The area of asset managemeht is rich in potential applications of stochastic programming techniques. This article develops a multiperiod stochastic programming model for bank asset and liability management, it shows that the results are far superior to those of a deterministic version of such a model. The algorithm used to solve the stochastic problem is part of the soft ware packages for stochastic optimization problems under development by the Adaptation and Optimization Task at IIASA.

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Vanadis 6 ledeburitic tool steel was subjected to sub-zero treatment at −75 °C for different durations, and for different subsequent tempering regimes. The impact of these treatments on the microstructure, hardness variations, and toughness characteristics of the steel was investigated. The obtained results infer that the retained austenite amount was reduced to one fourth by sub-zero treatment (SZT), and the population density of add-on carbides was increased by factor of three to seven, depending on the duration of SZT. Tempering always reduced the population density of these particles. A hardness increased by 30–60 HV10 was recorded after sub-zero treatment but tempering to the secondary hardness peak induced much more significant hardness decrease than what was established in conventionally quenched steel. The flexural strength was not negatively influenced by sub-zero treatment at −75 °C while the fracture toughness tests gave worse values of this quantity, except the case of steel tempered to the secondary hardness peak.