• Journal of the Korea Institute of Information and Communication Engineering
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• v.26 no.8
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• pp.1148-1157
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• 2022

In 2019, COVID-19 changed many people's lives. Among them, metaverse supports non-face-to-face services through various methods, replacing daily tasks. This phenomenon was created and formed like a culture due to the prolonged COVID-19. In this paper, the fun elements used in the existing game were organized to find out the fun factors of the metaverse, and the items and contents were reclassified according to the metaverse with five experts. Classification was classified using reproducibility, sensory fun [graphic, auditory, text, manipulation, empathy, play, perspective], challenging fun [absorbedness, challenging, discovery, thrill, reward, problem-solving], imaginative fun [new story, love, freedom, agency, expectation, change], social fun[rules, competition, social behavior, status, cooperation, participation, exchange, belonging, currency transaction], interactive fun[decision making, communication sharing, hardware, empathy, nurturing, autonomy], realistic fun[sense of unity in reality, easy of learning, adaptation, intellectual problems solving, pattern recognition, sense of reality, community], and creative fun[application, creation, customizing, virtual world].

• Journal of Arbitration Studies
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• v.31 no.4
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• pp.99-117
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• 2021

In this study, the effect of reducing and increasing factors in relationship conflict on the relationship exit between auto parts suppliers and buyers was analyzed based on transaction cost theory and relational exchange theory. As a result of the hypothesis test, Hypothesis 1, which states that relationship commitment will hurt relationship exit, and Hypothesis 3 that replacement will harm relationship exit were supported. In addition, Hypothesis 2 which states that transaction-specific investment will positively affect relationship exit was not supported. The theoretical and practical implications of this study are as follows. This study has identified the antecedents of relationship exit by comprehensively applying the transaction cost theory and relational exchange theory. In addition, this study can identify what a company should manage specifically to lower conflict and relationship exit by identifying the antecedents of relationship exit. The limitations of this study and the directions for future studies are as follows. First, not all of the antecedents of relationship exits between auto parts suppliers and buyers have been extensively investigated in the viewpoint of the transaction cost theory and relational exchange theory. In the future, it is necessary to identify additional factors. Second, the study was conducted only from the supplier's viewpoint. In future studies, it is expected that more accurate research results can be obtained by simultaneously examining the supplier's point of view and the buyer's point of view.

• Land and Housing Review
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• v.12 no.2
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• pp.33-45
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• 2021

Due to recent changes in government policy, officetels have received attention as alternative assets, along with the uplift of office and apartment prices in Seoul. However, the current officetel price indexes use small-size samples and, thus, there is a critique on their accuracy. They rely on valuation prices which lag the market trend and do not properly reflect the volatile nature of the property market, resulting in 'smoothing'. Therefore, the purpose of this paper is to create the officetel price index using transaction data. The data, provided by the Ministry of Land, Infrastructure and Transport from 2005 to 2020, includes sales prices and rental prices - Jeonsei and monthly rent (and their combinations). This study employed a repeat sales model for sales, jeonsei, and monthly rent indexes. It also contributes to improving conversion rates (between deposit and monthly rent) as a supplementary indicator. The main findings are as follows. First, the officetel price index and jeonsei index reached 132.5P and 163.9P, respectively, in Q4 2020 (1Q 2011=100.0P). However, the rent index was approximately below 100.0. Sales prices and jeonsei continued to rise due to high demand while monthly rent was largely unchanged due to vacancy risk. Second, the increase in the officetel sales price was lower than other housing types such as apartments and villas. Third, the employed approach has seen a potential to produce more reliable officetel price indexes reflecting high volatility compared to those indexes produced by other institutions, contributing to resolving 'smoothing'. As seen in the application in Seoul, this approach can enhance accuracy and, therefore, better assist market players to understand the market trend, which is much valuable under great uncertainties such as COVID-19 environments.

• KDI Journal of Economic Policy
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• v.13 no.2
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• pp.141-161
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• 1991

Resale price maintenance has long been employed in book distribution, perhaps longer than for any other product. Another unusual practice in the book trade that has proven to be quite durable in spite of its substantial cost in real resources is the returns policy. Publishers typically grant the right to return unsold books within a stipulated time for full credit against future orders. This paper investigates the functions and effects of resale price maintenance in the book trade, and argues that resale price maintenance and returns are substitute methods of providing the same economic function. Resale price maintenance can be used to compensate booksellers for initially stocking books with uncertain prospects and for providing a conduit through which manufacturers acquire information about consumer demand (market testing services). Permitting the return of unsold books for full credit places a floor under retail prices and transfers a considerable portion of the cost of introducing a new product line back to the publisher. Both reflect publishers' needs to have their books displayed. In the U.S. returns privileges were first proposed in 1913, roughly coincident with the Macy decision outlawing RPM. Publishers slowly granted return privileges, which become nearly universal by 1970. The decline in margins in recent years has been accompanied by an increase in returns as the return policy served to substitute for lost margins on successful titles as a methods of compensating full-line booksellers. In contrast, returns privileges are unusual in countries where price maintenance in books has been practiced. These observations are consistent with our analysis. In Korea, resale price maintenance of books is practiced under an exception to Korean antitrust law. The availability of effective price maintenance is likely to reduce the use of returns programs. Since consumers prefer to obtain books at outlets where they know the books are likely to be stocked rather than taking a chance on stores that carry a more limited line, it also provides a strong incentive for booksellers to expand. But the privilege of resale price maintenance should be confined to books which publishers want to be price maintained. Resale price maintenance and returns system differ in the transactions costs associated with inventory holding, and publishers' judgement on the comparative advantage of the two schemes should be honored. Publishers should also remain free to authorize sales at discount at any time not to impair the ability of booksellers to dispose of product variants that prove unpopular.

• The Korean Journal of Air & Space Law and Policy
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• v.31 no.1
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• pp.99-144
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• 2016

The summary of the case is as follows: a Korean passenger booked and purchased a business class ticket from Air France that was scheduled to depart from Paris and arrive in Seoul. When the passenger arrived at the check-in counter, he was told that all business class seats were occupied. It was because the flight was overbooked by Air France. The passenger cancelled the Air France flight and took another air carrier. After arriving in Korea, he brought suit against Air France for damages. The purpose of this article is to discuss the governing law when interpreting the contract of international air carriage in accordance with the Korean Private International Act (2001) and to analyze air carrier's civil liability for the bumped passenger in the overbooking case. If the parties have not chosen the applicable law the contract shall be governed by the law of the habitual residence of the consumer in the following situations: prior to the conclusion of the contract, the opposite party of the consumer conducted solicitation of transactions and other occupational or business activities by an advertisement in that country or conducted solicitation of transactions and other occupational or business activities by an advertisement into that country from the areas outside that country and the consumer took all the steps necessary for the conclusion of the contract in that country or in case the opposite party of the consumer received an order of the consumer in that country [Article 27 (1), (2) of the Private International Act]. Since the contract of international carriage falls into the consumer contract, the Supreme Court viewed that the governing law of the contract in this case would be the law of the habitual residence of the consumer (Supreme Court Decision 2013Da8410 decided on Aug. 28, 2014). This interpretation differs from the article 5 (4) of Rome Convention(80/934/EEC) which declares that the consumer contract article shall not apply to neither a contract of carriage nor a contract for the supply of services where the services are to be supplied to the consumer exclusively in a country other than that in which he has his habitual residence. Even though overbooking can be considered as a common industry practice, an air carrier must burden civil liability in case of breach of contract for the involuntary bumped passenger(Seoul Central District Court Decision 2014Na48391 decided on Jan. 29, 2015). In case of involuntary bumping, an air carrier must offer re-routing to passenger's final destination by an alternative flight. If an air carrier fails to effect performance in accordance with the tenor and purport of the obligation, the involuntary bumped passenger may claim damages(Article 390 of the Civil Code).

• International Commerce and Information Review
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• v.15 no.3
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• pp.431-451
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• 2013

The aim of this study is to thoroughly review prior literature related to electronic bill of lading and investigate the current state of electronification of operational processes of both major international and domestic shipping lines. In addition, this study examines the meaning of Electronic Bill of Lading; the perception on Electronic Bill of Lading; and the impediment to Electronic Bill of Lading in the perspective of shipping lines. As a result, following obstacles deter further development of e-B/L: negative attitude on the utilization of e-B/L; the matter of trust on the utilization of e-B/L; and technical issues in relation to the use of e-B/L.

• Journal of Digital Convergence
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• v.11 no.12
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• pp.61-67
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• 2013

The B2B e-commerce assurance system supports e-commerce purchases by Credit Guarantee Fund. This process seeks to replace a variety of current systems, including B2C, the credit card payment method on B2B, 2001 Credit Guarantee Fund and the Bank, logistics, e-MP (Market Place), and Business-to-business e-MP (business-to-business electronic payment settlement system). Over the past 10 years of its operation, the e-MP service (B2B e-commerce electronic payment systems) has contributed much to the growth of SMEs. The development of business-to-business e-commerce transactions systems and limits have provided a stable purchasing platform, improving corporate competitiveness. However. the project-based scale of credit guarantee institutions has limitations. To overcome these limitations, we propose a new model of direct or indirect government support for small business e-MP projects. This new model will support the B2B electronic commerce by allowing it to directly involve guarantee institutions directly in B2B online transactions. Therefore, this study urges government backing of the SME based B2B online business model with e-MP service.

• Clean Technology
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• v.7 no.1
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• pp.43-49
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• 2001

To meet $CO_2$ emission regulation, this study describes the present state of $CO_2$ reduction technology and the effect of the regulation on power industry. In Japan, R&D investment is actively continuing through a long-term R&D project, along with trying to meet the reduction demand by the ways of energy saving and abroad business. EU has made a lot of investments in increasing the efficiency of power generation and developing alternative energy sources. The US is making provision of the portion of reduction by using energy saving program and emission trading, and the current DOE-driven program is addressing the development of cost-effective power systems. In the country, the research to reduce $CO_2$ emission has been mainly driven by the government and research institute supported by the government. Meanwhile, if the reduction obligation imposed on Portugal which is the least strict condition will be enforced in Korea, it is likely that about 50 running power plants should be stopped or shut down after 2015, in spite of voluntary reduction efforts such as conversion to clean fuels, etc. according to the government's long-term electric power need and supply plan.

• Journal of Arbitration Studies
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• v.16 no.1
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• pp.253-275
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• 2006

Ever since the open and reform policy in 1987, China has adopted the socialistic market economy system and has been moving forward in economic reform. This gradually expanded their market economy. The open and reform policy achieved the highest average annual GDP growth rate of 9% and helped the country maintain high growth. China's economic growth in recent years has a lot to do with the international trading and direct investment by foreign corporations. China's entry into the WTO dramatically increased their amount of capital and investments due to their aggressive investments with foreign corporations. It is quite amazing that investments in China has been constantly increasing while the direct investments worldwide is decreasing. Moreover, increase in such investments is contributing to China's job creation, as well as, the expansion of international trading. When international economic exchange started between Japan and China in the 1970s, it was in the form of aid for developing countries, hence the collection of the investment was out of the question. It was in the 1990s that Japan started the full-scale investments with China and it was mostly centered in transfer of the production base. Japanese corporations aim was to mass produce goods less expensively using abundant and cheap labor and to sell them to Japan and other countries. The amount of Japan's exports and imports compared with China is increasing every year but the trade deficit has gone into the red. The dollar amount has been decreased from $ 27 billion in 2001 to $ 18 billion in 2003. The problems and damages in the system of justice and administrative confrontation that Japanese corporations are facing are continuously at a stand-still even after China's entry into the WTO. It has been 20 years since Japan's advance in China and during that period, the Japanese corporations brought many changes ranging from exports/imports to direct investment. Although Japan's new corporations tend to be located in the mid-western part of China, rather than the coastal areas, the region itself is not the cause for the confrontation. The problem stems from the Japanese treating the Chinese as if they were Japanese because they look similar due to their Asian ancestry. In reality the Chinese have completely different ways of doing business. Here we will take a look at the international trading and direct investment of Japanese corporations in China and study the conflicts that occurred in business transactions with China through real examples.

• Management & Information Systems Review
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• v.39 no.2
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• pp.17-37
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• 2020

The purpose of this study is to investigate the global spillover effects through the existence of linear and nonlinear causal relationships between the US, European and BRIC financial markets after the period from the introduction of the Euro, the financial crisis and the subsequent EU debt crisis in 2007~2010. Although the global spillover effects of the financial crisis are well described, the nature of the volatility effects and the spread mechanisms between the US, Europe and BRIC stock markets have not been systematically examined. A stepwise filtering methodology was introduced to investigate the dynamic linear and nonlinear causality, which included a vector autoregressive regression model and a multivariate GARCH model. The sample in this paper includes the post-Euro period, and also includes the financial crisis and the Eurozone financial and sovereign crisis. The empirical results can have many implications for the efficiency of the BRIC stock market. These results not only affect the predictability of this market, but can also be useful in future research to quantify the process of financial integration in the market. The interdependence between the United States, Europe and the BRIC can reveal significant implications for financial market regulation, hedging and trading strategies. And the findings show that the BRIC has been integrated internationally since the sub-prime and financial crisis erupted in the United States, and the spillover effects have become more specific and remarkable. Furthermore, there is no consistent evidence supporting the decoupling phenomenon. Some nonlinear causality persists even after filtering during the investigation period. Although the tail distribution dependence and higher moments may be significant factors for the remaining interdependencies, this can be largely explained by the simple volatility spillover effects in nonlinear causality.