects of ZrO₂ and LiF additions on microstructure development and mechanical properties.

Keywords: alumina, composites, eutectic, YAG

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Authors: Seok Hong Min, Tae Kwon Ha

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High-temperature deformation behavior of ferritic stainless steels such as STS 409L, STS 430J1L, and STS 429EM has been investigated in this study. Specimens with fully annealed microstructure were obtained by heat treatment. A series of load relaxation tests has been conducted on these samples at temperatures ranging from 200 to 900oC to construct flow curves in the strain rate range from 10-6 s-1 to 10-3 s-1. Strain hardening was not observed at high temperatures above 800oC in any stainless steels. Load relaxation behavior at the temperature was closely related with high-temperature mechanical properties such as the thermal fatigue and tensile behaviors. Load drop ratio of 436L stainless steel was much higher than that of the other steels. With increasing temperature, strength and load drop ratio of ferritic stainless steels showed entirely different trends.

Keywords: ferritic stainless steel, high temperature deformation, load relaxation, microstructure, strain rate sensitivity

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Authors: Viranshu Kumar, Hitesh Arora, Pradeep Joshi

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SS 304 is Austenitic stainless steel with Chromium and Nickel as basic constituents. It has excellent corrosion resistance properties and very good weldability. Austenitic stainless steels have superior mechanical properties at high temperatures and are used extensively in a range of applications. SS 304L has wide applications in various industries viz. Nuclear, Pharmaceutical, marine, chemical etc. due to its excellent applications and ease of joining this material has become very popular for fabrication as well as weld surfacing. Austenitic stainless steels have a tendency to form chromium depleted zones at the grain boundaries during welding and heat treatment, where chromium combines with available carbon in the vicinity of the grain boundaries, to produce an area depleted in chromium, and thus becomes susceptible to intergranular corrosion. This phenomenon is known as sensitization.

Keywords: sensitization, SS 304, GTAW, mechanical properties, carbideprecipitationHAZ, microstructure, micro hardness, tensile strength

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Authors: Chaiwat Kongsom, Vitoon Panyakul

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The objective of this study was to assess the production and market of certified organic products in Thailand. A purposive sampling technique was used to identify a sample group of 154 organic entrepreneurs for the study. A survey and in-depth interview were employed for data collection. Also, secondary data from organic agriculture certification body and publications was collected. Then descriptive statistics and content analysis technique were used to describe about production and market of certified organic products in Thailand. Results showed that there were 9,218 farmers on 213,183.68 Rai (83,309.2 acre) of certified organic agriculture land (0.29% of national agriculture land). A total of 57.8% of certified organic agricultural lands were certified by the international certification body. Organic farmers produced around 71,847 tons/year and worth around THB 1,914 million (Euro 47.92 million). Excluding primary producers, 471 operators involved in the Thai organic supply chains, including processors, exporters, distributors, green shops, modern trade shops (supermarket shop), farmer’s markets and food establishments were included. Export market was the major market channel and most of organic products were exported to Europe and North America. The total Thai organic market in 2014 was estimated to be worth around THB 2,331.55 million (Euro 58.22 million), of which, 77.9% was for export and 22.06% was for the domestic market. The largest exports of certified organic products were processed foods (66.1% of total export value), followed by organic rice (30.4%). In the domestic market, modern trade was the largest sale channel, accounting for 59.48% of total domestic sales, followed by green shop (29.47%) and food establishment (5.85%). To become a center of organic farming and trading within ASEAN, the Thai organic sector needs to have more policy support in regard to agricultural chemicals, GMO, and community land title. In addition, appropriate strategies need to be developed.

Keywords: certified organic products, production, market, Thailand

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Authors: Keri̇m Emre Öksüz, Şaduman Şen, Uğur Şen

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0.5 wt. % B2O3–doped Ba (Ti1-xZrx) O3, (x=0-0.4) lead-free nanoceramics were synthesized using the solid-state reaction method by adopting the ball milling technique. The influence of the substitution content on crystallographic structure, phase transition, microstructure and sintering behaviour of BT and BZT ceramics were investigated. XRD analysis at room temperature revealed a structural transformation from tetragonal to rhombohedral with enhancement of ZrO2 content in the barium titanate matrix. The scanning electron microscope (SEM) and energy-dispersive X-ray spectroscopy (EDS) were used to investigate microstructure and surface morphology of the sintered samples. The evolution of the Raman spectra was studied for various compositions, and the spectroscopic signature of the corresponding phase was determined. Scanning Electron Microscope (SEM) observations revealed enhanced microstructural uniformity and retarded grain growth with increasing Zr content.

Keywords: BaTiO3, barium-titanate-zirconate, nanoceramics, raman spectroscopy

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Authors: Young Sik Kim, Tae Kwon Ha

Abstract:

High strength Fe-36Ni-base Invar alloys containing Al contents up to 0.3 weight per cent were cast into ingots and thermodynamic equilibrium during solidification has been investigated in this study. From the thermodynamic simulation using Thermo-Calc®, it has been revealed that equilibrium phases which can be formed are two kinds of MC-type precipitates, MoC, and M2C carbides. The mu phase was also expected to form by addition of aluminum. Microstructure observation revealed the coarse precipitates in the as-cast ingots, which was non-equilibrium phase and could be resolved by the successive heat treatment. With increasing Al contents up to 0.3 wt.%, tensile strength of Invar alloy increased as 1400MPa after cold rolling and thermal expansion coefficient increased significantly. Cold rolling appeared to dramatically decrease thermal expansion coefficient.

Keywords: Invar alloy, transition metals, phase equilibrium, aging behavior, microstructure, hardness

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Authors: Carlo Gozzelino

Abstract:

Since the early 2000s, the phenomenon of the two-sided markets has been of growing interest in academic literature as such kind of markets differs by having cross-side network effects and same-side network effects characterizing the transactions, which make the analysis different when compared to traditional seller-buyer concept. Due to such externalities, pricing strategies can be based on subsidizing the participation of one side (i.e. considered key for the platform to attract the other side) while recovering the loss on the other side. In recent years, several players of the Italian financial intermediation industry moved from an integrated landscape (i.e. selling their own products) to an open one (i.e. intermediating third party products). According to academic literature such behavior can be interpreted as a merchant move towards a platform, operating in a two-sided market environment. While several application of two-sided market framework are available in academic literature, purpose of this paper is to use a two-sided market concept to suggest a new framework applied to financial intermediation. To this extent, a model is developed to show how competitors behave when vertically integrated and how the peculiarities of a two-sided market act as an incentive to disintegrate. Additionally, we show that when all players act as a platform, the dynamics of a two-sided markets can allow at least a Nash equilibrium to exist, in which platform of different sizes enjoy positive profit. Finally, empirical evidences from Italian market are given to sustain – and to challenge – this interpretation.

Keywords: financial intermediation, network externalities, two-sided markets, vertical differentiation

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