실물옵션이론을 이용한 전파자원 회수 및 재배치 정책 모형화에 관한 연구

In the early stage, the radio communication industry was widely accepted as a monopoly industry, so it has been controled and managed by government. But the advanced technology in Information and Technology industry has led constant increase of demand and dramatic change of communication market. Furthermore it is expected that frequency resource is to be short by market change due to wire-wireless integration. That is why the effort to utilize and manage limited frequency resource efficiently is being executed around the world. Not only newly developing and allocating the spectrum but also reallocating the existing spectrum important are, since transforming inefficiently used existing spectrum to new service can increase producer's surplus and social welfare. The economic approach to valuate the spectrum and spectrum usage right is necessary different from the traditional cost based approach, and through this approach I expect active transaction of spectrum. In this paper the real option methodology is used for valuation of spectrum, considering spectrum user's option right based on future revenue. In detail, the matter of withdrawing and reallocating the existing analog radio broadcasting spectrum is evaluated in this paper, The digitalization of a broadcasting service is widely spreaded around the world in terms of technology and service utility, and analog TV broadcasting has already been decided to be transformed to digital TV broadcasting. It was planned to convert analog radio broadcasting to DAB service before adopting DMB service, but nowadays this issue is not on the table anymore. However if the increasing demand of digital voice and broadcasting service is considered, this kind of research to valuate a spectrum is needed urgently. The result of this research shows that when the redeployment of spectrum is done, social welfare will increases. The point of the reallocation time and value are suggested by the monte carlo simulation through ROVM. In this paper, I use real option to valuate the spectrum and provide the point of the reallocation time and reasonable guideline, and moreover, the suitable information of this paper is expected to reduce risk and loss in policy practice.