• Journal of Climate Change Research
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• v.4 no.4
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• pp.371-384
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• 2013

The appearance of abnormal weather caused by climate change have both direct and indirect impact on the society. Especially, agriculture is brought up as a socially important interest having direct impact of climate change in growth and harvest of crops. This study aims to perform vulnerability assessment for the South Korea's two main imported grains, maize and wheat. The production vulnerability assessment of maize and wheat in USA and China to temperature variability, which has a great impact in production, is performed. First, grain cultivation period which affects productivity of main grain production country was selected based on the main cultivation period from several references and previous studies. Then, Intergovernmental Panel on Climate Change AR5 greenhouse gas scenario RCP(representative concentration pathways)8.5 scenarios was used to select the future climate that correspond to the cultivation period of maize and wheat for each producing country. According to the result of production vulnerability analysis using adaptation (temperature changing trend) and sensitivity(temperature variability), the productivity of wheat was higher in USA, while productivity of maize was higher in China. In the future, the result showed that productivity of all two grains will be favorable in USA. The result of production vulnerability assessment through this study can later be used as a preparation data for the coming fluctuation in grain price due to climate change.

• Clean Technology
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• v.20 no.1
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• pp.13-21
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• 2014

Because of the water scarcity caused by the increase of salinity in the underground water, seawater desalination stands out as one of the most promising solution. As there are so much energy costs in operating desalination plants, new hybrid process which is more effective should be researched. A geothermal VMD (vacuum membrane distillation) hybrid process is a competitive alternative for seawater desalination. Because geothermal energy has significant characteristics of high capacity factor to operate the power plant at full capacity for 24 hour per day, it can be a priority heat source of VMD superior to any other renewable energies such as solar and wind power. In this study, we design a geothermal VMD hybrid process, analyze it economically and finally compare the result with a case of conventional VMD process. Geothermal VMD hybrid process generates $23,822,409 of NPV (net present value) more than the conventional VMD process in case of 5% discount rate. The break-even point between these processes is 5.36 year. Sensitivity analysis indicates that steam cost is the most decisive influence variable to the economic outcome.

• Korean Journal of Construction Engineering and Management
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• v.9 no.1
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• pp.187-198
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• 2008

There are usually plenty of material inventories in a construction site. More inventories can meet unexpected demands, and also they may have an economical advantage by avoiding a probable escalation of raw material costs. On the other hand, these inventories also cause negative aspects to increase costs for storing redundant inventory as well as decreasing construction productivity. Therefore, a proper method of deciding an optimal level of material inventories while considering dynamic variations of resources under uncertainty is very crucial for the economical efficiency of construction projects. This research presents a stochastic modelling method for construction operations, particularly targeting a work process involving on-site fabrication of raw materials like iron-rebar process (delivery, cut and assembly, and placement). To develop the model, we apply the concept of factory physics to depict the overall components of a system. Then, an optimal inventory management model is devised to support purchase decisions where users can make timely actions on how much to order and when to buy raw materials. Also, optimal time lag, which minimizes the storage time for pre-assembled materials, is obtained. To verify this method, a real case is applied to elicit an optimal amount of inventory and time lag. It is found that average values as well as variability of inventory level decreased significantly so as to minimize economic costs related to inventory management under uncertain project condition.

• Resources Recycling
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• v.28 no.6
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• pp.26-35
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• 2019

This study aims to introduce and economical review on the possibilities of rare earth elements(REEs) recovery from coal ashes and the analysis of economical evaluation factors based on the data for securing domestic rare earth elements. The cut-off grade of REEs on recovering from coal ash was confirmed to be 1,000 ppm on total rare earth oxides(TREO) basis, and while the economic value of coal ash changed with contents and specific elements of rare earth elements. This shall be resulted in the price differences of rare earth elements required by the current industry, and it probably varies depending on the future demand of rare earth components. For developing of commercial recovery technology on REEs in coal ashes, many researches have been carried out by various analyzing methods, such as evaluation of holding value of REEs in ashes, assessment between supply and demand of industry, comparison of investment and its profitability for the REEs's production from coal ashes, and so on. Although these methods have been suggested, its recovery system with economical feasibility could not been confirmed up to present. In this reason, the process design of recovering REEs from coal ash shall be researched continuously to solve the problems of the global rare earth market. And also these researches shall be conducted actively in Korea for the purpose of securing the REEs resources and their recovering technologies.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.95-126
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• 2003

This paper introduces multifractal processes and presents the empirical investigation of the multifractal asset pricing. The multifractal stock price process contains long-tails which focus on Levy-Stable distributions. The process also contains long-dependence, which is the characteristic feature of fractional Brownian motion. Multifractality introduces a new source of heterogeneity through time-varying local reqularity in the price path. This paper investigates multifractality in stock prices. After finding evidence of multifractal scaling, the multifractal spectrum is estimated via the Legendre transform. The distinguishing feature of the multifractal process is multiscaling of the return distribution's moments under time-resealing. More intensive study is required of estimation techniques and inference procedures.

• Journal of Navigation and Port Research
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• v.45 no.6
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• pp.276-283
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• 2021

The capital structure of the shipping business, which is characterized by its capital intensity and extreme market volatility, is closely related to long-term stability. Research in this area has been conducted mostly in the form of deriving the determinants of capital structure from company-wise financial ratios. This research, on the other hand, has a different approach to the topic. It identifies the relationship between actual cash profit and loss and other variables - i.e. actual vessel prices, interest rates and leverage ratio - by employing historical simulation. The result demonstrates that the P anamax cash profit shows 0 (break-even point) when the debt weight reaches 64.38% (debt ratio 180.74%) and the Cape, 73.04% (debt ratio 270.92%). Additionally, the ships of different types show a divided pattern for the pre- and post-'Super Boom'. It indicates that the business area and the market cycle should be considered when a leverage strategy is established. This research benefits shipping companies set a rational leverage strategy as well as delivers a reasonable guideline to government authorities for the development of a sound policy on shipping finance.

• Environmental and Resource Economics Review
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• v.31 no.2
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• pp.233-260
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• 2022

In this paper, we analyzed how oil price fluctuations affect stock price by industry using the non-parametric quantile causality test method. We used weekly data of WTI spot price, KOSPI index, and 22 industrial stock indices from January 1998 to April 2021. The empirical results show that the effect of changes in oil prices on the KOSPI index was not significant, which can be attributed to mixed responses of diverse stock prices in several industries included in the KOSPI index. Looking at the stock price response to oil price by industry, the 9 of 18 industries, including Cloth, Paper, and Medicine show a causality with oil prices, while 9 industries, including Food, Chemical, and Non-metal do not show a causal relationship. Four industries including Medicine and Communication (0.45~0.85), Cloth (0.15~0.45), and Construction (0.5~0.6) show causality with oil prices more than three quantiles consecutively. However, the quantiles in which causality appeared were different for each industry. From the result, we find that the effects of oil price on the stock prices differ significantly by industry, and even in one industry, and the response to oil price changes is different depending on the market situation. This suggests that the government's macroeconomic policies, such as industrial and employment policies, should be performed in consideration of the differences in the effects of oil price fluctuations by industry and market conditions. It also shows that investors have to rebalance their portfolio by industry when oil prices fluctuate.

• Journal of Navigation and Port Research
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• v.30 no.10 s.116
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• pp.839-845
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• 2006

A laser docking system provides a centimeter-level accuracy distance from jetty mounted laser sensors in order to help a vessel to approach to a pier. It is very accurate & useful, whereas there are too many considerable problems. Laser sensors of the laser docking system need to be correctly positioned and installed on a jetty to allow for full range of vessels to be berthed and to consider loading condition and tidal variations. Above all, the laser docking system is expensive and its service coverage is limited. In order to solve these problems, CDGPS positioning method using GPS satellites has been proposed. This paper presents that, through RHDOP simulation, the previous CDGPS positioning method using only GPS satellites is not able to provide the continuous service with centimeter-level positioning accuracy. And this paper proposes a pseudolite-augmented positioning method for vessel docking in order to solve the problem of the continuous service on the previous CDGPS positioning method. In this paper, pseudolite is used to aid in CDGPS positioning. This paper shows that the proposed method can provides the continuous service through comparison analysis of RHDOP simulation results between the GPS satellite constellation and the pseudolite-augmented GPS satellite constellation. Furthermore, it is shown that the proposed positioning method satisfies the positioning performance required for vessel automatic docking at a test bed designed for performance evaluation.

• Clean Technology
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• v.25 no.4
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• pp.289-295
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• 2019

Though the usage of vinyls and plastics produced from fossil fuels has been increasing in the world, the eco-friendly domestic disposal or recycling of waste vinyls has to be executed because the migration or importation of waste vinyls or waste plastics are globally prohibited. Even though the eco-friendly domestic disposal or recycling of waste vinyls and waste plastics should be developed, promising eco-friendly recycling methods are few because there are extraneous substances in waste vinyls and waste plastics. Also, conventional incineration and landfill methods result in secondary contamination and then increase disposal costs. Therefore, the selective elimination of extraneous substances or other materials included in waste vinyls and waste plastics could make valuable recycling or reuse possible. In particular, the novel hybrid process in which crushing and screening are simultaneously conducted in a rotary kiln type reactor can domestically maximize the material recycling or reuse. In this study, the feasibility study for a crushing/screening hybrid process developed in Korea was performed and evaluated in case of thermal recycling (TR) and material recycling (MR). The effect of various subsidies on economic efficiency was especially evaluated by means of domestic recycling plans. The incentive revenues from waste vinyl recycling and the incineration share of waste vinyls affected the net present values and internal rate of returns of the hybrid process.

• Journal of the Korea Society of Computer and Information
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• v.28 no.1
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• pp.17-26
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• 2023

In this paper, we propose a several smoothing techniques are compared and applied to increase the application of the LSTM-based learning model and its effectiveness. The applied smoothing technique is Savitky-Golay, exponential smoothing, and weighted moving average. Through this study, the LSTM algorithm with the Savitky-Golay filter applied in the preprocessing process showed significant best results in prediction performance than the result value shown when applying the LSTM model to Bitcoin data. To confirm the predictive performance results, the learning loss rate and verification loss rate according to the Savitzky-Golay LSTM model were compared with the case of LSTM used to remove complex factors from Bitcoin price prediction, and experimented with an average value of 20 times to increase its reliability. As a result, values of (3.0556, 0.00005) and (1.4659, 0.00002) could be obtained. As a result, since crypto-currencies such as Bitcoin have more volatility than stocks, noise was removed by applying the Savitzky-Golay in the data preprocessing process, and the data after preprocessing were obtained the most-significant to increase the Bitcoin prediction rate through LSTM neural network learning.