• The Korean Journal of Air & Space Law and Policy
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• v.21 no.1
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• pp.215-236
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• 2006

This article focused on the meaning of the 1979 Moon Treaty and its future. Although the Moon Treaty is one of the major 5 space related treaties, it was accepted by only 11 member states which are non-space powers, thus having the least enfluences on the field of space law. And this article analysed the relationship between the 1979 Moon Treay and 1967 Space Treaty which was the first principle treaty, and searched the meaning of the "Common Heritage of Mankind(hereinafter CHM)" stipulated in the Moon treaty in terms of international law. This article also dealt with the present and future problems arising from the Moon Treaty. As far as the 1967 Space Treaty is concerned the main standpoint is that outer space including the moon and the other celestial bodies is res extra commercium, areas not subject to national appropriation like high seas. It proclaims the principle non-appropriation concerning the celestial bodies in outer space. But the concept of CHM stipulated in the Moon Treaty created an entirely new category of territory in international law. This concept basically conveys the idea that the management, exploitation and distribution of natural resources of the area in question are matters to be decided by the international community and are not to be left to the initiative and discretion of individual states or their nationals. Similar provision is found in the 1982 Law of the Sea Convention that operates the International Sea-bed Authority created by the concept of CHM. According to the Moon Treaty international regime will be established as the exploitation of the natural resources of the celestial bodies other than the Earth is about to become feasible. Before the establishment of an international regime we could imagine moratorium upon the expoitation of the natural resources on the celestial bodies. But the drafting history of the Moon Treaty indicates that no moratorium on the exploitation of natural resources was intended prior to the setting up of the international regime. So each State Party could exploit the natural resources bearing in mind that those resouces are CHM. In this respect it would be better for Korea, now not a party to the Moon Treaty, to be a member state in the near future. According to the Moon Treaty the efforts of those countries which have contributed either directly or indirectly the exploitation of the moon shall be given special consideration. The Moon Treaty, which although is criticised by some space law experts represents a solid basis upon which further space exploration can continue, shows the expression of the common collective wisdom of all member States of the United Nations and responds the needs and possibilities of those that have already their technologies into outer space.

• The Korean Journal of Air & Space Law and Policy
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• v.27 no.2
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• pp.211-241
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• 2012

The Draft International Code of Conduct for Outer Space Activities officially proposed by the European Union on the occasion of the 55th Session of the United Nations Peaceful Uses of the Outer Space last June 2012 in Vienna, Austria is to fill the lacunae of the relevant norms to be applied to the human activities in the outer space and thus has the merit our attention. The missing elements of the norms span from the prohibition of an arms race, safety and security of the space objects including the measures to reduce the space debris to the exchange of information of space activities among space-faring nations. The EU's initiatives, when implemented, cover or will eventually prepare for the forum to deal with such issues of interests of the international community. The EU's initiatives begun at the end of 2008 included the unofficial contacts with major space powers including in particular the USA of which position is believed to have been reflected in the Draft with the aim to have it adopted in 2013. Although the Code is made up of soft law rather than hard law for the subscribing countries, the USA seems to be afraid of the eventuality whereby its strategic advantages in the outer space will be affected by the prohibiting norms, possibly to be pursued by the Code from its current non-binding character, of placing weapons in the outer space. It is with this trepidation that the USA has been opposing to the adoption of the United Nations Assembly Resolutions on the prevention of an arms race in the outer space (PAROS) and in the same context to the setting-up of a working group on the arms race in the outer space in the frame of the Conference on Disarmament. China and Russia who together put forward a draft Treaty on Prevention of the Placement of Weapons in Outer Space and of the Threat or Use of Force against Outer Space Objects (PPWT) in 2008 would not feel comfortable either because the EU initiatives will steal the lime light. Consequently their reactions are understandably passive towards the Draft Code while the reaction of the USA to the PPWT was a clear cut "No". With the above background, the future of the EU Code is uncertain. Nevertheless, the purpose of the Code to reduce the space debris, to allow exchange of the information on the space activities, and to protect the space objects through safety and security, all to maximize the principle of the peaceful use and exploration of the outer space is the laudable efforts on the part of EU. When the detailed negotiations will be held, some problems including the cost to be incurred by setting up an office for the clerical works could be discussed for both efficient and economic mechanism. For example, the new clerical works envisaged in the Draft Code could be discharged by the current UN OOSA (Office for Outer Space Affairs) with minimal additional resources. The EU's initiatives are another meaningful contribution following one due to it in adopting the Kyoto Protocol of 1997 to the UNFCCC (UN Framework Convention on the Climate Change) and deserve the praise from the thoughtful international community.

• The Korean Journal of Air & Space Law and Policy
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• v.33 no.2
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• pp.35-59
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• 2018

Professor Bin Cheng said that outer space was res extra commercium, while the moon and the other celestial bodies were res nullius before the 1967 Outer Space Treaty(OST). However, Article 2 of the OST made the moon and other celestial bodies have the legal status as res extra commmercium, not appropriated by any country or private enterprises or individual person, but the resources there can be freely available, as those on the high seas. The non-appropriation principle was introduced to corpus juris spatialis internationalis. Whether or not the non-appropriation principle is binding for the non-parties of the OST, many scholars see this principle as an international customary law, even developing into jus cogens. Article 11(2) of the Moon Agreement(MA) reconfirms the nonappropriation principle of Article 2 of the OST, but it has much less effect than the OST because the MA binds only the 18 parties involved. The MA applies only to the moon and celestial bodies other than the Earth in the Solar System, the OST's application scope extends to the Galaxy because the OST has no such substantive enactment. As referred to in the 2015 CSLCA of USA or Luxembourg's Law of Space Resources, allowing individuals and enterprises run by other countries to commercially explore and utilize the space resources, the question may arise whether this violates the non-appropriation principle under Article 2 of the OST and Article 11 of the MA. In the case of the CSLCA, the law explicitly specifies that sovereignty, possessory rights, and judiciary rights to a specific celestial body cannot be claimed, let alone ownership. This author believes that this law respects the legal status of outer space and the celestial bodies as res extra commmercium. As long as any countries or private enterprises or individuals respect the non-appropriation principle of outer space and the celestial bodies, they could use, exploit it. Another question might be raised in the difference between res extra commercium on the high seas and res extra commercium in outer space and the celestial bodies. Collecting resources on the high seas and exploiting space resources should be interpreted differently. On the high seas, resources can be collected without any obstacles like fishing, whereas, in the case of the deep sea-bed area, the Common Heritage of Mankind principles under the UNCLOS should be operated by the International Seabed Authority as an international regime. The nature or form of the sea resources found on the high seas are thus different from that of space resources, which are fixed on the moon and the celestial bodies without water. Thus, if individuals or private enterprises collect these resources from outer space and the celestial bodies, they might secure a certain section and continue collecting or mining works without any limitation. If an American enterprise receives an approval from the U.S. government, secures the best location and collects resources on the moon, can other countries' enterprises access to this area? How large the exploiting place can be allotted on the moon? How long should such a exploiting activity be lasted? Under the current international space law, these matters might be handled according to the principle of "first come, first served." As a consequence, the international community should provide a guideline or a proposal for the settlement of any foreseeable disputes during the space activity to solve plausible space legal questions in the near future.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.60 no.3
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• pp.318-332
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• 2015

The maize production in South-eastern Asian countries showed a continuous increase with increasing poultry-livestock from the beginning of the 1990s to early 2010. Also the need for a new variety development of each contries was increased rapidly in the same period. Single-Cross hybrid varieties have been developed and supplied from 2001 instead of multi-cross maize varieties since 1992 in Indonesia. In Cambodia, CP group is mainly manufacturing feeds with most of the forage maize from farmers who are growing its seeds from the company. Cambodian main cultivars are varieties of multinational corporations such as DK8868 from Monsanto, NK6326, NK7328 from Syngenta and CP333 from CP group including local business company. Vietnam is the main maze importing country in South-Eastern Asia which had imported 13 times scale of amount compared to exports in average from 1990 to 2011. Vietnamese government has developed a range of varieties for improving their efficiency in production, such as the LVN-10 with political investments. Their production has been reached to 80% of the total. According to the 2012 MIFAFF (Ministry for Food, Agriculture, Forestry and Fisheries) data in Korea, domestic edible maize cultivation area was approximately 15,000ha. It showed 74,399 tons of production, 3.8% of food self-sufficiency in maize and around 0.9% of grain self-sufficiency rate. The consumption of grain is mostly rely on imports in Korea. To overcome the limit of the domestic seed market and increase maize self-sufficiency, the need to develop maze varieties for world-class is increasing at present through analyzing the market trend and prospect of the seed industry in South-eastern Asia.

• KDI Journal of Economic Policy
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• v.13 no.1
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• pp.167-197
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• 1991

This paper is intended as an introductory essay to explain endogenous changes in the scope of firm activities in the competitive structure of a deregulated, multi-product financial industry. Recently, the global financial industry has been experiencing a widespread reshuffling in its activities, reflecting both consolidation and specialization. The spread of the universal banking system, which involves the integration of various kinds of financial activities, has resulted in the so-called financial supermarket. At the same time, the traditional set of banking activities has been unbundled into so-called financial boutiques. A relevant question is where the current reshuffling process of integration and disintegration in financial activities might lead the financial industry. However, presently popular theories of the financial industry are not really appropriate for the analysis of this issue. This paper attempts to integrate the theory of specialization [George J. Stigler, "The Division of Labor is Limited by the Extent of the Market," Journal of Political Economy, Vol. LIX, No.3, June 1951] and the theory of the multi-product firm [William J. Baumol, John C. Panzar, and Robert D. Willig, Contestable Markets and the Theory of Industry Structure, Harcourt Brace Jovanovich, Inc., New York, 1982] and to apply the resulting hybrid theory, a theory on the scope of financial activity, to the financial industry. The implications of this theory for the issues raised above are formalized under five hypotheses on the reshuffling of financial activities as listed below: Hypothesis I: The differences in the organization of financial industries among countries are determined by differences in the size of the financial markets, other things being equal. Hypothesis II: A financial firm will separate those financial activities simultaneously having relatively strong economies of scale and relatively weak economies of scope (alternatively, diseconomies of scope) from other activities. Conversely, the firm will integrate those activities simultaneously having relatively weak economies of scale (alternatively, diseconomies of scale) and relatively strong economies of scope with incumbent activities. Hypothesis III: A competitive equilibrium in the deregulated financial industry will consist of both specialized and multi-product financial firms, resulting in a mixed form of specialized and universal banking systems. Hypothesis IV: As world financial markets fully integrate and all countries consequently face this single, common world market, the financial structures of individual countries will become increasingly similar. Hypothesis V: A more universal banking system will dominate the deregulated financial industry in countries with relatively small financial markets, while a more specialized banking system will dominate in countries with relatively large financial markets. However, equilibrium will ultimately be mixed, with specialized and universal banks coexisting, as stated in Hypothesis III. Based on these hypotheses, this paper interprets the historical development of specialized vs. universal banking systems in major industrial countries as a process driven by the evolution of the financial market in each country - i.e. the change in the size of the financial market over time. In addition, this paper anticipates that the final equilibrium of the world financial industry, which is currently under the pressure of financial innovations and deregulation, will be a mixed equilibrium with both specialized boutiques and universal supermarket-type financial firms, instead of an exclusively specialized or universal banking system. Future research should seek continued theoretical elaboration and empirical verification of this paper's hypotheses.

• Korean Journal of Ecology and Environment
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• v.39 no.1 s.115
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• pp.21-31
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• 2006

The objectives of this study were to analyze trends of temporal water quality and trophic state in Andong and Imha reservoirs using chemical dataset during 1993 ${\sim}$ 2004, obtained from the Ministry of Environment, Korea. According to long-term limnological analyses, Suspended solids (SS) in Imha Reservoir were 2 ${\sim}$ 8 fold2 greater, than those in SS of Andong Reservoir, and the high solids increased total phosphorus (TP) and biological oxygen demand ($BOD_5$) and decreased the transparency, measured as Secchi depth (SD). Chlorophyll-a (CHL-a) increased little or decreased slightly in the both reservoirs during the high solids, resulting in reduced yields of CHL-a : TP ratios. The deviation analysis of Trophic State Index (TSI) in Imha Reservoir showed that about 70% of TSI (CHL-a)-TSI (SD) and TSI (CHL-a)-TSI(TP) values were less than zero and the lowest values were-60, indicating that influence of inorganic solids (or non-volatile solids) on phytoplankton growth was evident in Imha Reservoir and the impact was greater than that of Andong Reservoir. Inorganic solids in Imha Reservoir resulted in light limitation on phytoplankton growth and thus contributed variations in the relations among three parameters of trophic state index. Especially, seasonal data analysis of nutrients in both reservoirs showed that during the postmonsoon, mean TP concentration was Imha Reservoir greater in than that in Andong Reservoir. The higher TP concentrantion was mainly attributed to increases of inorganic solids from soil erosions and nonpoint source inputs within the watershed. The high inorganic turbidity in Imha Reservoir should be reduced for the conservation of water quality for, especially a tap water supply.

• Strategy21
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• s.32
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• pp.222-270
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• 2013

서구 근대 국제관계학의 태동은 "전쟁의 원인"을 밝혀내려고 했던 유럽 지식인들의 학문적 도전에서부터 비롯되었다고 할 수 있다. 1, 2차 세계대전의 잔혹함을 겪으면서 이들은 전쟁(특히 전쟁의 원인)에 대한 좀 더 과학적인 연구를 통해 어떻게 하면 국가들 간의 전쟁을 예방할 수 있을까에 집중해 왔다. 이러한 학문적 경향을 반영한 것이 잘 알려진 미국 미시간 대학의 "전쟁 상관성 연구 프로젝트(Correlates of War Project)"이다. 이는 나폴레옹 전쟁이 끝나고 비엔나체제가 시작된 1815년 이후 국가들 간 발생한 모든 전쟁 관련 자료를 데이터베이스화하여,국제관계학자들이 전쟁(Interstate War)이나 군사분쟁(Militarized Interstate Disputes)을 정량 또는 정성적으로 연구할 수 있도록 다양한 정보들을 제공하고 있다. 최근 Paul F. Diehl, William R. Thompson과 같은 학자들은 전쟁을 분석단위로 하는 전쟁의 원인(Causes of War)을 연구하는 학풍에서 벗어나, 국가들 간의 분쟁과 전쟁을 연구하기 위해 숙적관계(Rivalry)라는 새로운 분석의 단위를 제시하였다. 숙적관계는 국제관계에 있어서 지속적으로 분쟁 또는 전쟁을 일으키는, 즉 무력분쟁의 긴 역사를 가지고 있는, 두 국가를 일컫는다. 국가들 간의 숙적관계는 학자들에 따라 Interstate Rivalry, Enduring Rivalry, Strategic Rivalry 등 다양한 정의와 성격을 갖고 있다. 이러한 국가들의 사례로는 2차대전 이전까지 프랑스-독일 관계, 2차대전 이후 중동지역 이스라엘과 아랍국가들 간의 관계, 냉전기 미소관계, 인도-파키스탄 및 남북한 관계 등을 예로 들 수 있다. 이렇게 널리 알려진 숙적관계 외에도 남미의 칠레-아르헨티나, 에콰도르-페루와 아프리카의 소말리아-에티오피아 등 학자들에 따라 1815년 이후 약 200개의 숙적관계를 제시하고 있다. 숙적관계에 대한 연구는 기존의 전쟁의 원인 중심이었던 정량적 국제분쟁 연구에 두 국가의 분쟁역사를 포함시키는 정성적 연구를 접합시키고 있다. 본 연구는 1945년 이후 숙적관계 국가들의 관계종식과 관련하여, 거시론적이고 전체론적 접근방법(Macro - level Holistic Approach)을 제시하고 있다. 먼저 1945년 이후 발생한 국가들 간의 숙적관계 종식(Rivalry Termination)을 이해하기 위해, 거시적 관점에서 숙적관계를 발생시키게 된 역사적 원인을 살펴보고 있다. 특히 1945년 이후 숙적관계와 관련된 중요한 요인들 중에서 전쟁, 영토분쟁, 그리고 근대국가 형성에 대해 살펴보고 다음과 같은 두 가지 명제(proposition)를 제시한다. 첫째, 1945년 이후의 숙적관계 형성과 지속에는 2차대전 이후 독립국가 형성, 헌팅턴이 주장한 제3의 물결(민주화), 그리고 냉전기 미소경쟁 등의 역사적 배경이 영향을 주었다는 것이다. 둘째, 이러한 역사적 배경에 더하여 1945년 이후 숙적관계는 전쟁에 의해 시작된 숙적관계와 전쟁 없이 시작된 숙적관계 등 2가지로 나눌 수 있으며, 전쟁에 의해 시작되고 영토분쟁과 근대국가 형성 문제를 내포하고 있는 숙적관계가 그렇지 않은 숙적관계에 비해 오랫동안 지속되며 관계해결이 어렵다는 것이다. 앞서 제시된 2가지 명제들과 관련하여 본문에서는 다양한 학자들이 제시한 숙적관계 정의들에 일치하는 23개의 숙적관계(Consensus Rivalries)를 선정하여 이들에 대한 비교분석(Descriptive Analysis)을 실시하였다. 이들 사례들을 1945년 이전과 이후로 나누어, 숙적관계 형성과 종식에 있어 핵심요소인 국가들 간 힘의 차이(Power Relations), 분쟁의 주요 원인(Primary Conflict Issue), 숙적관계에 있어 다른 국가들과의 연계성(Rivalry Linkage), 전쟁의 횟수와 시기 등을 통해 비교하였다. 숙적관계의 종식과 관련하여 약소국 간의 숙적관계(Minor Dyad)가 오래 지속되고, 영토분쟁(Territorial Disputes)이 숙적관계를 지속시키는 주요인이며, 다른 숙적관계와의 연계성이 적은 숙적들이 오래 지속된다는 비교분석 결과가 나왔다. 또한 전쟁의 횟수는 숙적관계 종식에 큰 영향을 미치지 못하지만 전쟁으로 인해 시작된 숙적관계가 그렇지 않은 경우보다 더욱 오래 지속되는 것으로 확인되었다. 끝으로 2차대전 이전의 숙적관계는 대부분 전쟁을 통해 종식되었지만, 1945년 이후에는 전쟁 없이도 숙적관계가 종식된 경우가 많았음을 보여 주고 있다. 본 연구의 주목적은 "1945년 이후 형성된 숙적관계를 어떻게 종식시킬 수 있을 것인가?"라는 규범적 논제를 통해, 23개의 주요 숙적관계를 발굴하여 거시적, 역사적 관점에서 비교분석함에 있다. 이는 특히 우리나라가 처한 현실과 관련하여 중요한 시사점을 갖는다. 남북관계가 갖는 특수성보다는 1945년 이후 국제정치 역사속에서 발생한 숙적관계 현상이라는 일반성의 틀에서 남북관계를 이해하고자 했다. 남북관계를 베트남, 예멘, 독일 등 분단국가의 사례들과만 비교 연구하는 제한된 시각에서 벗어나, 인도-파키스탄, 그리스-터키, 에콰도르-페루 등 유사한 숙적들 간의 관계들과 비교하는 새로운 연구의 장을 제시하고자 한다. 따라서 앞으로 숙적관계 종식에 대한 더욱 다양화된 사례연구를 통해 한반도 분쟁해결에 필요한 새로운 교훈을 얻을 수 있을 것이다. 예를 들면 2차대전 이후 발생한 국경을 접하고 있는 비강대국들의 평화적인 숙적관계 종식에 대한 사례연구는 남북한이 앞으로 지향해야 할 방향을 제시해 줄 수 있을 것이다. 끝으로 본 연구는 특정한 정책적 함의를 도출하기 보다는 숙적관계와 관련된 하나의 거시적 이론를 제시하고, 주요 숙적관계 국가들에 대한 비교설명을 통해 현존하는 숙적관계 해결을 위한 하나의 분석의 틀을 제시하는 것으로 국제분쟁 연구에 기여하고자 하였다.

• Journal of Korea Port Economic Association
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• v.34 no.1
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• pp.111-132
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• 2018

As China continues to evolve as a major economic power and the Free Trade Agreement (FTA) between the Republic of Korea and China was ratified on June 1, 2015, market volume between the two countries is expected to grow more rapidly. This study aims on improving the efficiency of car-ferry lines. We conducted two surveys- for shippers and forwarders of car-ferry companies, and container liners. The study analyzes the decision factors for delivery companies and their importance for shippers and forwarders of car-ferry companies and container liners. Based on analysis of prior studies on the competition for car-ferry companies and liners, three primary variables are selected-promptness, economics, and safety. The promptness variable consists of shipping time, loading/unloading time, and customs clearing time. The economic variable consists of marine transportation cost from a domestic harbor to China, loading/unloading cost in the harbor, and overland transport cost from the harbor to shippers inland. Finally, the safety variable consists of cargo damage rates, safety facilities, such as lashing and shoring, and punctuality of transportation time. The survey and AHP results show that the promptness, safety, and economics factors are 0.549, 0.309, and 0.142 in the shipper groups of car-ferry companies' category, respectively. It indicates that there is considerable difference in the importance of each factor. In contrast, the factors are 0.350, 0.348, and 0.302 in the forwarders category, which suggests that there is little difference in each factor's importance. As for shippers and forwarders of liners, the importance of each factor is found to be in the following order: economics, safety, and promptness.

• Journal of Forest and Environmental Science
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• v.17 no.1
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• pp.1-17
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• 2001

Forming a part of "Cooperative Practical Study for the Modernization of the Management of National Forest", this study was conducted to provide overall ecological information for the natural regeneration of major tree species on the basis of community structural attributes in the deciduous forest ecosystem. Followings are summarized characteristics of the natural regeneration for the selected tree species. Betula costata : Although large number of seeds are dispersed by wind, they require mineral soils to germinate. Thick litter layer could be an obstacle to germinate. After germination, the seedling requires large amount of light for successful establishment. Acer mono : Characterized by high shade tolerance and weak drought resistance, the seedling should be overcasted with more than 50% of canopy coverage. High stand density should be maintained to produce good quality of timber. The potential of coppice may be high. Ulmus laciniata : Since this species needs high rate of troll moisture and light, around 60% of canopy coverage should be maintained to retain moisture and incoming light. The competition with other vegetation should be removed for the favor of successful seedling establishment. Fraxinus mandshurica : This species requires moist mineral soils to germinate. After germination, the seedling needs large amount of light and moisture for successful establishment. Site preparation should be applied to reduce competition with weedy vegetation. Fraxinus rhynchophylla : Interval of large seed crops may be highly varied. Thick litter layer could be an obstacle to germinate. Site preparation should be applied to reduce competition with weedy vegetation so as to achieve successful seedling establishment. Quercus mongolica : Including the difficulty of seed supply by the consumption, thick litter layer and mountain bamboo cover could be the obstacle to germinate. More than 50% of relative light intensity is necessary to achieve successful seedling establishment. Kalopanax pictus : Thick litter layer could be an obstacle to germinate. The seedling needs large amount of light and moisture for successful establishment. Abies holophylla : In spite of high shade tolerance, the growth rate in sapling stage may be extremely slow. Cornus controversa : Seeds (drups) are consumed and dispersed by animals, tending to be not sufficient in seed supply. This species requires large amount of light for successful germination and seedling establishment. Tilia amurensis : The difficulty of seed supply might be expected with low seed purity and double dormancy. Since thick litter layer could be an obstacle to germinate, the species requires moist mineral soils for successful germination. The potential of coppice may be extremely high.

• Environmental and Resource Economics Review
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• v.14 no.2
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• pp.493-518
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• 2005

It has been taken for 10 years since Climate Change Convention could it be made. And Kyoto Protocol will come into force as an international law as from 16. Feb 2005. As based on it, Annex I countries will implement their mitigation projects on GHG reductions and press developing countries on GHG reduction target. Korea has not duty target on it yet. But it will be held a COP(Conference of Party) on negotiation for reduction target of second commitment period. If Korea has a real duty, Industry sector should reduce GHG emissions. Then Market mechanism will be need to introduce for this. This study started having a question "Is it possible to introduce emissions trading in Korea?". To solve the problem, this study analysed GHG emissions, marginal abatement cost, market price with 11 companies of industry (about 36% of Korea emissions). minus target is impossible to implement reduction target ver base year (2002). And emissions trading scheme also can't make the market without additional policy and measures. This study suggest that it is need to import credits and give a subsidy of government to encourage it. The imported credit can reduce the demand curve within the marginal abatement cost curves. But the effectiveness of credit is not the same as continually growth. As a result, Allowing 40% credit into emissions trading market is the best to reduce costs. However, a subsidy is the little bit difference. A subsidy make marginal abatement cost curves down for itself. Giving 30% for subsidy, it is the best. Considering both of importing credits and subsidy, it is the best effects in the reducing cost for company. especially 30% is the best effects respectively. This Study show that government wants to consider designing emissions trading, encourage participants competitiveness, and encourage the early action, government has to allow credit trading and give a subsidy to participants.