• Journal of Environmental Policy
• /
• v.7 no.4
• /
• pp.57-73
• /
• 2008

This short paper considers the situation where an environmental policy could play a source of an exogenous background risk at an individual's wealth and analyzes the effect of such a background risk on the individual's decision making in a simple chance-improving model. Our analysis shows that risks at initial wealth generated by an environmental policy could be regarded as an exogenous background risk in many cases and that such a risk makes a risk averse person behave more risk aversely in some restricted decision making situations. A policy maker considering an environmental policy which would affect individuals' initial wealth should take into account that the environmental policy could affect an individual's seemingly irrelevant economics decisions via his or her wealth.

• Knowledge Management Research
• /
• v.22 no.1
• /
• pp.57-84
• /
• 2021

In this paper, we explore market and environmental factors which affecting organization's priority claim application which is more powerful and prompt strategic method to protect technology from competitors under uncertain and volatile environments. This study empirically examines why organizations strategically choose the priority claim application which is more strong tactics to protect technology as the source of sustainable competitive advantage. We suggest that market and environmental factors, such as exogenous shock, volatility, and uncertainty, may also affect strategic decision that organization take patent application with claiming priority. The results of our analysis of priority claim application in the Korean high-tech electronics industry from 1994 to 2008 showed that these three strategic factors affected the technology protection decision and organization's status also moderate theses effects, as predicted in our hypotheses.

• Knowledge Management Research
• /
• v.25 no.2
• /
• pp.193-218
• /
• 2024

The current study investigated the factors influencing the buyer's repurchase intention for second-hand products. This study first identified perceived risk and purchase value as the two primary influencing variables. Additionally, some exogenous variables influencing these two variables were examined. Statistical analysis using Partial Least Squares (PLS) revealed that product uncertainty, seller uncertainty, and site trust had statistically significant relationships with perceived transaction risk. However, while economic benefit showed a significant impact on purchase value, product scarcity and resale value did not exhibit a significant relationship with purchase value. Perceived transaction risk was found to have an insignificant relationship with repurchase intention, but indirectly influenced repurchase intention through purchase value. Purchase value was identified as having a significant influence on repurchase intention. Therefore, it was concluded that purchase value is the most important factor influencing repurchase intention in the purchase of second-hand products, while transaction risk indirectly influences repurchase intention through purchase value. The study indicates that product uncertainty and economic benefit are the most significant exogenous factors influencing transaction risk and purchase value, respectively.

• Journal of the Institute of Electronics Engineers of Korea TE
• /
• v.37 no.2
• /
• pp.96-104
• /
• 2000

In this paper, an $H_{\infty}$ robust controller has been designed for a large-scale system consisted of subsystems of mutually coupled plants. The physical plant, a two-dimensional horizontal movement robot system, has two subsystem plants mutually coupled by links. The designed $H_{\infty}$controller has been designed to get not only the robust stability for exogenous inputs to each plant but also the good tracking performance for the reference input to each plant. The $H_{\infty}$controller has shown the superior tracking performance and robust stability compared with the proportional-plus-derivative controller through computer simulations and physical experiments.

• Journal of Korea Port Economic Association
• /
• v.35 no.3
• /
• pp.61-72
• /
• 2019

In order to enhance the competitiveness of the container shipping industry and promote its development, based on the empirical analyses using multivariate time series models, this study aims to suggest a few strategies related to the dynamics of the container shipping market. It uses the vector autoregressive (VAR) and vector error correction (VEC) models as analytical methodologies. Additionally, it uses the annual trade volumes, fleets, and freight rates as the dataset. According to the empirical results, we can infer that the most exogenous variable, the trade volume, exerted the highest influence on the total dynamics of the container shipping market. Based on these empirical results, this study suggests some implications for ship investment, freight rate forecasting, and the strategies of shipping firms. Concerning ship investment, since the exogenous trade volume variable contributes most to the uncertainty of freight rates, corporate finance can be considered more appropriate for container ship investment than project finance. Concerning the freight rate forecasting, the VAR and VEC models use the past information and the cointegrating regression model assumes future information, and hence the former models are found better than the latter model. Finally, concerning the strategies of shipping firms, this study recommends the use of cycle-linked repayment scheme and services contract.

• Tunnel and Underground Space
• /
• v.18 no.6
• /
• pp.465-479
• /
• 2008

For the quantitative identification of rock behavior in shallow tunnels, we recommend using the rock behavior index (RBI) by the analytic hierarchy process (AHP) and the Rock Engineering Systems (RES). AHP and RES can aid engineers in effectively determining complex and un-structured rock behavior utilizing a structured pair-wise comparison matrix and an interaction matrix, respectively. Rock behavior types are categorized as rock fall, cave-in, and plastic deformation. Seven parameters influencing rock behavior for shallow depth rock tunnel are determined: uniaxial compressive strength, rock quality designation (RQD), joint surface condition, stress, pound water, earthquake, and tunnel span. They are classified into rock mass intrinsic, rock mass extrinsic, and design parameters. An advantage of this procedure is its ability to obtain each parameter's weight. We applied the proposed method to the basic design of Seoul Metro Line O and quantified the rock behavior into RBI on rock fall, cave-in, and plastic deformation. The study results demonstrate that AHP and RES can give engineers quantitative information on rock behavior.

• The Korean Journal of Financial Management
• /
• v.24 no.3
• /
• pp.29-62
• /
• 2007

We examine the methods to increase MBS values given parameters of default risks of individual mortgages and their correlation, and analyze the effects of these parameters on the efficiency of the methods. First, the values of MBS can be improved when they are comprised of low-correlation mortgages regardless of specific forms of investors' utility functions. Second, the values of MBS can also be raised even after their components mortgages are determined. More specifically, when investors' utilities are heterogeneous, CMO's of a less risky tranche and a riskier tranche are highly valued compared with pass-through securities of two identical tranches. When investors' utilities are homogeneous(risk averse), however, the latter meets the needs of investors better than the former does. Third, it can be shown that the efficiency of the methods in this paper is an increasing function of default risks of mortgage loans or of the correlation between them, and a decreasing function of the amount of the price fall of MBS when in default.