• Title/Summary/Keyword: 비대칭도

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Distribution Patterns of Surface Sediments of the Jangan Linear Sand Ridge off the Northern Taean Peninsula, in the Mid-west Coast of Korea (서해 중부 태안반도 북부 해역의 장안사퇴 표층퇴적물 분포 특성)

  • TAE SOO CHANG;EUNIL LEE;DO-SEONG BYUN;HWAYOUNG LEE;SEUNG-GYUN BAEK
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.29 no.1
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    • pp.14-27
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    • 2024
  • Unlike the shelf sand ridges moribund in motion, nearshore sand ridges are highly mobile, sensitive to changes in ocean environments, thereby becoming of particular interest with respect to morphological changes. About 5 km off the Daesan port, the Jangan Sand Ridge has been undergoing severe subsea morphological change over the past two decades. Understanding the nature of sand ridges is critical to elucidate the causes of morphological changes. In this context, this study aims at understanding the characteristics and distribution patterns of surface sediments of the ridge and its vicinity. For this purpose, 227 sediment samples were acquired using a grab-sampler, the grain sizes being analysed by the sieve-pipette method. In addition, comparison of grain sizes in sediments between 1997 and 2021 was made in order to investigate the 25-years change in sediment composition. Surface sediments along the ridge axis are fine to medium sands with 2-3 phi in mean grain size, whereas, in the trough of ridge, the sediments are composed of gravels and muddy sandy gravels with mean sizes of -2 to -6 phi. Sediments in the crest of the ridge are well-sorted with normal distribution, on the other hand, the basal sediments are poorly-sorted and positively skewed. Along the ridge crest, the sediments are negatively skewed. From 1997 to 2021, the ridge sediments became largely coarser about 0.5 phi. Such coarsening trend in mean grain size can be explained either by elimination of fine sediments during high waves in winter or elimination of fines suspended during sand mining activities in the past. Spatial distribution pattern of surface sediments shows that ca. 30 m thick of the sand ridge itself overlies the thin relict gravels. The strong asymmetry of sand ridge, the exposure of ridge base, and reworked gravel lags suggest that Jangan sand ridge is probably sediment-deficit and hence erosive in nature at present.

Dynamic Limit and Predatory Pricing Under Uncertainty (불확실성하(不確實性下)의 동태적(動態的) 진입제한(進入制限) 및 약탈가격(掠奪價格) 책정(策定))

  • Yoo, Yoon-ha
    • KDI Journal of Economic Policy
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    • v.13 no.1
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    • pp.151-166
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    • 1991
  • In this paper, a simple game-theoretic entry deterrence model is developed that integrates both limit pricing and predatory pricing. While there have been extensive studies which have dealt with predation and limit pricing separately, no study so far has analyzed these closely related practices in a unified framework. Treating each practice as if it were an independent phenomenon is, of course, an analytical necessity to abstract from complex realities. However, welfare analysis based on such a model may give misleading policy implications. By analyzing limit and predatory pricing within a single framework, this paper attempts to shed some light on the effects of interactions between these two frequently cited tactics of entry deterrence. Another distinctive feature of the paper is that limit and predatory pricing emerge, in equilibrium, as rational, profit maximizing strategies in the model. Until recently, the only conclusion from formal analyses of predatory pricing was that predation is unlikely to take place if every economic agent is assumed to be rational. This conclusion rests upon the argument that predation is costly; that is, it inflicts more losses upon the predator than upon the rival producer, and, therefore, is unlikely to succeed in driving out the rival, who understands that the price cutting, if it ever takes place, must be temporary. Recently several attempts have been made to overcome this modelling difficulty by Kreps and Wilson, Milgram and Roberts, Benoit, Fudenberg and Tirole, and Roberts. With the exception of Roberts, however, these studies, though successful in preserving the rationality of players, still share one serious weakness in that they resort to ad hoc, external constraints in order to generate profit maximizing predation. The present paper uses a highly stylized model of Cournot duopoly and derives the equilibrium predatory strategy without invoking external constraints except the assumption of asymmetrically distributed information. The underlying intuition behind the model can be summarized as follows. Imagine a firm that is considering entry into a monopolist's market but is uncertain about the incumbent firm's cost structure. If the monopolist has low cost, the rival would rather not enter because it would be difficult to compete with an efficient, low-cost firm. If the monopolist has high costs, however, the rival will definitely enter the market because it can make positive profits. In this situation, if the incumbent firm unwittingly produces its monopoly output, the entrant can infer the nature of the monopolist's cost by observing the monopolist's price. Knowing this, the high cost monopolist increases its output level up to what would have been produced by a low cost firm in an effort to conceal its cost condition. This constitutes limit pricing. The same logic applies when there is a rival competitor in the market. Producing a high cost duopoly output is self-revealing and thus to be avoided. Therefore, the firm chooses to produce the low cost duopoly output, consequently inflicting losses to the entrant or rival producer, thus acting in a predatory manner. The policy implications of the analysis are rather mixed. Contrary to the widely accepted hypothesis that predation is, at best, a negative sum game, and thus, a strategy that is unlikely to be played from the outset, this paper concludes that predation can be real occurence by showing that it can arise as an effective profit maximizing strategy. This conclusion alone may imply that the government can play a role in increasing the consumer welfare, say, by banning predation or limit pricing. However, the problem is that it is rather difficult to ascribe any welfare losses to these kinds of entry deterring practices. This difficulty arises from the fact that if the same practices have been adopted by a low cost firm, they could not be called entry-deterring. Moreover, the high cost incumbent in the model is doing exactly what the low cost firm would have done to keep the market to itself. All in all, this paper suggests that a government injunction of limit and predatory pricing should be applied with great care, evaluating each case on its own basis. Hasty generalization may work to the detriment, rather than the enhancement of consumer welfare.

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Tectonic evolution of the Central Ogcheon Belt, Korea (중부 옥천대의 지구조 발달과정)

  • Kang, Ji-Hoon;Hayasaka, Yasutaka;Ryoo, Chung-Ryul
    • The Journal of the Petrological Society of Korea
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    • v.21 no.2
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    • pp.129-150
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    • 2012
  • The tectonic evolution of the Central Ogcheon Belt has been newly analyzed in this paper from the detailed geological maps by lithofacies classification, the development processes of geological structures, microstructures, and the time-relationship between deformation and metamorphism in the Ogcheon, Cheongsan, Mungyeong Buunnyeong, Busan areas, Korea and the fossil and radiometric age data of the Ogcheon Supergroup(OSG). The 1st tectonic phase($D^*$) is marked by the rifting of the original Gyeonggi Massif into North Gyeonggi Massif(present Gyeonggi Massif) and South Gyeonggi Massif (Bakdallyeong and Busan gneiss complexes). The Joseon Supergroup(JSG) and the lower unit(quartzose psammitic, pelitic, calcareous and basic rocks) of OSG were deposited in the Ogcheon rift basin during Early Paleozoic time, and the Pyeongan Supergroup(PSG) and its upper unit(conglomerate and pelitic rocks and acidic rocks) appeared in Late Paleozoic time. The 2nd tectonic phase(Ogcheon-Cheongsan phase/Songnim orogeny: D1), which occurred during Late Permian-Middle Triassic age, is characterized by the closing of Ogcheon rift basin(= the coupling of the North and South Gyeonggi Massifs) in the earlier phase(Ogcheon subphase: D1a), and by the coupling of South China block(Gyeonggi Massif and Ogcheon Zone) and North China block(Yeongnam Massif and Taebaksan Zone) in the later phase(Cheongsan subphase: D1b). At the earlier stage of D1a occurred the M1 medium-pressure type metamorphism of OSG related to the growth of coarse biotites, garnets, staurolites. At its later stage, the medium-pressure type metamorphic rocks were exhumed as some nappes with SE-vergence, and the giant-scale sheath fold, regional foliation, stretching lineation were formed in the OSG. At the D1b subphase which occurs under (N)NE-(S)SW compression, the thrusts with NNE- or/and SSW-vergence were formed in the front and rear parts of couple, and the NNE-trending Cheongsan shear zone of dextral strike-slip and the NNE-trending upright folds of the JSG and PSG were also formed in its flank part, and Daedong basin was built in Korean Peninsula. After that, Daedong Group(DG) of the Late Triassic-Early Jurassic was deposited. The 3rd tectonic phase(Honam phase/Daebo orogeny: D2) occurred by the transpression tectonics of NNE-trending Honam dextral strike-slip shearing in Early~Late Jurassic time, and formed the asymmetric crenulated fold in the OSG and the NNE-trending recumbent folds in the JSG and PSG and the thrust faults with ESE-vergence in which pre-Late Triassic Supergroups override DG. The M2 contact metamorphism of andalusite-sillimanite type by the intrusion of Daebo granitoids occurred at the D2 intertectonic phase of Middle Jurassic age. The 4th tectonic phase(Cheongmari phase: D3) occurred under the N-S compression at Early Cretaceous time, and formed the pull-apart Cretaceous sedimentary basins accompanying the NNE-trending sinistral strike-slip shearing. The M3 retrograde metamorphism of OSG associated with the crystallization of chlorite porphyroblasts mainly occurred after the D2. After the D3, the sinistral displacement(Geumgang phase: D4) occurred along the Geumgang fault accompanied with the giant-scale Geumgang drag fold with its parasitic kink folds in the Ogcheon area. These folds are intruded by acidic dykes of Late Cretaceous age.

Summer-Time Behaviour and Flux of Suspended Sediments at the Entrance to Semi-Closed Hampyung Bay, Southwestern Coast of Korea (만 입구에서 부유퇴적물 거동과 플럭스: 한반도 서해 남부 함평만의 여름철 특성)

  • Lee, Hee-Jun;Park, Eun-Sun;Lee, Yeon-Gyu;Jeong, Kap-Sik;Chu, Yong-Shik
    • The Sea:JOURNAL OF THE KOREAN SOCIETY OF OCEANOGRAPHY
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    • v.5 no.2
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    • pp.105-118
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    • 2000
  • Anchored measurements (12.5 hr) of suspended sediment concentration and other hydrodynamic parameters were carried out at two stations located at the entrance to Hampyung Bay in summer (August 1999). Tidal variations in water temperature and salinity were in the range of 26.0-27.9$^{\circ}C$ and 30.9-31.5, respectively, indicating exchange offshore and offshore water mass. Active tidal mixing processes at the entrance appear to destroy the otherwise vertical stratification in temperature and salinity in spite of strong solar heating in summer. On the contrary, suspended sediment concentrations show a marked stratification with increasing concentrations toward bottom layer. Clastic particles in suspended sediments consist mostly of very fine to fine silt (4-16 ${\mu}$m) with a poorly-sorted value of 14.7-25.9 ${\mu}$m. However, at slack time with less turbulent energy, flocs larger than 40 ${\mu}$m are formed by cohesion and inter-collision of particles, resulting in a higher settling velocity. Strong ebb-dominated and weak flood dominated tidal currents, in the southwestern and the northeastern part, respectively, result in a seaward residual flow of -10${\sim}$-20 cm $s^{-1}$ at station H1 and a bayward residual flow less than 5.0 cm $s^{-1}$ at station H2. However, mean concentration of suspended sediments at station H1 is higher at flood (95.0-144.1 mg $1^{-1}$) than in ebb (75.8-120.9 mg $1^{-1}$). On the contrary, at the station H2, the trend is reversed with higher concentration at the ebb (84.7-158.4 mg $1^{-1}$) than that at the flood (53.0-107.9 mg $1^{-1}$). As a result, seaward net suspended sediment fluxes ($f_{s}$) are calculated to be -1.7 ${\sim}$-$15.610^{3}$ kg $m^{-2}$ $s^{-1}$ through the whole water column. However, the stations H1 and H2 show definitely different values of the flux with higher ones in the former than in the latter. Alternatively, depth-integrated net suspended sediment loads ($\c{Q}_{s}$) for one tidal cycle are also toward the offshore with ranges of 0.37${\times}$$10^{3}$ kg $m^{-1}$ and 0.21${\times}$$10^{3}$ kg $m^{-1}$, at station H1 and H2, respectively. This seaward transport of suspended sediment in summer suggests that summer-time erosion in the Hampyung muddy tidal flats is a rather exceptional phenomenon compared to the general deposition reported for many other tidal flats on the west coast of Korea.

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A Study on the Clustering Method of Row and Multiplex Housing in Seoul Using K-Means Clustering Algorithm and Hedonic Model (K-Means Clustering 알고리즘과 헤도닉 모형을 활용한 서울시 연립·다세대 군집분류 방법에 관한 연구)

  • Kwon, Soonjae;Kim, Seonghyeon;Tak, Onsik;Jeong, Hyeonhee
    • Journal of Intelligence and Information Systems
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    • v.23 no.3
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    • pp.95-118
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    • 2017
  • Recent centrally the downtown area, the transaction between the row housing and multiplex housing is activated and platform services such as Zigbang and Dabang are growing. The row housing and multiplex housing is a blind spot for real estate information. Because there is a social problem, due to the change in market size and information asymmetry due to changes in demand. Also, the 5 or 25 districts used by the Seoul Metropolitan Government or the Korean Appraisal Board(hereafter, KAB) were established within the administrative boundaries and used in existing real estate studies. This is not a district classification for real estate researches because it is zoned urban planning. Based on the existing study, this study found that the city needs to reset the Seoul Metropolitan Government's spatial structure in estimating future housing prices. So, This study attempted to classify the area without spatial heterogeneity by the reflected the property price characteristics of row housing and Multiplex housing. In other words, There has been a problem that an inefficient side has arisen due to the simple division by the existing administrative district. Therefore, this study aims to cluster Seoul as a new area for more efficient real estate analysis. This study was applied to the hedonic model based on the real transactions price data of row housing and multiplex housing. And the K-Means Clustering algorithm was used to cluster the spatial structure of Seoul. In this study, data onto real transactions price of the Seoul Row housing and Multiplex Housing from January 2014 to December 2016, and the official land value of 2016 was used and it provided by Ministry of Land, Infrastructure and Transport(hereafter, MOLIT). Data preprocessing was followed by the following processing procedures: Removal of underground transaction, Price standardization per area, Removal of Real transaction case(above 5 and below -5). In this study, we analyzed data from 132,707 cases to 126,759 data through data preprocessing. The data analysis tool used the R program. After data preprocessing, data model was constructed. Priority, the K-means Clustering was performed. In addition, a regression analysis was conducted using Hedonic model and it was conducted a cosine similarity analysis. Based on the constructed data model, we clustered on the basis of the longitude and latitude of Seoul and conducted comparative analysis of existing area. The results of this study indicated that the goodness of fit of the model was above 75 % and the variables used for the Hedonic model were significant. In other words, 5 or 25 districts that is the area of the existing administrative area are divided into 16 districts. So, this study derived a clustering method of row housing and multiplex housing in Seoul using K-Means Clustering algorithm and hedonic model by the reflected the property price characteristics. Moreover, they presented academic and practical implications and presented the limitations of this study and the direction of future research. Academic implication has clustered by reflecting the property price characteristics in order to improve the problems of the areas used in the Seoul Metropolitan Government, KAB, and Existing Real Estate Research. Another academic implications are that apartments were the main study of existing real estate research, and has proposed a method of classifying area in Seoul using public information(i.e., real-data of MOLIT) of government 3.0. Practical implication is that it can be used as a basic data for real estate related research on row housing and multiplex housing. Another practical implications are that is expected the activation of row housing and multiplex housing research and, that is expected to increase the accuracy of the model of the actual transaction. The future research direction of this study involves conducting various analyses to overcome the limitations of the threshold and indicates the need for deeper research.

Estimation of GARCH Models and Performance Analysis of Volatility Trading System using Support Vector Regression (Support Vector Regression을 이용한 GARCH 모형의 추정과 투자전략의 성과분석)

  • Kim, Sun Woong;Choi, Heung Sik
    • Journal of Intelligence and Information Systems
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    • v.23 no.2
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    • pp.107-122
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    • 2017
  • Volatility in the stock market returns is a measure of investment risk. It plays a central role in portfolio optimization, asset pricing and risk management as well as most theoretical financial models. Engle(1982) presented a pioneering paper on the stock market volatility that explains the time-variant characteristics embedded in the stock market return volatility. His model, Autoregressive Conditional Heteroscedasticity (ARCH), was generalized by Bollerslev(1986) as GARCH models. Empirical studies have shown that GARCH models describes well the fat-tailed return distributions and volatility clustering phenomenon appearing in stock prices. The parameters of the GARCH models are generally estimated by the maximum likelihood estimation (MLE) based on the standard normal density. But, since 1987 Black Monday, the stock market prices have become very complex and shown a lot of noisy terms. Recent studies start to apply artificial intelligent approach in estimating the GARCH parameters as a substitute for the MLE. The paper presents SVR-based GARCH process and compares with MLE-based GARCH process to estimate the parameters of GARCH models which are known to well forecast stock market volatility. Kernel functions used in SVR estimation process are linear, polynomial and radial. We analyzed the suggested models with KOSPI 200 Index. This index is constituted by 200 blue chip stocks listed in the Korea Exchange. We sampled KOSPI 200 daily closing values from 2010 to 2015. Sample observations are 1487 days. We used 1187 days to train the suggested GARCH models and the remaining 300 days were used as testing data. First, symmetric and asymmetric GARCH models are estimated by MLE. We forecasted KOSPI 200 Index return volatility and the statistical metric MSE shows better results for the asymmetric GARCH models such as E-GARCH or GJR-GARCH. This is consistent with the documented non-normal return distribution characteristics with fat-tail and leptokurtosis. Compared with MLE estimation process, SVR-based GARCH models outperform the MLE methodology in KOSPI 200 Index return volatility forecasting. Polynomial kernel function shows exceptionally lower forecasting accuracy. We suggested Intelligent Volatility Trading System (IVTS) that utilizes the forecasted volatility results. IVTS entry rules are as follows. If forecasted tomorrow volatility will increase then buy volatility today. If forecasted tomorrow volatility will decrease then sell volatility today. If forecasted volatility direction does not change we hold the existing buy or sell positions. IVTS is assumed to buy and sell historical volatility values. This is somewhat unreal because we cannot trade historical volatility values themselves. But our simulation results are meaningful since the Korea Exchange introduced volatility futures contract that traders can trade since November 2014. The trading systems with SVR-based GARCH models show higher returns than MLE-based GARCH in the testing period. And trading profitable percentages of MLE-based GARCH IVTS models range from 47.5% to 50.0%, trading profitable percentages of SVR-based GARCH IVTS models range from 51.8% to 59.7%. MLE-based symmetric S-GARCH shows +150.2% return and SVR-based symmetric S-GARCH shows +526.4% return. MLE-based asymmetric E-GARCH shows -72% return and SVR-based asymmetric E-GARCH shows +245.6% return. MLE-based asymmetric GJR-GARCH shows -98.7% return and SVR-based asymmetric GJR-GARCH shows +126.3% return. Linear kernel function shows higher trading returns than radial kernel function. Best performance of SVR-based IVTS is +526.4% and that of MLE-based IVTS is +150.2%. SVR-based GARCH IVTS shows higher trading frequency. This study has some limitations. Our models are solely based on SVR. Other artificial intelligence models are needed to search for better performance. We do not consider costs incurred in the trading process including brokerage commissions and slippage costs. IVTS trading performance is unreal since we use historical volatility values as trading objects. The exact forecasting of stock market volatility is essential in the real trading as well as asset pricing models. Further studies on other machine learning-based GARCH models can give better information for the stock market investors.

The Characteristics and Performances of Manufacturing SMEs that Utilize Public Information Support Infrastructure (공공 정보지원 인프라 활용한 제조 중소기업의 특징과 성과에 관한 연구)

  • Kim, Keun-Hwan;Kwon, Taehoon;Jun, Seung-pyo
    • Journal of Intelligence and Information Systems
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    • v.25 no.4
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    • pp.1-33
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    • 2019
  • The small and medium sized enterprises (hereinafter SMEs) are already at a competitive disadvantaged when compared to large companies with more abundant resources. Manufacturing SMEs not only need a lot of information needed for new product development for sustainable growth and survival, but also seek networking to overcome the limitations of resources, but they are faced with limitations due to their size limitations. In a new era in which connectivity increases the complexity and uncertainty of the business environment, SMEs are increasingly urged to find information and solve networking problems. In order to solve these problems, the government funded research institutes plays an important role and duty to solve the information asymmetry problem of SMEs. The purpose of this study is to identify the differentiating characteristics of SMEs that utilize the public information support infrastructure provided by SMEs to enhance the innovation capacity of SMEs, and how they contribute to corporate performance. We argue that we need an infrastructure for providing information support to SMEs as part of this effort to strengthen of the role of government funded institutions; in this study, we specifically identify the target of such a policy and furthermore empirically demonstrate the effects of such policy-based efforts. Our goal is to help establish the strategies for building the information supporting infrastructure. To achieve this purpose, we first classified the characteristics of SMEs that have been found to utilize the information supporting infrastructure provided by government funded institutions. This allows us to verify whether selection bias appears in the analyzed group, which helps us clarify the interpretative limits of our study results. Next, we performed mediator and moderator effect analysis for multiple variables to analyze the process through which the use of information supporting infrastructure led to an improvement in external networking capabilities and resulted in enhancing product competitiveness. This analysis helps identify the key factors we should focus on when offering indirect support to SMEs through the information supporting infrastructure, which in turn helps us more efficiently manage research related to SME supporting policies implemented by government funded institutions. The results of this study showed the following. First, SMEs that used the information supporting infrastructure were found to have a significant difference in size in comparison to domestic R&D SMEs, but on the other hand, there was no significant difference in the cluster analysis that considered various variables. Based on these findings, we confirmed that SMEs that use the information supporting infrastructure are superior in size, and had a relatively higher distribution of companies that transact to a greater degree with large companies, when compared to the SMEs composing the general group of SMEs. Also, we found that companies that already receive support from the information infrastructure have a high concentration of companies that need collaboration with government funded institution. Secondly, among the SMEs that use the information supporting infrastructure, we found that increasing external networking capabilities contributed to enhancing product competitiveness, and while this was no the effect of direct assistance, we also found that indirect contributions were made by increasing the open marketing capabilities: in other words, this was the result of an indirect-only mediator effect. Also, the number of times the company received additional support in this process through mentoring related to information utilization was found to have a mediated moderator effect on improving external networking capabilities and in turn strengthening product competitiveness. The results of this study provide several insights that will help establish policies. KISTI's information support infrastructure may lead to the conclusion that marketing is already well underway, but it intentionally supports groups that enable to achieve good performance. As a result, the government should provide clear priorities whether to support the companies in the underdevelopment or to aid better performance. Through our research, we have identified how public information infrastructure contributes to product competitiveness. Here, we can draw some policy implications. First, the public information support infrastructure should have the capability to enhance the ability to interact with or to find the expert that provides required information. Second, if the utilization of public information support (online) infrastructure is effective, it is not necessary to continuously provide informational mentoring, which is a parallel offline support. Rather, offline support such as mentoring should be used as an appropriate device for abnormal symptom monitoring. Third, it is required that SMEs should improve their ability to utilize, because the effect of enhancing networking capacity through public information support infrastructure and enhancing product competitiveness through such infrastructure appears in most types of companies rather than in specific SMEs.