• Communications for Statistical Applications and Methods
• /
• v.17 no.5
• /
• pp.653-666
• /
• 2010

Under the retirement pension plan enforced since December 2005, retirees can just choose the payout strategy either of a lump sum allowance or of an annuity in receiving the retirement benefit. Therefore, it is imperative to review and introduce the program withdrawal system enforced by countries with mature pension plan, and complement the limitations of the current payout strategy in the future. In this study, the appropriateness of each of the payout strategies related to the program withdrawal system is examined in terms of shortfall risk and bequest fund per each risk propensity through the expected utility model that reflects the age of the retiree.

• KDI Journal of Economic Policy
• /
• v.10 no.1
• /
• pp.3-17
• /
• 1988

다국적기업(多國籍企業)은 100% 직접투자(直接投資), 합작투자(合作投資) 및 기술(技術)"라이센싱" 등 여러 가지 경로를 통하여 해외시장(海外市場)에 진출하고 있다. 본고(本稿)에서는 시장진출형태(市場進出形態)의 선택은 다국적기업과 유치국의 파트너간 협상과정에서 양측이 갖고 있는 위험회피성향(危險回避性向) 및 정보(情報)의 구조(構造)에 따라 결정된다는 것을 보인다. 그리고 이같이 진출형태가 결정되는 상황에서는 투자유치국(投資誘致國)에 의한 직접투자의 제한은 생산량에 비례한 로열티를 지급하는 기술(技術)"라이센싱"을 유도하게 되며 이는 투자유치국(投資誘致國)의 정태적(靜態的) 효율성(效率性)을 저하시키는 결과를 초래한다.

• Annual Conference of KIPS
• /
• 2014.04a
• /
• pp.1017-1019
• /
• 2014

자본주의의 꽃이라 할 수 있는 주식시장은 기업의 정량화된 가치를 매매하는 곳이다. 또한 파생거래는 주식시장의 위험회피 목적으로 만들어졌다. 파생시장이 투기적인 목적으로 악용되기도 하지만 기관투자가에게는 헤지거래의 중요한 수단임은 명백한 사실이다. 파생거래에서 옵션 거래는 투기적인 성향의 개인 거래자와 시장을 선도하는 기관 거래자 간의 치열한 대결로 볼 수 있다. 옵션은 상품별로 시시각각 변하는 이론가와 실거래가가 존재한다. 이론가를 기준으로 한 이격도 매매는 레버리지가 큰 옵션 거래에서 효과적인 위험회피 방법이다. 하지만 이론가는 현실적인 시장가와 괴리가 있을 수밖에 없다. 보다 현실적인 평균값을 구하기 위해서는 실제 옵션가의 통계만이 확실한 방법이다. 이를 위해서 옵션 만기일에 상품별로 차트정보를 수집하여 데이터베이스화하면 효과적이다. 이는 매우 반복적인 작업으로 이를 효과적으로 수행할 수 있는 에 이전트를 개발하였다. 이를 이용하면 실거래가를 기본으로 하는 평균값을 추출할 수 있으며, 지수차이와 잔여일에 따른 옵션 평균값에 근거하여 이격도 매매에 활용할 수 있다.

• Asia-Pacific Journal of Business Venturing and Entrepreneurship
• /
• v.8 no.2
• /
• pp.53-61
• /
• 2013

This study investigated the tax compliance applying framing effect, with the influence of detection rates, client advocacy, risk seeking tendency on the amount of income declared. Questionaires were filled in by CFA in Busan. Questionaires involve three cases (newly founded company, loss-expected company, gain-expected company). Respondents declared least in newly founded company, next loss-expected company, to gain-expected company. Respondents declared more as detection rates rose. As client advocacy increases, newly founded company and loss-expected company declare less, while gain-expected company declare more. As risk seeking tendency increases, newly founded company and loss-expected company declare less, but gain-expected company. Finally the interaction effect between client advocacy and risk seeking tendency is supported.

• Korean Journal of Culture and Social Issue
• /
• v.18 no.3
• /
• pp.415-433
• /
• 2012

This study was conducted in order to explain the effect of driving behavior determinants such as drivers' personality and attitude that may induce risky driving behavior and to develop a valid method for discriminating risky drivers using the determinants. In the results of surveying 534 adult drivers, 5 driving behavior determinants (avoidance of problems, benefit/stimulus seeking, interpersonal anxiety, interpersonal anger, and aggression) were found to have a statistically significant effect on drivers' various risky driving behaviors. Using these factors, drivers were grouped according to risk levels (normal drivers, unintentionally risky drivers, and intentionally risky drivers). This result suggests that drivers' dangerous behavior level can be predicted using psychological factors such as their personality and attitude. Accordingly, if the driving behavior determinant model and the base score system used in this study are improved through further research, they are expected to be useful in predicting drivers' recklessness in advance, identifying problems, and providing differentiated safe driving education services based on the results.

• Journal of Service Research and Studies
• /
• v.13 no.2
• /
• pp.146-160
• /
• 2023

The spread of non-face-to-face services due to the COVID-19 pandemic has brought many changes in consumers' purchasing behavior and attracted much attention to new services. Could trying new services caused by this sudden environmental change alter consumers's choice patterns? This study proposes the research question of whether these new service experiences can change consumers' existing choice behavior, especially for risk-averse consumers who maintain their existing choice behavior or prefer safe alternatives. In this study, we examined whether trying out an unmanned payment services, one of innovative services that emerged after the pandemic crisis, can change the existing choice behavior of risk-averse consumers, i.e., make them more likely to prefer risky alternatives to safe alternatives. To accomplish these research goals, this research conducted one pilot survey and one study. The results of pilot survey showed that the stronger the prevention-focus tendency, the lower the self-efficacy to use the innovative service, with a negative relationship between them. Based on these findings, the study used an experimental method to examine the interaction effects between the use of innovation services and consumers' regulatory focus in a choice behavior and to explore the psychological mechanisms behind them. According to the results, it is found that prevention-focused consumers were more likely to choose risky alternatives and dissimilar extended brands following a trial of an unmanned payment service compared to not using that service. In contrast, promotion-focused consumers did not show different choice patterns regardless of following a trial of an innovative service. Furthermore, these results for prevention-focused consumers confirm the role of self-efficacy as a psychological mechanism. These findings shed light on the role of self-efficacy which has discussed in positive psychology into marketing area. Moreover, practical and academic implications are suggested by the finding that behavioral change occurs in risk-averse consumers, who are known to be hesitant to try new behaviors, indicating market expansion related to potential consumers for the use of the innovation services.

• Journal of Korea Port Economic Association
• /
• v.40 no.1
• /
• pp.151-163
• /
• 2024

This study sought to confirm the impact of analytical methods and behavioral economic theory factors on decision-making when making chartering decisions in the dry bulk shipping market. This study on chartering decision-making model was began to verify why shipping companies do not make rational decision-making and behavior based on analytical methods such as freight prediction and process of alternative selection in the same market situation. To understand the chartering decision-making model, it is necessary to study the impact of behavioral economic theory such as heuristics, loss aversion, and herding behavior on chartering decision-making. Through AHP analysis, the importance of the method factors relied upon in chartering decision-making. The dependence of the top factors in chartering decision-making was in the following order: market factors, heuristics, internal factors, herding behavior, and loss aversion. Market factors, heuristics, and internal factors. As for detailed factors, spot freight index and empirical intuition were confirmed as the most important factors relied on when making decisions. It was confirmed that empirical intuition is more important than internal analysis, which is an analytical method. This study can be said to be meaningful in that it academically researched and proved the bounded rationality of humans, which cannot be fully rational, and sometimes relies on experience or psychological tendencies, by applying it to the chartering decision-making model in the dry bulk shipping market. It also suggests that in the dry bulk shipping market, which is uncertain and has a high risk of loss due to decision-making, the experience and insight of decision makers have a very important impact on the performance and business profits of the operation part of shipping companies. Even though chartering are a decision-making field that requires judgment and intuition based on heuristics, decision-makers need to be aware of this decision-making model in order to reduce repeated mistakes of deciding contrary to market situation. It also suggests that there is a need to internally research analytical methods and procedures that can complement heuristics such as empirical intuition.

• Journal of Korean Society of Industrial and Systems Engineering
• /
• v.36 no.3
• /
• pp.43-50
• /
• 2013

In this paper, the single-period inventory problem, what is called newsboy problem, has been revisited with two different conditions, uncertain supply and risk-averseness. Eeckhoudt et al. [5] investigated the effect of risk-averseness of a newsboy on the optimal order quantity in a stochastic demand setting. In contrary to Eeckhoudt et al. [5] this paper investigates the effect of risk-averseness in a stochastic supply setting. The findings from this investigation say that if ${\alpha}^*$ represents the optimal order quantity without risk-averseness then the risk-averse optimal order quantity can be greater than ${\alpha}^*$ and can be less than ${\alpha}^*$ as well.

• The Journal of Information Technology
• /
• v.4 no.2
• /
• pp.51-68
• /
• 2001

This study integrates personality trait theory to empirically Investigate the corporate strategy in Korean venture firms. This study predicts that type A/B, locus of control(internal/external), and risk-taking/avoiding will be positively associated with corporate strategy selection. Corporate strategy selection consists of aggressive entry strategy and defensive niche market strategy. Data obtained from a survey of 87 venture business firms is used to construct final variable measures and test the hypothesized relationships. The statistical result shows that type A, internal, and risk-taking CEOs positively associated with aggressive entry strategy, and type B, external, and risk-avoiding CEOs positively associated with defensive niche market strategy. Additional analysis(multiple regression model) to test relatively importance of independents is used.

• The Korean Journal of Financial Management
• /
• v.10 no.1
• /
• pp.249-280
• /
• 1993

Recent financial theory views insurance policies as financial instruments that are traded in markets and whose prices reflect the forces of supply and demand. This article analyzes individual's insurance purchasing behavior along with capital market investment activities, which will provide a more realistic look at the tradeoff between insurance and investment in the individual's budget constraint. It is shown that the financial economic concept of insurance cost should reflect the opportunity cost of insurance premium. The author demonstrates the importance of riskless and risky financial assets in reaching an equilibrium insurance premium. In addition, the paper also investigates how the investment income could affect the four established theorems on traditional insurance literature. At the present time in Korea, the price deregulation is being debated as the most important current issue in insurance industry. In view of the results of this paper, insurance companies should recognize investment income in pricing their coverage if insurance prices are deregulated. Otherwise. price competition may force insurance companies to restrict coverage or to leave the market.