• Journal of Korea Port Economic Association
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• v.32 no.1
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• pp.123-133
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• 2016

LNG(Liquefied Natural Gas) bunkering has become an important issue with the enforcement of environment regulations in shipping industry required by the International Maritime Organization (IMO). With increased attention on LNG bunkering, many studies that focus on safety, regulation, demand forecasting, and the feasibility of LNG fueled ships have been carried out. However, most of the existing research has not included considerations of the price of LNG bunkering and its competitiveness. This paper, therefore, suggests ways to increase price competitiveness in the LNG bunkering market in the Busan Port. This paper analyzes the LNG bunkering supply mechanism by investigating various LNG bunkering terminal business in the LNG supply market. Factors that determine LNG bunkering price and its elasticity are also identified. Market players who want to operate LNG bunkering terminals in the Busan Port should introduce a merchandising trade method that is able to exclude the "Korea premium" in order to increase price competitiveness. This paper also suggests adoptable strategies such as the use of TPS (Terminal to Ship via Pipeline) type of bunkering service and the importance of location for minimizing initial investment cost.

• Environmental and Resource Economics Review
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• v.31 no.2
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• pp.261-290
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• 2022

Although market stabilization measures have been triggered in the K-ETS, carbon price is still under uncertainty. Considering Korea's 2030 enhanced reduction target announced in October 2021, it is crucial to have practical stabilization measures to appropriately deal with price uncertainty. This study examines the quantitative effects of a price collar, which is considered as a means of alleviating price uncertainty, on expected cumulative emissions and abatement costs. There are three main scenarios: carbon tax, emissions trading system, and emissions trading system with a price collar. Monte Carlo simulation was conducted to reflect uncertainty in emission. There are several results as follows: 1) In a price collar, domestic emission target is likely to be achieved with a lower expected abatement cost than other scenarios. In addition, there is a small amount of excess emissions in this research and it would be not critical(0.1% excess than target); 2) Prohibiting banking increases the expected abatement cost. This is because firms can not intertemporally reallocate allowances to match the firm's optimal emissions path; 3) With the adoption of a price collar, government's net revenue can be positive even if the government's purchase volume of emissions allowances is more than sales volume. This is because the government sells them at price ceiling and purchases them at price floor.

• Journal of the Korean Society of Food Science and Nutrition
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• v.36 no.1
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• pp.124-130
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• 2007

The purposes of this study were (1) to analyze price sensitivity, (2) to define the range of acceptable prices for each foreign segment, and (3) to provide a price model for Korean traditional restaurants. From October to November, 2006, a total of 781 foreigners responded to individual surveys. Statistical analyses on the survey data were performed using descriptive statistics and Price Sensitivity Measurement (PSM). Major findings from the study are as follows: First, the ranges of the acceptable prices were $98$\sim$$130 for fine dining/gourmet restaurants, $70$\sim$$90 for theme/ambience restaurants, $40$\sim$$60 for popular/family restaurants, and $18$\sim$$30 for convenience/fast food restaurants. Second, the convenience/fast food restaurants showed the highest price sensitivity. Third, a low stress level and wide range of the acceptable price were observed for the fine dining/gourmet restaurants, suggesting that the price sensitivity of the fine dining/gourmet restaurants was quite low. Finally, the price sensitivity indicated by the Japanese was higher than by the other groups. In consequence, the research findings suggest that the managers of the Korean traditional restaurants should strategically plan prices by understanding different customers' price sensitivity within and between customer segments. Through additional research, marketers can compare perceptions of specific brands, the competition, and variations within a product line.

• Environmental and Resource Economics Review
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• v.6 no.2
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• pp.259-274
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• 1997

본 논문은 쓰레기종량제 하에서 가격유인책 및 다른 사회 경제적 변수가 가정의 쓰레기발생과 재활용품배출에 미치는 효과를 분석하고 있다. 개별 가정설문자료를 이용하여 가정의 쓰레기발생과 재활용품배출에 대한 구조적 방정식을 3단계 최소자승법으로 추정하였다. 추정결과 가계소득과 가족 수는 쓰레기발생량에 정의 관계로 영향을 미치며, 재활용품배출량은 가정주부의 시간가치와는 역의 관계를 가지고 교육수준과는 정의 관계를 보이고 있다. 쓰레기봉투가격의 인상은 쓰레기발생량에는 영향을 주지 않고 재활용품배출량의 증가를 통해 쓰레기수거서비스에 대한 수요를 감소시키는 것으로 나타난다. 가정에서 분리수거를 통해 재활용할 수 있는 잠재적 재활용가능량은 정부의 재활용품목의 지정 및 재활용기술에 의해 제한되기 때문에 쓰레기가격의 대폭적 인상을 통해 쓰레기수거서비스의 감소를 유도하는 것은 한계가 있는 것으로 보인다.

• Proceedings of the KIEE Conference
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• 2009.07a
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• pp.559_560
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• 2009

정부의 녹색성장기본법(안)에 따라 총량제한 배출권 거래제가 도입될 예정이므로, 배출규제에 대응한 전력시장의 제도적 대응이 요구된다. 본 논문은 배출비용을 감안한 발전원가를 평가하고, 전력시장이 현 비용입찰시장(CBP)의 형태를 유지한다는 전제하에 배출규제에 따른 전력시장가격의 영향을 분석하였다. 배출비용을 감안하더라도 전원별 급전우선순위는 변화하지 않으므로 비용최소화를 위한 전략은 기존 발전패턴을 유지하고 배출권을 구입하는 전략이 된다. 그러나 전기요금 안정화를 위한 발전회사의 수익 규제는 연료전환을 유도하여 배출감축에는 기여하지만, 발전비용 및 전력시장가격을 다소 상승시키게 된다. 한편 발전회사에 대한 수익규제는 배출권시장의 수급여건을 변화시키게 되므로, 전력시장과 배출권시장의 운영, 분석 및 규제에 대한 일원화된 체제의 필요성을 강하게 시사한다.

• Journal of Korean Society of Industrial and Systems Engineering
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• v.34 no.3
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• pp.106-114
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• 2011

DEA 관련 연구에서 전체 효율을 측정하는 것의 중요성은 강조되어져 왔다. 그 연구는 주로 그것이 오직 가격과 비용의 정보를 정확히 알 때 측정될 수 있다는 제한이 있었다. 그러나 실제 사례에서 이 정확한 정보를 얻는 것은 쉽지 않다. 이런 한계를 일부 극복하기 위해 이 논문에서는 Cone-ratio 제약을 이용하여 전체 효율을 측정하기 위한 새로운 모델들을 제안했다. 제안된 모델들을 기반으로 DEA에서 전체 효율 모델들을 적용하기 위해 우리가 알아야 할 필요가 있는 모든 것은 정확한 비용 또는 가격이 아니라, 비용 또는 가격의 비율이라는 사실을 증명하였다.

• Journal of the Korean Data and Information Science Society
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• v.28 no.1
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• pp.67-74
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• 2017

This paper analyzes the causal relationship from climate to international grain prices. Although climate is an important factor affecting the grain markets, it has been restrictively considered in previous studies analyzing the causal relationship of international grain prices. In this paper, monthly data from May 1987 to 2013 is used for the causal analysis in which the sea surface temperature (SST), a representative global climate variable, and the international prices of wheat, corn, and soybean, the world's three major crops, are considered. The test method is the parametric version of the nonparametric test for causality in high-order moments suggested by Nishiyama et al. (2011). The results show that the climate causes in the first moment the prices of all the three grains and causes in the second moment the prices of corn and soybean, but does not cause in the third moment any of the three grain prices.

• Journal of the Korea Society for Simulation
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• v.28 no.3
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• pp.49-56
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• 2019

In this paper, we deal with two pricing of bond options using the relationship between the forward rate model and the Libor rate model. First, we derive a formula for obtaining discounted bond prices using the restrictive condition of the Ritchken and Sankarasubramanian (RS), and then use the volatility function relationship of the forward rate and the Libor rate models to find the analytic solution (AS) of bond options pricing. Second, the price of the bond options is calculated by simulating several scenarios from the presented condition using Monte Carlo Simulation (MCS). Comparing the results of the implementation of the above two pricing methods, the relative error (RE) is obtained, which means the ratio of AS and MCS. From the results, we can confirm that the RE is around 3.9%, which means that the price of the bond options can be predicted very accurately using the MCS as well as AS.

• Journal of the Korea Society of Computer and Information
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• v.28 no.2
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• pp.201-207
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• 2023

In this paper, we propose an optimal model for mid to long-term price prediction of agricultural products using LGBM, MLP, LSTM, and GRU to compare and analyze the three strategies of the Multi-Step Time Series. The proposed model is designed to find the optimal combination between the models by selecting methods from various angles. Prior agricultural product price prediction studies have mainly adopted traditional econometric models such as ARIMA and LSTM-type models. In contrast, agricultural product price prediction studies related to Multi-Step Time Series were minimal. In this study, the experiment was conducted by dividing it into two periods according to the degree of volatility of agricultural product prices. As a result of the mid-to-long-term price prediction of three strategies, namely direct, hybrid, and multiple outputs, the hybrid approach showed relatively superior performance. This study academically and practically contributes to mid-to-long term daily price prediction by proposing an effective alternative.

• Journal of Sericultural and Entomological Science
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• no.12
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• pp.47-50
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• 1970

There are many factors affecting the development of sericultural industry in Korea. The setting of a rational pricing system for sericultural products is one of important activities of the Korean Government to improve the incentives to producers. The determination o： the prices for many years were based on the production costs including a certain level of profits. Some of cost items are in conflict both in cocoon producers and silk-reeling industries. Government officials have to evaluate these conflicting problems and estimate the consequences of their decisions. In this situation the final decision often became political decisions. This analysis is aimed at providing an alternative method of setting the prices of sericultural products. The criteria of the equilibrium employed in this analysis are based on economic principle which equilibrium condition is determined by the relationships between the marginal productivity of input factors and factor prices. In order to obtain the related information Cobb-Douglas'functions were fitted using KIST computer and data were obtained mostly from the Bank of Korea and the Ministry of Agriculture and Forestru, An important assumption is that "Opportunity Costs" of factors input in both cocoon production and silk-Peeling industries are same, The major finding s obtained are as followings. 1) The sum of coefficient of production elastisity in silk-reeling industries is greater than one. Silk-reeling industries are operating under the situation of increasing return to scale and it is, therefore, expected to develop the industries as the capital-intensive large scale. 2) The cocoon producing farmers are under the situations of the decreasing return to scale and it is expected to continue their cocoon farming as the labor-intensive small scale, assuming the present level of production technology. As the development of commercial farming, the resources input in cocoon production will be shifted to the production for higher profitable crops, 3) The price elastisity of production is higher in cocoon production than in silk-reeling industries. It is expected that the price changing effects on domestic production will be resulted from cocoon producers. 4) Based on analysis results of marginal productivities and the opportunity costs of resources, cocoon price for meeting equilibrium price condition is to be increased by 8-16 percent or standard price level of silk increased by 6-8 percent. There were the possibilities of over evaluation on opportunity cost of resources input in silk-reeling industries, or income transfered from the farmers to the industries. It is recommended that the prices for meeting equilibrium price conditions are to be determined by 72 percent for cocoon and 28 percent for silk-reeling costs, based on standard level of the exporting prices.