• Environmental and Resource Economics Review
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• v.26 no.4
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• pp.499-517
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• 2017

The purpose of this article is to show profit margin hedging can be an optimal strategy in crude oil purchasing. This study theoretically analyzes profit margin hedging strategy is optimal in crude oil purchasing using expected target utility function and conducts simulations to show if the profit margin hedging is profitable. In addition, this study tests existence of mean reversion of crude oil futures prices to confirm the theory that profit margin hedging is more profitable than other strategies, such as always hedging or buying at expiration with spot price, if futures prices are mean reverting. The simulation results show that the expected utility of profit margin hedging higher than other strategies. Although we cannot find any evidence that crude oil futures prices follow mean reverting process, we can conclude that profit margin hedging can be optimal strategy in crude oil purchasing based on theoretical proof and simulation results.

• Environmental and Resource Economics Review
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• v.16 no.4
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• pp.947-978
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• 2007

In this paper, we investigated a Value-at-Risk approach to the volatility of two crude oil markets (Brent and Dubai). We also assessed the performance of various VaR models (RiskMetrics, GARCH, IGARCH and FIGARCH models) with the normal and skewed Student-t distribution innovations. The FIGARCH model outperforms the GARCH and IGARCH models in capturing the long memory property in the volatility of crude oil markets returns. This implies that the long memory property is prevalent in the volatility of crude oil returns. In addition, from the results of VaR analysis, the FIGARCH model with the skewed Student-t distribution innovation predicts critical loss more accurately than other models with the normal distribution innovation for both long and short positions. This finding indicates that the skewed Student-t distribution innovation is better for modeling the skewness and excess kurtosis in the distribution of crude oil returns. Overall, these findings might improve the measurement of the dynamics of crude oil prices and provide an accurate estimation of VaR for buyers and sellers in crude oil markets.

• Environmental and Resource Economics Review
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• v.19 no.3
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• pp.485-508
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• 2010

This paper examines the long memory property and investigates cointegration in the dynamics of crude oil markets. For these purposes, we apply the joint ARMA-FIAPARCH model with structural break and the vector error correction model (VECM) to three daily crude oil prices: Brent, Dubai and West Texas Intermediate (WTI). In all crude oil markets, the property of long memory exists in their volatility, and the ARMA-FIAPARCH model adequately captures this long memory property. In addition, the results of the cointegration test and VECM estimation indicate a bi-directional relationship between returns and the conditional variance of crude oil prices. This finding implies that the dynamics of returns affect volatility, and vice versa. These findings can be utilized for improving the understanding of the dynamics of crude oil prices and forecasting market risk for buyers and sellers in crude oil markets.

• 월간낙농육우
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• v.17 no.10 s.186
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• pp.101-102
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• 1997

새로운 법인으로 구성될 진흥회는 기구의 구성과 구성원의 인선 작업은 물론 집유조합의 지정과 원유의 구매$\cdot$ 공급계약 및 가격과 수급계획, 소비홍보 등등 여러 가지 업무를 수행하면서 각종 단체와의 이해관계로 많은 난제에 부딪칠 수 있다. 한국낙농산업의 먼 장래를 바라보는 혜안을 가지고 사심없는 업무처리로 국내 낙농산업발전의 큰 역할을 기대한다.

• 월간 기계설비
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• no.7 s.216
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• pp.36-39
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• 2008

원유와 고철 등 국제 원자재 가격 상승으로 지난 달 원재료 물가가 80% 가까이 폭등하며 28년만에 최고치를 기록함에 따라 건설현장의 자재비와 연료비 부담은 더욱 가중될 것으로 전망된다. 특히 철, 동 등의 금속재 가격 상승의 영향으로 철강재, 비철금속 가격이 연말 대비 40% 이상 폭등하였고, 지난 해 말부터 오르기 시작한 강관이 5월까지 계속 오르고만 있다. 그리고 앞으로도 더 오를 것이라는 전망이다. 이처럼 하루가 다르게 값이 오르고 있는 자재를 제때 구매하지 못해 공사현장은 지금 아우성이다. 철강재와 PVC제품을 주자재로 사용하고 있는 설비건설업계는 공사원가 부담 가중으로 심각한 위기에 직면해 있다. 이에 따라 대한설비건설협회는 자재값 인상에 대한 대처방안으로 여러 가지 방안을 강구, 추진하고 있다.

• Feed Journal
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• v.5 no.6 s.46
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• pp.60-64
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• 2007

석유의 매장량은 한정되어있고 석유에 대한 수요량은 지속적으로 증대됨에 따라 국제원유가격은 끝없이 치솟고 있다. 아울러 석유를 비롯한 화석연료는 지구온난화를 가속시키고 있어 대체에너지의 개발에 세계가 관심과 노력을 경주하고 있다. 세계최대의 석유소비국인 미국에서는 지속적 재생이 가능하고 온실가스발생이 적은 biofuel의 생산에 박차를 가하고 있는데 특히 옥수수를 이용한 에탄올 생산을 지속적으로 증대시켜 화석연료의 사용량을 줄이겠다는 원대한 계획을 Bush대통령이 직접 진두지휘하고 있다. 이러한 정책의 결과로 이미 국제 옥수수가격은 폭등하고 있다. 옥수수가 에탄올 생산에 사용되는 비중이 높아짐에 따라 사료용 옥수수 가격의 지속적인 상승이 예상되는 한편 부산물로 생산되는 옥수수주정박(DDGS; distiller's dried grains with solubles) 공급량의 지속적인 증가도 예상된다. 이러한 대세가 원료수입 의존도가 높은 한국의 사료산업과 축산업계에 미치는 충격을 최소화 하기 위해서는 대체사료자원의 개발과 DDGS의 활용에 관한 관심과 연구가 그 어느때 보다 더욱 절실하게 요망된다. 차제에 DDGS에 대한 이해와 사료적가치평가 및 활용에 보탬이 되고자 앞으로 biofuel과 DDGS산업개황, DDSG의 물리화학적 특성, 영양성분 및 품질변이, 축종별 사용방안, DDGS의 상대적 가치, 구매요령 등에 대하여 약 10회에 걸쳐 연재로 소개하고자 한다.

• The KIPS Transactions:PartD
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• v.9D no.5
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• pp.963-970
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• 2002

In this paper, after defining the requirements to improve the processing of Internet auction, we design and implement Internet Auction Agent System (IAAS) based on the requirements. IAAS consists of a multi - agent system with buying/selling/negotiation agents for auction processing in accordance with the given price strategy, a graphic interface for supporting price strategies, an information agent for supplying real time information and remote control of agents, and DB. For the mobility, scalability, functionality and communication efficiency of agents, IAAS is implemented by using Java JDK1.3, Servlet, RMI and socket. Through the comparative analysis, we show that IAAS fulfills the requirements defined. IAAS can improve the convenience of users and the efficiency of auction processing, and thus increase the utilization of Internet auction.

• Proceedings of the Korean Institute of Information and Commucation Sciences Conference
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• 2013.10a
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• pp.737-740
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• 2013

The widespread use of smart home appliances with smart home networking is leading to a next generation of a new technology that exploit user contextual information to provide a richer experience. However, in the most part of home networking systems the intelligent personalization services between user and home appliances have not been adequately supplied in respect of the long lifespan of the legacy home appliances. In addition, without installing smart home appliances when constructing new building the users can not use this service. To use this service, the legacy home appliance need to attach enabler equipped with the various sensors just as it is smart home appliances. The goal is to create a service that enables appliances to exchange information and control their actions through the IoT gateway to achieve nonintrusive behavior and customized services without human intervention. In this paper, we propose a ontology model to represent the user context to be able to induce right service automatically and use it to discover, utilize and enhance different services in real time that the user may be interested in.

• Journal of the Korean Applied Science and Technology
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• v.35 no.3
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• pp.667-675
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• 2018

Increasing emissions regulations and demand of high-efficiency cars that travels a lot of distance with less fuel, there is growing interest in Energy Consumption Efficiency. Korean energy consumption efficiency compute combined Fuel Economy by driven city & highway driving mode and present final Energy Consumption Efficiency as using 5-cycle correction formula. Energy consumption efficiency is computed Carbon-balance-method, when used burning fuel play a key role in vehicle performance & Energy Consumption Efficiency. In Korea, vehicle fuel is circulate by Petroleum and Petroleum Alternative Business Act, there is property difference in quality standard because petroleum sector's refine method or type of crude oil. It does not appear a big difference according to fuel, because it sets steady quality standard, it may affect the performance of automobile. Thus, in research We purchase a few diesel fuel which circulated in the market in summer season though directly-managed-gas station by petroleum sector, resolve property each of fuel, we compute Fuel Economy each of them. We analyze into change depend on applying for property as nowadays utilizing Energy Consumption Efficiency calculating formula of gasoline and diesel fuel. As result, Density each of sample fuel has a maximum difference roughly 0.9%, net heat value each of sample fuel has difference 1.6%, result of current Energy Consumption Efficiency each of sample fuel has a difference roughly 1% at city drive mode, 1.4% at highway drive mode. Result of use gasoline calculator formula shows less 6% result than nowadays utilizing Energy Consumption Efficiency calculating formula, each of sample's Energy Consumption Efficiency shows maximum roughly 1.4% result in city & highway drive mode.

• Journal of Dairy Science and Biotechnology
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• v.34 no.4
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• pp.255-262
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• 2016

This study was conducted to investigate the difficulties of dairy farms in practicing 6th industrialization and methods for overcoming these difficulties. A qustionnaire survey was carried out to examine the present states of farms, recognition of the farmstead milk-processing market situation, possibility of farmstead milk processing for reducing the raw milk surplus, assessment of government policies, and difficulties dairy farmers confront in realizing the 6th industrialization. Farm sizes, types, and human resources organizations varied between farms. Most farmers were producing yogurt and/or fresh (string or barbecue) cheeses, which were marketed through 'Visit and Purchase' channel. Farmers who answered the questionnaire were relatively positive about the current situation of farmstead milk processing, expecting to be involved in the disposal of excess raw milk. Nevertheless, they responded negatively about current relevant policies, citing the main difficulties caused by 'excessive regulation'. Other barriers to successful '6th industrialization' are difficulties in marketing and lack of funds. Approximately 19% of dairy farms practicing the '6th industrialization' use automatic milking system (AMS) and 38.46% of dairy farmers whose milking depends on conventional milking system intend to introduce AMS in the future. Positive expectations of AMS adoption were mostly related to 'lack of time and labor', 'exhibiting for tourism', and 'succession of dairying'.