• Journal of the Korean Society for Railway
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• v.16 no.6
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• pp.482-491
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• 2013

Current metro tickets are categorized into transportation cards and monthly season tickets, which offer limited consumer choices. A metro fare system should be introduced based on the diversity of customer demand. Thus, this study's objective is that the metro fare system in Korea should be efficiently operated by analyzing a variety of metro fare systems used in major cities of other countries. In addition, this study proposed the following metro fare systems, one day pass, which is generally used in other countries in a bid to promote public transportation, reduce costs, and increase revenue. A commuting ticket system to increase the demand from cars to subways, and special discounts & a round-trip ticket system for round-trip travelers in case that demand is low was compared with the high supply on the Gyeongchun-line.

• Journal of Digital Convergence
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• v.11 no.3
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• pp.33-40
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• 2013

The smart media has changed the patterns of advertising information consumption and media usage behavior drastically. The smart advertisements, however, have failed to perform as sophisticated as the smart devices carried out. In this respect, this study is designed to figure out the current situation and the ecosystem of smart advertising and to prepare its activation plan through a survey(FGI), which will be able to give policy suggestions about smart media and advertising. In conclusion, this study points out that the proliferation of smart advertising needs to install "Smart Media Representative" which provides independable decisions on the regulation of smart advertising, the system of price, standardization of advertising, the development of various forms of advertisements, the scientific measurement of the effectiveness, the protection of privacy, professional manpower training, etc.

• Journal of the Korean Data and Information Science Society
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• v.10 no.2
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• pp.485-500
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• 1999

The systematic forecast of interest rates with liberalization was on the rise to important problems in the money market. Liberalization and globalization of the money market produced a seriously change as a compatition among the money market. Profits of an organ of monetary circulation are, also, definitively influenced by a change of interest rates. Hence most of the organ of monetary circulation studied to a scientific and systematic analysis for deterministic factors which have an effect on interest rates and progress development of a forecasting model of interest rates. In this paper, we develope the forecasting system which has highly forecasting performance based on a number of time series models for interest rates and discuss practical use of this system.

• Journal of the Korean Data and Information Science Society
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• v.27 no.4
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• pp.959-967
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• 2016

Distributional assumptions on equity returns play a key role in valuation theories for derivative securities. Elberlein and Keller (1995) investigated the distributional form of compound returns and found that some of standard assumptions can not be justified. Instead, Generalized Hyperbolic (GH) distribution fit the empirical returns with high accuracy. Hu and Kercheval (2007) also show that the normal distribution leads to VaR (Value at Risk) estimate that significantly underestimate the realized empirical values, while the GH distributions do not. We consider saddlepoint approximations to estimate the VaR and the ES (Expected Shortfall) which frequently encountered in finance and insurance as measures of risk management. We supposed GH distributions instead of normal ones, as underlying distribution of linear portfolios. Simulation results show the saddlepoint approximations are very accurate than normal ones.

• Journal of the Korean Data and Information Science Society
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• v.28 no.2
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• pp.251-260
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• 2017

The option pricing of Black와 Scholes (1973) and Merton (1973) has been widely reported to fail to reflect the time varying volatility of financial time series in many real applications. For example, Duan (1995) proposed GARCH option pricing method through Monte Carlo simulation. However, financial time series is known to follow a fat-tailed and leptokurtic probability distribution, which is not explained by Duan (1995). In this paper, in order to overcome such defects, we proposed the option pricing method based on GARCH models with normal mixture errors. According to the analysis of KOSPI200 option price data, the option pricing based on GARCH models with normal mixture errors outperformed the option pricing based on GARCH models with normal errors in the unstable period with high volatility.

• Journal of the East Asian Society of Dietary Life
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• v.20 no.5
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• pp.823-835
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• 2010

The research aimed to measure the efficiency of using multi stores in a foodservice company using by DEA (data envelopment analysis) which is a new management science technique. The study also attempted to identify relevant variables affecting DEA efficiency in order to suggest methods for improving efficiency. The data were collected from 148 contract foodservice operations, which were operated in similar fashion in October 2009. The DEA efficiency was calculated as an output-oriented BCC Model. Sales, and CSI (customer satisfaction index) were used as output variables whereas food cost, labor cost, and management expense were used as input variables to calculate the DEA efficiency. Operation process variables of the unit consisted of the were consist of ratio of regular employee, ratio of housekeeper, meal counts, meal price, food cost per meal, contract period, number of menu items, forecasting accuracy, order accuracy, inventory turnover, use of processed food, deviation of food cost, number of new menus, and number of events. According to the BCC score and profitability, units were classified into four groups: High efficiency-high profitability (HEHP), High efficiency-low profitability (HELP), Low efficiency-high profitability (LEHP), and Low efficiency-low profitability (LELP). The HEHP group contained 54 units, which mostly contracted management fee type and had a high meal price. The units were also very large and, served three meals. Twenty of the units were operated with high labor cost: most of these were factories and hospitals. The LEHP group contained 20 units, that were mainly office stores of large scale and medium price. Fifty-four LELP group had a low meal price. A high performance group must have high efficiency, profitability, and satisfaction. The BCC score was over 0.969, the meal price was over 4,116 won, the food cost was over 2,077 won, and meal counts per month were over 10,212 meals.

• Asia-Pacific Journal of Business
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• v.15 no.1
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• pp.209-223
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• 2024

Purpose - This article analyzes the impact of macroeconomic variables of the United States, China, and Korea on KOSPI and VKOSPI, in that United States and China have a great influence on Korea, having an export-driven economy. Design/methodology/approach - The influence of US, China, and Korea interest rates, industrial production index, consumer price index, US employment index, Chinese real estate index, and Korea's foreign exchange reserves on KOSPI and VKOSPI is analyzed on monthly basis from Jan 2012 to Aug 2023, using multifactor model. Findings - The KOSPI showed a positive relationship with the U.S. industrial production index and Korea's foreign exchange reserves, and a negative relationship with the U.S. employment index and Chinese real estate index. The VKOSPI showed a positive relationship with the Chinese consumer price index, and a negative relationship with the U.S. interest rates, and Korean foreign exchange reserves. Next, dividing the analysis into two periods with the Covid crisis and the analysis by country, the impact of US macroeconomic variables on KOSPI was greater than Chinese ones and the impact of Chinese macroeconomic variables on VKOSPI was greater than US ones. The result of the forward predictive failure test confirmed that it was appropriate to divide the period into two periods with economic event, the Covid Crisis. After the Covid crisis, the impact of macroeconomic variables on KOSPI and VKOSPI increased. This reflects the financial market co-movements due to governments' policy coordination and central bank liquidity supply to overcome the crisis in the pandemic situation. Research implications or Originality - This study is meaningful in that it analyzed the effects of macroeconomic variables on KOSPI and VKOSPI simultaneously. In addition, the leverage effect can also be confirmed through the relationship between macroeconomic variables and KOSPI and VKOSPI. This article examined the fundamental changes in the Korean and global financial markets following the shock of Corona by applying this research model before and after Covid crisis.

• Resources Recycling
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• v.28 no.6
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• pp.26-35
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• 2019

This study aims to introduce and economical review on the possibilities of rare earth elements(REEs) recovery from coal ashes and the analysis of economical evaluation factors based on the data for securing domestic rare earth elements. The cut-off grade of REEs on recovering from coal ash was confirmed to be 1,000 ppm on total rare earth oxides(TREO) basis, and while the economic value of coal ash changed with contents and specific elements of rare earth elements. This shall be resulted in the price differences of rare earth elements required by the current industry, and it probably varies depending on the future demand of rare earth components. For developing of commercial recovery technology on REEs in coal ashes, many researches have been carried out by various analyzing methods, such as evaluation of holding value of REEs in ashes, assessment between supply and demand of industry, comparison of investment and its profitability for the REEs's production from coal ashes, and so on. Although these methods have been suggested, its recovery system with economical feasibility could not been confirmed up to present. In this reason, the process design of recovering REEs from coal ash shall be researched continuously to solve the problems of the global rare earth market. And also these researches shall be conducted actively in Korea for the purpose of securing the REEs resources and their recovering technologies.

• The Korean Journal of Financial Management
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• v.20 no.2
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• pp.95-126
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• 2003

This paper introduces multifractal processes and presents the empirical investigation of the multifractal asset pricing. The multifractal stock price process contains long-tails which focus on Levy-Stable distributions. The process also contains long-dependence, which is the characteristic feature of fractional Brownian motion. Multifractality introduces a new source of heterogeneity through time-varying local reqularity in the price path. This paper investigates multifractality in stock prices. After finding evidence of multifractal scaling, the multifractal spectrum is estimated via the Legendre transform. The distinguishing feature of the multifractal process is multiscaling of the return distribution's moments under time-resealing. More intensive study is required of estimation techniques and inference procedures.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.16 no.2
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• pp.81-89
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• 2002

The Battery Energy Storage System (BESS) has lots of advantages such as load leveling, quick response emergency power (spinning reserve), frequency and voltage control, improvement of reliability, and deferred generation and transmission construction. However, it is very critical that economic feasibility requires justification from the customer side of meter to promoting the dissemination of BESS in nation widely. In this paper, we proposed the economic assessment model of customer owned BESS which is complemented and improved the existing model. The proposed model is applied to the typical customer types, i.e. light industrial, commercial, and residential, which are taken from the statistical analysis on the load profile survey of Korea Electric Power COmpany (KEPCO). The economic viability performed for each customer load type to justifying their economic feasibility of BESS installation from the economic measures such as payback period, Net Present Worth (NPW), Rate Of Return (ROR). The results show that the BESS has economic benefits to the specific customer type, i.e. residential customer. Therefore, the government and the energy agency should be committing the support program, such as tax incentive, financial support, to disseminate the BESS nation widely. The results of this paper are useful to the customer investment decision-making and the national energy policy & strategy in Korea.