• Journal of Forest and Environmental Science
• /
• v.19 no.1
• /
• pp.108-123
• /
• 2003

The importance of environmental resources has been recognized over the world after Rio declaration(1992). so it is moved to monetarize environmental resources. The studies on the evaluation of nonmarket goods began also in the early 1990 in Korea. In practice the preliminary feasibility studies(PFS) are carried out since 1999 in case of major public investments projects. In PFS the Benefit-Cost analysis is practically used. which is considering the evaluation of environmental resources. But the methods for the evaluation have not been fixed up. In this study It is introduced to the theory and major methods for the evaluation of environmental resources. In the theory the evaluation is handled in aspect of demand function and supply function. The optimum level can be extracted from the two functions. In the method. travel cost method(TCM), hedonic price method(HPM) and contingent valuation method(CVM) are introduced according to the market structures.

• Journal of Wetlands Research
• /
• v.20 no.2
• /
• pp.190-200
• /
• 2018

This study estimated the marginal production value based on the production function approach to confirm the economic value of industrial water supply projects. For this, we analyzed 4 data sets classified by 11 industry types according to Cobb-Douglas Function, Translog Function, and Translog function with sector dummy variables. As a result, the average industrial marginal product value of the entire industry was 3,217~5,357 won/ton, 2,994~4,569 won/ton and 3,620~5,342 won/ton, respectively. The results by industry type were the largest in furniture and other manufacturing industries and showed the lowest marginal production value in the textile and leather industries. Overall, the results from the Cobb-Douglas function were highly evaluated. And the volatility according to data sets was also analyzed in the Cobb-Douglas function. There have been few studies on the economic value of industrial water compared to domestic water. It is considered that multidisciplinary consensus will be needed through active research in the future.

• The Journal of The Korea Institute of Intelligent Transport Systems
• /
• v.9 no.2
• /
• pp.1-11
• /
• 2010

The provision of warning information on upcoming hazards leading to potential crash occurrence is a significant countermeasure to prevent crashes on the highway. This study presents a methodology for selecting more effective warning messages using a multi-criteria value function. The understandability, preference level, and message reading time were used as measures of effectiveness (MOE) for messages. Expert judgements were incorporated into the value function by analytical hierarchical process (AHP) technique. Field experiments to evaluate the warning messages were conducted in a testbed section on the Jungboo-Naeryuk freeway. The proposed methodology would be a useful tool to support the design of various traffic information messages.

• Environmental and Resource Economics Review
• /
• v.12 no.4
• /
• pp.545-557
• /
• 2003

A new semiparametric estimator of a dichotomous choice contingent valuation model is proposed by adapting the well-known density weighted average derivative of the regression function. A small sample behavior of the estimator is demonstrated very briefly by a simulation and the estimator is applied to estimate the WTP for preserving the Dong River area in Korea.

• Journal of the Korean Society of Manufacturing Process Engineers
• /
• v.14 no.1
• /
• pp.36-43
• /
• 2015

Optimizing multiple design characteristics which are usually in conflict with each other in the injection molding process is frequently becoming a critical problem for designers who work in this area. The purpose of this work is to develop an automated design methodology for optimizing two such design characteristics found in injection-molded parts. A value function based on decision-making theory is used as a means of evaluating the performance of a two-characteristic design alternative. Also, a design space reduction algorithm based on Taguchi's orthogonal arrays is utilized to discover an optimal design alternative. Verification of the developed design methodology is carried out for an actual model with two design characteristics, the weld line and the gate location, to be optimized in computer simulation experiments.

• Environmental and Resource Economics Review
• /
• v.5 no.1
• /
• pp.137-164
• /
• 1995

산림은 목재와 산채의 생산과 같은 물질생산의 기능이 있는 동시에 탄소를 고정하고 산소를 배출하는 광합성작용을 통하여 대기를 정화하며 지표토양의 침식을 방지한다. 또한 산림은 여러가지 동식물의 서식처로서 생물다양성을 보존하는 데 대단히 중요한 역할을 하는 동시에 도시민에게 휴식처를 제공하기도 한다. 이러한 산림의 다양한 기능 가운데 그 가치가 공식적으로 인정이 되고 있는 것은 목재나 약재와 같이 시장에서 유통되는 임산물의 생산기능에 제한되고 있어 산림자원의 효율적인 이용과 관리를 어렵게 하고 있다. 이러한 문제를 해결하기 위하여서는 산림이 지니고 있는 환경보전기능에 대한 평가가 이루어져야 한다. 이 논문에서는 최근 서구 제국에서 진행되고 있는 산림의 환경보전적 가치의 평가에 관한 연구 추이를 살펴보고 이러한 산림의 환경보전적기능의 평가를 뒷받침할 수 있는 이론적 체계를 정립하고자 하였다. 환경자원평가 방법을 산림의 환경보전가치 평가에 적용할 수 있는가를 검토하였으며, 적용장의 문제점을 살펴보았다. 산림의 환경보전적 가치를 평가하고자 할 경우에는 대부분의 경우에 있어서 생산함수법을 우선적으로 사용하고, 이 방법의 적용이 불가능할 경우 가계생산함수법과 실험시장법은 보완적으로 사용하는 것이 바람직하다고 생각된다.

• Journal of Korea Technology Innovation Society
• /
• v.11 no.2
• /
• pp.241-263
• /
• 2008

Within any income approach, a discount rate is used to convert some projected free cash flow to its presented value. In case of valuing companies, the most frequently used discount rate is the weighted average cost of capital(WACC) at the aggregate level. But technology valuation is different to discounting aggregate corporate cash flow since it is concerned about individual Intellectual property. Therefore, blindly applying standard discount rate such as WACC in technology valuation is unlikely to lead to the right result. The primary focus of this paper is to establish the structure of discount rate for technology valuation and to suggest the method of estimation. To determine an appropriate discount rate for technology valuation, the level of technology risk, market risk and competitive risk should be included in the structure of discount rate. This paper suggests the build-up model which consists of three components as a expansion of the CAPM. It includes (1) a risk-free rate of return, (2) general market risk premium and beta and (3) intellectual property risk premium related to technology risk and specific target market risk. However, there is no specific check list for examining the intellectual property risk until now and no specific method for quantifying its risk into risk premium. This paper developed the 10 element to determine the level of the intellectual property risk and applied estimation function such as linear function, natural log function and exponential function to transform the level of risk into risk premium. The limitation of this paper is that the range of intellectual property risk premium is inferred based on the information of foreign and domestic valuation agency. Finally, this paper explored the development of an intellectual property discount rate for technology valuation and presented the method in order to quantify the intellectual property risk premium.

• The Korean Journal of Financial Management
• /
• v.17 no.2
• /
• pp.1-28
• /
• 2000

본 연구에서는 경영자 소유지분과 자본적 투자지출의 관계를 이론과 실증분석의 양 차원에서 분석하였다. 우선 이론적인 분석에서는 경영자가 기업가치 극대화뿐만 아니라 규모극대화를 동시에 추구할 때, 기업의 자발적 투자지출은 경영자 소유지분의 함수라는 점을 보였다. 특히 2차효용함수의 가정하에서 자본적 투자지출과 경영자 소유지분의 관계는 경영자의 소유지분과 위험회피도, 확실성 등가에 의한 프로젝트의 순기대현금 흐름 수준에 따라 달라지는 것으로 나타났다. 또한 자본적 투자지출은 경영자의 효용함수 행태에 따라 경영자 소유지분이 낮은 수준에서는 소유지분의 감소함수이나 높은 수준에서는 증가함수로 반전되는 구조적인 전환점이 존재한다는 점을 밝혔다. 한편 90-95년 중 우리나라 상장 제조업의 자료를 바탕으로 규모극대화 기업과 규모비극대화 기업에 대하여 경영자 소유지분과 자본적 투자지출의 관계를 비교한 결과, 규모극대화 기업에서 경영자 지분이 약 30%인 구조적인 전환점을 중심으로 그 이전에서는 경영자 지분의 증가에 따라 자본적 투자지출이 감소하나 그 이후에는 증가함수로 단전되는 것으로 나타나 이론의 내용을 지지하였다. 그러므로 본 연구의 결과는 기존의 연구에서와는 달리 안주가설(entrenchment hypothesis)에 의하지 않더라도 경영자의 효용함수의 행태에 따라 일정한 경영자 소유지분 이상에서는 가치비극대화 행위가 지배할 있다는 점을 보여주고 있다.

• KSCE Journal of Civil and Environmental Engineering Research
• /
• v.29 no.2B
• /
• pp.173-179
• /
• 2009

Industrial water supplied by water resource project is essential input materials along with labor, capital and land for companies. It is very important to stably secure these input materials in order for the industry to generate additional values. If the supply of industrial water is stopped, it is known damage for the industry is greater than domestic water or agriculture water based on same amount of supply. Like this, the actual value of industrial water has been highly acknowledged from the intuitive perspective, but study on the value and benefits of industrial water has been rarely conducted. Therefore, this study verified the value of industrial water supplied from water resource project, and used marginal production value as a measure to estimate the benefits of industrial water in the analysis of economic efficiency. As a result of empirical analysis using Cobb-Douglas production function and Translog production function, industries' average marginal production value was $5,427KRW/m^3$ and $5,583KRW/m^3$ respectively. The marginal production value for eleven industries were estimated by using same method. The marginal production value by industries presented by this study will be used as important data to calculate benefits of industrial water in the future. Moreover, the result of this study will provide reasonable criteria for decision making on the allocation of water in emergency situation, and problem of resource supply from water resource project.

• Environmental and Resource Economics Review
• /
• v.13 no.3
• /
• pp.337-366
• /
• 2004

Contingent Valuation Method (CVM), as non-market valuation approach, has been criticized on that respondents may not realistically reflect their budget constraints in answering willingness to pay (WTP) for hypothetical CV questions. This paper empirically estimates the income calibration factor associated with CV responses through combining travel cost method and contingent valuation method in a utility-theoretic framework. The joint model of recreation demand function and contingent WTP function was applied to an important case study on the Man Kyoung River system, whose water quality is at issue because of the Sae Alan Kum reclamation project. Relevant economic variables such as price, income and water quality had significant influence as anticipated by the economic theory. Equally important, the income calibration factor was not significantly different from one, suggesting that the systematic discrepancies of CV responses relative to the actual behavior was not detected at least in terms of budget exaggeration. Overall, this study supports the notion that carefully designed CVM studies can provide informative data on individuals' willingness to pay for environmental quality changes.