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Real Option Analysis to Value Government Risk Share Liability in BTO-a Projects (손익공유형 민간투자사업의 투자위험분담 가치 산정)

  • KU, Sukmo;LEE, Sunghoon;LEE, Seungjae
    • Journal of Korean Society of Transportation
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    • v.35 no.4
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    • pp.360-373
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    • 2017
  • The BTO-a projects is the types, which has a demand risk among the type of PPP projects in Korea. When demand risk is realized, private investor encounters financial difficulties due to lower revenue than its expectation and the government may also have a problem in stable infrastructure operation. In this regards, the government has applied various risk sharing policies in response to demand risk. However, the amount of government's risk sharing is the government's contingent liabilities as a result of demand uncertainty, and it fails to be quantified by the conventional NPV method of expressing in the text of the concession agreement. The purpose of this study is to estimate the value of investment risk sharing by the government considering the demand risk in the profit sharing system (BTO-a) introduced in 2015 as one of the demand risk sharing policy. The investment risk sharing will take the form of options in finance. Private investors have the right to claim subsidies from the government when their revenue declines, while the government has the obligation to pay subsidies under certain conditions. In this study, we have established a methodology for estimating the value of investment risk sharing by using the Black - Scholes option pricing model and examined the appropriateness of the results through case studies. As a result of the analysis, the value of investment risk sharing is estimated to be 12 billion won, which is about 4% of the investment cost of the private investment. In other words, it can be seen that the government will invest 12 billion won in financial support by sharing the investment risk. The option value when assuming the traffic volume risk as a random variable from the case studies is derived as an average of 12.2 billion won and a standard deviation of 3.67 billion won. As a result of the cumulative distribution, the option value of the 90% probability interval will be determined within the range of 6.9 to 18.8 billion won. The method proposed in this study is expected to help government and private investors understand the better risk analysis and economic value of better for investment risk sharing under the uncertainty of future demand.

COMPARISON OF FLUX AND RESIDENT CONCENTRATION BREAKTHROUGH CURVES IN STRUCTURED SOIL COLUMNS (구조토양에서의 침출수와 잔존수농도의 파과곡선에 관한 비교연구)

  • Kim, Dong-Ju
    • Journal of Korea Soil Environment Society
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    • v.2 no.2
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    • pp.81-94
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    • 1997
  • In many solute transport studies, either flux or resident concentration has been used. Choice of the concentration mode was dependent on the monitoring device in solute displacement experiments. It has been accepted that no priority exists in the selection of concentration mode in the study of solute transport. It would be questionable, however, to accept the equivalency in the solute transport parameters between flux and resident concentrations in structured soils exhibiting preferential movement of solute. In this study, we investigate how they differ in the monitored breakthrough curves (BTCs) and transport parameters for a given boundary and flow condition by performing solute displacement experiments on a number of undisturbed soil columns. Both flux and resident concentrations have been simultaneously obtained by monitoring the effluent and resistance of the horizontally-positioned TDR probes. Two different solute transport models namely, convection-dispersion equation (CDE) and convective lognormal transfer function (CLT) models, were fitted to the observed breakthrough data in order to quantify the difference between two concentration modes. The study reveals that soil columns having relatively high flux densities exhibited great differences in the degree of peak concentration and travel time of peak between flux and resident concentrations. The peak concentration in flux mode was several times higher than that in resident one. Accordingly, the estimated parameters of flux mode differed greatly from those of resident mode and the difference was more pronounced in CDE than CLT model. Especially in CDE model, the parameters of flux mode were much higher than those of resident mode. This was mainly due to the bypassing of solute through soil macropores and failure of the equilibrium CDE model to adequate description of solute transport in studied soils. In the domain of the relationship between the ratio of hydrodynamic dispersion to molecular diffusion and the peclet number, both concentrations fall on a zone of predominant mechanical dispersion. However, it appears that more molecular diffusion contributes to the solute spreading in the matrix region than the macropore region due to the nonliearity present in the pore water velocity and dispersion coefficient relationship.

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The Phenomenological Comparison between Results from Single-hole and Cross-hole Hydraulic Test (균열암반 매질 내 단공 및 공간 간섭 시험에 대한 현상적 비교)

  • Kim, Tae-Hee;Kim, Kue-Young;Oh, Jun-Ho;Hwang, Se-Ho
    • Journal of Soil and Groundwater Environment
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    • v.12 no.5
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    • pp.39-53
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    • 2007
  • Generally, fractured medium can be described with some key parameters, such as hydraulic conductivities or random field of hydraulic conductivities (continuum model), spatial and statistical distribution of permeable fractures (discrete fracture network model). Investigating the practical applicability of the well-known conceptual models for the description of groundwater flow in fractured media, various types of hydraulic tests were applied to studies on the highly fractured media in Geumsan, Korea. Results from single-hole packer test show that the horizontal hydraulic conductivities in the permeable media are between $7.67{\times}10^{-10}{\sim}3.16{\times}10^{-6}$ m/sec, with $7.70{\times}10^{-7}$ m/sec arithmetic mean and $2.16{\times}10^{-7}$ m/sec geometric mean. Total number of test interval is 110 at 8 holes. The number of completely impermeable interval is 9, and the low permeable interval - below $1.0{\times}10^{-8}$ m/sec is 14. In other words, most of test intervals are permeable. The vertical distribution of hydraulic conductivities shows apparently the good correlation with the results of flowmeter test. But the results from the cross-hole test show some different features. The results from the cross-hole test are highly related to the connectivity and/or the binary properties of fractured media; permeable and impermeable. From the viewpoint of the connection, the application of the general stochastic approach with a single continuum model may not be appropriate even in the moderately or highly permeable fractured medium. Then, further studies on the investigation method and the analysis procedures should be required for the reasonable and practical design of the conceptual model, with which the binary properties, including permeable/impermeable features, can be described.

Isolation and Characterization of the IAA Producing Methylotrophic Bacteria from Phyllosphere of Rice Cultivars(Oryza sativa L.) (벼(Oryza sativa L.)의 잎 면으로부터의 IAA를 생성하는 Methylotrophic Bacteria의 분리 선별 및 특성 비교)

  • Lee, Kyu-Hoi;Munusamy , Madhaiyan;Kim, Chung-Woo;Lee, Hyoung-Seok;Selvaraj, Poonguzhali;Sa, TongMin
    • Korean Journal of Soil Science and Fertilizer
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    • v.37 no.4
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    • pp.235-244
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    • 2004
  • In this study, we compared the levels of methylotrophic bacterial community diversity in the leaf samples of 19 rice cultivars collected from three regions of Korea. Nineteen pink pigmented isolates showing characteristic growth on methanol were obtained. Physiological and biochemical characters of each isolate were examined according to methods described in Bergey's Manual of Systematic Bacteriology. When phylotypes were defined by performing numerical analysis of 37 characteristics, four distinct clusters were formed. The two reference strains, Methylobacterium extorquens AM1 and Methylobacterium fujisawaense KACC10744 were found to group under cluster IV and cluster III respectively. Cluster I diverged on the basis of nitrate reduction and four isolates showed tolerance upto 0.5 M NaCl concentrations. Two strains in cluster I and III were found to possess methane utilizing properties. Most of the isolates in all the four clusters utilized monosaccharides, disaccharide and polyols as carbon source. When the isolates were subjected for indole-3-acetic acid (IAA) analysis in the presence of L-tryptophan, only 8 isolates exhibited IAA production. In addition, the nitrogen source in the medium was found to influence the IAA production. Addition of $(NH_4)_2SO_4$ in the medium led to a 2 to 30 fold increase in the indole synthesis. However, $KNO_3$, $NH_4NO_3$ and $NH_4Cl$ substitution did not significantly stimulate the synthesis of IAA in the growth medium. Result of gnotobiotic root elongation assay significantly increased roots and shoots lengths, and number of lateral roots, which is mediated by IAA production in the culture medium. The rice seedlings primary roots from seeds treated with methylotrophic isolates were on average 27 to 56% longer than the roots from seeds treated with the uninoculated seeds. In addition, application of different high concentrations of authentic IAA ($400g\;mL^{-1}$) to roots of rice seedlings inhibited root growth. However, the IAA concentration from 10 to $200g\;mL^{-1}$, IAA promoted root growth of rice seedlings. These results suggest that bacterial IAA plays a major role in the development of the host plant root system.

Consumers Perceptions on Monosodium L-glutamate in Social Media (소셜미디어 분석을 통한 소비자들의 L-글루타민산나트륨에 대한 인식 조사)

  • Lee, Sooyeon;Lee, Wonsung;Moon, Il-Chul;Kwon, Hoonjeong
    • Journal of Food Hygiene and Safety
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    • v.31 no.3
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    • pp.153-166
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    • 2016
  • The purpose of this study was to investigate consumers' perceptions on monosodium L-glutamate (MSG) in social media. Data were collected from Naver blogs and Naver web communities (Korean representative portal web-site), and media reports including comment sections on a Yonhap news website (Korean largest news agency). The results from Naver blogs and Naver web communities showed that it was primarily mentioned MSG-use restaurant reviews, 'MSG-no added' products, its safety, and methods of reducing MSG in food. When TV shows on current affairs, newspaper, or TV news reported uses and side effects of MSG, search volume for MSG has increased in both PC and mobile search engines. Search volume has increased especially when TV shows on current affairs reported it. There are more periods with increased search volume for Mobile than PC. Also, it was mainly commented about safety of MSG, criticism of low-quality foods, abuse of MSG, and distrust of government below the news on the Yonhap news site. The label of MSG-no added products in market emphasized "MSG-free" even though it is allocated as an acceptable daily intake (ADI) not-specified by the Joint FAO/WHO Expert Committee on Food Additives (JECFA). When consumers search for MSG (monosodium L-glutamate) or purchase food on market, they might perceive that 'MSG-no added' products are better. Competent authorities, offices of education and local government provide guidelines based on no added MSG principle and these policies might affect consumers' perceptions. TV program or news program could be a powerful and effective consumer communication channel about MSG through Mobile rather than PC. Therefore media including TV should report item on monosodium L-glutamate with responsibility and information based on scientific background for consumers to get reliable information.

Study on the Anchovy Boat Seine - II - On The Hydrodynamic Resistance and Performance of Patti-net (기선권현망의 연구 II - 파치망의 유체저항과 그물꼴에 관하여 -)

  • Lee, Byoung-Gee;Su, Young-Tae;Han, Hi-Soo
    • Journal of the Korean Society of Fisheries and Ocean Technology
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    • v.14 no.2
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    • pp.63-68
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    • 1978
  • A boat seine has been used as a major fishing gear for catching anchovy (Engraulis japonica) in the southern coastal waters of Korea since the 1920s. Since the 1950s some improvement from the original seine has been made; powered boats equipped with net hauler has been used instead of rowing boats with hand-driven capstan, and the seining method has been changed into the trawling method. But even now, there are many problems to be solved in the view point of decreasing man power without decreasing catching efficiency. For the purpose, patti-net has been introduced from Japan and experimented on the commercial base since 1972, and it was known that the patti-net could be operated with man power as half as needed in the coventional net, but catching efficiency was not so desirable. Therefore, the study on the characteristics of it were required. The authors carried out a model experiment with a Qne-twentieth scale model net towed by a powered boat on the sea. The obtained results run as follows: 1. Hydrodynamic resistance of the model net can be explained as $R_p=69.6 V_{I.66}$ $R_h=37 v^2$ where $R_p$ and $R_b$ denote the resistance of the whole gear and the cod end in kg respectively, and v the towing speed in mlsec. 2. Performance of wing and cod end showed no deformation such as observed at the conventional net. 3. The ratio of opening at the entrance of bag net to that of cod end showed about 2: 1. Therefore, when we intend to enlarge the net to be able to operate in the deep fishing ground, the cod end should be enlarged in the same proportion and increased towing power is needed .. Then, it will be better to increase the ratio for increasing fishing efficiency without increasing towing power.

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Preliminary Study for Elevated Serum CXCL10 and CXCL11 in Active Pulmonary Tuberculosis Compared with the Other Pulmonary Diseases (타 폐질환과 비교를 통한 활동성 결핵에서 혈중 CXCL10과 CXCL11 증가의 의의)

  • Park, Mi Young;Kim, Shine Young;Hwang, Sang-Hyun;Kim, Ji-Eun;Lee, Min Ki;Lee, Chang-Hun;Lee, Eun-Yup
    • Tuberculosis and Respiratory Diseases
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    • v.66 no.3
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    • pp.205-210
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    • 2009
  • Background: CXCL10 and CXCL11, which are family of CXCR3 ligands, are expressed by lymphocytes and even by bronchial epithelial cells if the cellular immunity is activated. This study evaluated the potential utility of CXCL10 and CXCL11 in the serum for active pulmonary tuberculosis in comparison with lung cancer, which activates the cellular immunity, and benign lung diseases. Methods: Patients who newly visited Pusan National University Hospital from January 2007 to December 2007 and were suspected of having lung cancer or tuberculosis were enrolled prospectively. The patients were classified pathologically and clinically into three groups, 47 with lung cancer, 18 with active pulmonary tuberculosis and 38 control patients with benign pulmonary disease. ELISA was used to determine the levels of CXCL10 and CXCL11 were determined in the serum. Results: The level of CXCL10 and CXCL11 were significantly higher in the active pulmonary tuberculosis group than in the lung cancer and benign lung disease groups (p<0.001, Kruskal-Wallis). The level of CXCL11 was significantly higher in the lung cancer group than in the benign pulmonary disease group, but there was no significant difference in level of CXCL10 between the three groups (p<0.001, p=0.655, respectively, Mann-Whitney U). The level of CXCL10 in patients with stage III+IV lung cancer was significantly higher than those with stage I+II, but there was no significant difference in the level of CXCL11 between the groups (p<0.001, p=0.07, respectively, Mann-Whitney U). There was no significant difference in the level of CXCL10 and CXCL11 between those with the presence and absence of lung cancer metastasis. There was a significant correlation between the level of CXCL10 and CXCL11 (r=0.223, p<0.001). Conclusion: CXCL10 and CXCL11 may be a potential useful markers for active pulmonary tuberculosis if used alongside other diagnostic methods.

Helicopter Pilot Metaphor for 3D Space Navigation and its implementation using a Joystick (3차원 공간 탐색을 위한 헬리콥터 조종사 메타포어와 그 구현)

  • Kim, Young-Kyoung;Jung, Moon-Ryul;Paik, Doowon;Kim, Dong-Hyun
    • Journal of the Korea Computer Graphics Society
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    • v.3 no.1
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    • pp.57-67
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    • 1997
  • The navigation of virtual space comes down to the manipulation of the virtual camera. The movement of the virtual cameras has 6 degrees of freedom. However, input devices such as mouses and joysticks are 2D. So, the movement of the camera that corresponds to the input device is 2D movement at the given moment. Therefore, the 3D movement of the camera can be implemented by means of the combination of 2D and 1D movements of the camera. Many of the virtual space navigation browser use several navigation modes to solve this problem. But, the criteria for distinguishing different modes are not clear, somed of the manipulations in each mode are repeated in other modes, and the kinesthetic correspondence of the input devices is often confusing. Hence the user has difficulty in making correct decisions when navigating the virtual space. To solve this problem, we use a single navigation metaphore in which different modes are organically integrated. In this paper we propose a helicopter pilot metaphor. Using the helicopter pilot metaphore means that the user navigates the virtual space like a pilot of a helicopter flying in space. In this paper, we distinguished six 2D movement spaces of the helicopter: (1) the movement on the horizontal plane, (2) the movement on the vertical plane,k (3) the pitch and yaw rotations about the current position, (4) the roll and pitch rotations about the current position, (5) the horizontal and vertical turning, and (6) the rotation about the target object. The six 3D movement spaces are visualized and displayed as a sequence of auxiliary windows. The user can select the desired movement space simply by jumping from one window to another. The user can select the desired movement by looking at the displaced 2D movement spaces. The movement of the camera in each movement space is controlled by the usual movements of the joystick.

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A study on the self-concept and the appearance management behavior in middle school students' (중학생의 자아개념과 외모관리행동 연구)

  • Lee, Jin-Young;Wee, Eun Hah
    • Journal of Korean Home Economics Education Association
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    • v.25 no.3
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    • pp.19-38
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    • 2013
  • This study focuses on the differences in general self-concept, academic self-concept, significant others self-concept and emotional-physical self-concept in relation to appearance management behavior. It goes on to show that appearance management behaviors such as styles in clothing, makeup, skin care, hair care, cosmetic surgery and body shaping, weight control management are strongly influenced by self-concept. Therefore, this study was carried out with the aim of providing basic understanding and information on the appearance management behavior of middle school students. It was also done in an effort to find ways of improving the self-concept of students through education as a part of the domestic science curriculum. The results obtained in this study are as follows: On average, the middle school students who took part in this study showed low self-concept and appearance management behavior which indicates a negative image of themselves. This suggests that efforts need to be made so that students can see themselves in a positive way and improve their self-concept through appearance management behavior. Middle school students with a positive self-concept try to present themselves by keeping their skin clean and their hair attractive. They express their self-esteem and personality through fashion and by keeping and maintaining their clothing, shoes and bags. They also tend to show a positive attitude towards their studies and are more likely to understand and get along with others. The students who showed positive attitudes towards their bodies and emotions have a higher interest in clothing and try to express the image that they want for themselves. They are also less likely to change their bodies unnaturally through cosmetic surgery and body shaping. Appropriate appearance management behavior can help middle school students see themselves in a more positive way.

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Identification of Matrix Mineralization-Related Genes in Human Periodontal Ligament Cells Using cDNA Microarray (cDNA microarray에 의한 치주인대세포의 광물화 결절형성에 관여하는 유전자들의 분석)

  • Shin, Jae-Hee;Park, Jin-Woo;Yeo, Shin-Il;Noh, Woo-Chang;Kim, Moon-Kyu;Kim, Jung-Chul;Suh, Jo-Young
    • Journal of Periodontal and Implant Science
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    • v.37 no.sup2
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    • pp.447-463
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    • 2007
  • Periodontal ligament (PDL) cells have been known as multipotential cells, and as playing an important rolesin periodontal regeneration. The PDL cells are composed of heterogeneous cell populations which have the capacity to differentiate into either cementoblasts or osteoblasts, depending on needs and conditions. Therefore, PDL cells have the capacity to produce mineralized nodules in vitro in mineralization medium which include ascorbic acid, ${\beta}$-glycerophosphate and dexamethasone. In spite of these well-known osteoblast like properties of PDL cells, very little is known about the molecules involved in the formation of the mineralized nodules in the PDL cells. In the present study, we analysed gene-expression profiles during the mineralization process of cultured PDL cells by means of a cDNA microarray consisting of 3063 genes. Nodules of mineralized matrix were strongly stained with alizarin red S on the PDL cells cultured in the media with mineralization supplements. Among 3,063 genes analyzed, 35 were up-regulated more than two-fold at one or more time points in cells that developed matrix mineralization nodules, and 38 were down-regulated to less than half their normal level of expression. In accord with the morphological change we observed, several genes related to calcium-related or mineral metabolism were induced in PDL cells during osteogenesis, such as IGF-II and IGFBP-2. Proteogycan 1, fibulin-5, keratin 5, ,${\beta}$-actin, ${\alpha}$-smooth muscle actin and capping protein, and cytoskeleton and extracellular matrix proteins were up-regulated during mineralization. Several genes encoding proteins related to apoptosis weredifferentially expressed in PDL cells cultured in the medium containing mineralization supplements. Dkk-I and Nip3, which are apoptosis-inducing agents, were up-regulated, and Btf and TAXlBP1, which have an anti-apoptosis activity, were down-regulated during mineralization. Also periostin and S100 calciumbinding protein A4 were down-regulated during mineralization.