• Journal of Intelligence and Information Systems
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• v.23 no.1
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• pp.23-46
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• 2017

Although there have been cases of evaluating the value of specific companies or projects which have centralized on developed countries in North America and Europe from the early 2000s, the system and methodology for estimating the economic value of individual technologies or patents has been activated on and on. Of course, there exist several online systems that qualitatively evaluate the technology's grade or the patent rating of the technology to be evaluated, as in 'KTRS' of the KIBO and 'SMART 3.1' of the Korea Invention Promotion Association. However, a web-based technology valuation system, referred to as 'STAR-Value system' that calculates the quantitative values of the subject technology for various purposes such as business feasibility analysis, investment attraction, tax/litigation, etc., has been officially opened and recently spreading. In this study, we introduce the type of methodology and evaluation model, reference information supporting these theories, and how database associated are utilized, focusing various modules and frameworks embedded in STAR-Value system. In particular, there are six valuation methods, including the discounted cash flow method (DCF), which is a representative one based on the income approach that anticipates future economic income to be valued at present, and the relief-from-royalty method, which calculates the present value of royalties' where we consider the contribution of the subject technology towards the business value created as the royalty rate. We look at how models and related support information (technology life, corporate (business) financial information, discount rate, industrial technology factors, etc.) can be used and linked in a intelligent manner. Based on the classification of information such as International Patent Classification (IPC) or Korea Standard Industry Classification (KSIC) for technology to be evaluated, the STAR-Value system automatically returns meta data such as technology cycle time (TCT), sales growth rate and profitability data of similar company or industry sector, weighted average cost of capital (WACC), indices of industrial technology factors, etc., and apply adjustment factors to them, so that the result of technology value calculation has high reliability and objectivity. Furthermore, if the information on the potential market size of the target technology and the market share of the commercialization subject refers to data-driven information, or if the estimated value range of similar technologies by industry sector is provided from the evaluation cases which are already completed and accumulated in database, the STAR-Value is anticipated that it will enable to present highly accurate value range in real time by intelligently linking various support modules. Including the explanation of the various valuation models and relevant primary variables as presented in this paper, the STAR-Value system intends to utilize more systematically and in a data-driven way by supporting the optimal model selection guideline module, intelligent technology value range reasoning module, and similar company selection based market share prediction module, etc. In addition, the research on the development and intelligence of the web-based STAR-Value system is significant in that it widely spread the web-based system that can be used in the validation and application to practices of the theoretical feasibility of the technology valuation field, and it is expected that it could be utilized in various fields of technology commercialization.

• Journal of Korea Water Resources Association
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• v.44 no.9
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• pp.765-776
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• 2011

Flood discharge capacity in a dam downstream reach has been decreased after dam construction because of the river cross section reduction impacted by farm lands, sand-bars and parking lots, etc. in river flood plains. Those obstacles being in the river inside areas have caused negative influences to the dam operation policy. Therefore, the dam downstream river improvement work associated with the dam operation improvement plan is under construction for removing reduction factors on the dam effective storage, assuring flood safety in the dam downstream river and incrementing dam operation benefits. But the project has issued some problems such as project feasibility, economic evaluation, cost allocation and benefit share, etc. Since a dam enterpriser has not committed such kind of project before, it is necessary to set up an objective analysis process and a quantitative financial valuation. This study examines the measurable economic benefits and the cost allocation of the project for the fairness between benefit owners (central government and water electricity enterprisers). As a result, the total economic benefit from 3 dams (Imha, Daechung and Youngdam Dam) accounts for 14.41 Billion Won/year. The financial valuation of K-water as a project enterpriser is approximately estimated at 40% of the total value and the government is 60%.

• Journal of Korean Society of Transportation
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• v.30 no.6
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• pp.3-12
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• 2012

Additive willingness-to-pay (WTP) for leisure-travel time saving focused on the Iksan-Pohang Expressway and the Donghae Expressway was surveyed during the summer months to estimate the value of travel-time savings (VTTS) for non-business leisure trips. Travelers traveling between 2 and 3 hours on Iksan-Pohang Expressway had WTP of 723 won per 10 minutes of leisure-travel time savings and those traveling between 3 and 4 hours on Donghae Expressway had WTP of 854 won per the same. Based on this survey, we learned that WTP in leisure travel time savings increased with the total travel time. 300 effective samples for each expressway were collected, and estimation was separately conducted on the basis of Cox test.

• Environmental and Resource Economics Review
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• v.8 no.1
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• pp.51-73
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• 1998

조건부가치측정법(CVM)의 지불의사 유도방법인 이중 양분선택형 질문법은 단일 양분선택형 질문 CV자료의 통계적 비효율성을 극복하기 위한 방법으로 제안되었다. 이 방법은 여러 가지 장점에도 불구하고 출발점 편의의 심리학적 근거인 정박효과 (anchoring effect)의 발생 가능성을 의심받고 있다. 그러므로 본 논문에서는 이중 양분선택형 질문 CV자료에서 정박효과를 검토할 수 있는 일반적 지불의사금액모형을 제시하고, 그 모형으로부터 정박효과를 검토할 수 있는 방법을 제안한다. 모형은, Cameron and Quiggin(1994)이 제안한 이변량 모형에 두 번째 내재 지불의사금액의 설명변수로서 처음 제시된 특정금액에 대한 양분선택적 응답결과를 포함시킨 형태이다. 이 모형에서 처음 제시된 특정금액에 대한 양분선택적 응답결과의 계수 부호가 음(-)이고 통계적으로 유의하다면 정박효과가 발생하는 것으로 볼 수 있다. 그러나 만약 이러한 계수 검토에서 정박효과 발생을 확인할 수 없는 경우, 두 번의 응답에서 두 지불의사금액 추정치들의 평균이 다르다고 볼 수 없다면 정박효과를 우려할 필요가 없다. 이 검토 모형 및 방법을 본 연구에서 한강 수질 개선에 대한 CV자료에 적용해 본 결과 정박효과를 우려할 필요가 없음을 확인할 수 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
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• v.7 no.3
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• pp.121-131
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• 2012

The social welfare service is expanding to different field as the social welfare budget is increasing. By this opportunity, it needs to make clear of the basis of argument that the necessity of development of Korean government's support and aid by social policy should be worked. This research dealt with the national economic effect in relation to welfare for the disabled in terms of welfare economics. Budget spending for the achievement of welfare for the disabled makes an enterprise or a person spend money continually either in a direct or indirect way. This study shows by the use of analysing the related production effects, as an economical influence of welfare for the disabled budget assuming by means of measuring. The results are analyzed that the production of one trillion and three hundred billon won is annually caused and 8,015.9 hundred million won of the direct and indirect added value is caused by the welfare of the disabled budget expenditure of three local governments of capital area. And it is also assumed it creates employment cause personnel (17.673.2 person) and job cause members (26.825.2). The result of the study anticipates the role of basic research material for the necessity of intervention, support, and aid by the government and local government revised policy for the disabled welfare field at this point in time where the welfare budget policy in terms of universal social service is reinforced, rather than the trend, until recently, of realizing the social welfare budget as consumption expenditure and the function of performing the effect and evaluation in tentative action of social conflict.

• The Korean Journal of Financial Management
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• v.24 no.1
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• pp.29-58
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• 2007

We develop a model to estimate the value of growth opportunities, which is based on the seminal papers of M&M(1961, 1963) and Lee(2006). Making use of the estimation model, we estimate a new proxy variable of the growth opportunities, other than the usual proxy variables such as quasi Tobin's Q, MBR, and so on. The new proxy variable of growth opportunities can represent a necessary condition to identify whether the increase in new investments are successful or not. The empirical findings on the growth opportunities during the IMF currency crisis period and the post-IMF period are as follows; First, the overall success rate of new investments is as low as 50%, that means only half of the listed firms were increasing new investments when they had the growth opportunities. Second, during the crisis, one third of the listed firms were experiencing negative growth opportunities. However, during the post-IMF period, the growth opportunities on new investments were turned to be positive due to the turnaround efforts of listed firms. Third, the value of intangible assets, which are resulting from the investment of R&D and human capital, are becoming more important than ever. It seems to be true that larger portions of the value of growth opportunities are coming from the intangible assets, not from the increases in new investments of the physical assets.

• Environmental and Resource Economics Review
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• v.24 no.2
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• pp.283-309
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• 2015

Nagoya Protocol came into effect October of 2014. For Korean companies to follow Nagoya Protocol with ease, this research conducts the survey to figure out consumers' additional willingness to pay for bio-diversity. The hypothesis that the bio-diversity label will make an impact on willingness to pay through emotional value, conditional value, and epistemic value is based on consumption value theory. The survey is conducted for two product categories; first one is utilitarian product (milk) and the other one is hedonic product (cosmetics). The analysis result shows the bio-diversity label on both product categories incur additional willingness to pay. Especially, expectation on effectiveness of bio-diversity label increases the additional willingness to pay on biodiversity label. This implies for easy following on Nagoya Protocol, the education and promotion of bio-diversity is need to increase consumers' additional willingness to pay, which can be the attraction for companies to obey the Nagoya Protocol.

• Journal of Korea Technology Innovation Society
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• v.14 no.3
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• pp.578-598
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• 2011

This study estimates the value of photovoltaic core material technology, which is getting attention as a clean energy source. The estimation is based on the real option pricing model (ROPM). This study has two main contributions. The first is in the methodology. The process of modeling volatility, which is the most complicated stage in ROPM, is greatly simplified by using the stock price as a covariate representing the volatility of the real option's basic asset. The second contribution is the application of technology. In this study, the economic value of poly-silicon, a core material in the photovoltaic industry and recently surging in demand, is evaluated as a manufacturing technology. In a case study of a company in the photovoltaic industry, the stochastic process of a basic asset follows geometric Brownian motion (GBM), and the option value of firm A's poly-silicon manufacturing technology is estimated at 3.4 trillion won.

• Journal of Korean Society of Transportation
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• v.34 no.6
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• pp.523-534
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• 2016

The purpose of this study is to develope a method for measuring social benefit by mitigating in-vehicle congestion level in intercity buses. Contingent valuation method and Tobit model are adopted for social benefit evaluation method. One thousand passengers were interviewed with 992 obtained valid samples. Tobit models with age, income level, and bus boarding times as explanatory variables are selected to estimate the willingness to pay for the mitigation of intercity bus in-vehicle congestion. Statistically and logically, two models with age or income level as explanatory variables are turned out to be valid. The intercity bus service supply status and usage are examined and the bus users who have willingness-to-pay for the intercity bus in-vehicle congestion mitigation have been identified. In case of the 'no standing' rules implemented to the intercity bus, the annual economic benefit from the service is estimated to be 14.7 billion won.

• Journal of Korea Water Resources Association
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• v.46 no.10
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• pp.989-995
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• 2013

This study attempts to estimate the benefits of environmentally-enhancing water ensuing from Sangkwan multi-purpose reservoir. To this end, we apply a survey technique, the contingent valuation (CV) method to elicit the public willingness to pay (WTP). Two CV surveys of randomly selected households were administrated to on-site and off-site areas. As it happens, a number of respondents reported zero WTPs for the environmentally- enhancing water. To deal with the zero WTPs, this study employs a spike model. The results show that average household's WTP for the environmentally-enhancing water ensuing from Sangkwan multi-purpose reservoir is estimated to be 1,393.7 won for on-site area and 2,237.7 won for off-site area per year. The benefits of environmentally-enhancing water ensuing from Sangkwan multi-purpose reservoir amount to about 38.3 billion won per year. Our findings are expected to contribute to determining an appropriate level of investment and making management policies with regard to the benefits of environmentally-enhancing water.