• Journal of Navigation and Port Research
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• v.27 no.4
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• pp.375-381
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• 2003

The studies on automatic ship collision avoidance system, which have been carried out last 10 years, are facing on new situation due to newly developed high technology such as computer and other information system. It was almost impossible to make it used in real navigation 3-4 years ago because of the absence of the tool to get other ship's information, however recently developed technology suggests new possibility. This study is carried out to develop the algorithm of automatic ship collision support system. The NOMOTO ship's mathematic model is adopted in simulation for its simplicity. The fuzzy reason rules are used for course-keeping system and for the calculation of Collision Risk using TCPA/DCPA. Moreover ‘encounter type’ between two ships is analyzed based on Regulations for Preventing Collisions at Sea and collision avoidance action is suggested. Some situations are simulated to verity the developed algorithm and appropriate avoidance action is shown in the simulation.

• Environmental and Resource Economics Review
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• v.17 no.4
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• pp.845-873
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• 2008

This study estimates the VSL(value of a statistical life) as well as the WTP(willingness to pay) for mortality risk reduction using sample selection model with data on liver cancer examination which is associated with little possibility of multi-purpose(i.e. joint production) in averting behavior. The marginal benefits of mortality risk reduction are estimated by applying for household production function model with medical expense and the time required for medical examination of liver cancer. Individuals are more likely to take liver cancer test if they are male, older, higher educated, those with spouse, smoker, more income of household, and more anxious about their health. The costs of liver cancer examination are statistically significantly affected with expected signs by size of mortality risk reduction, sex, period of eduction, those with spouse, and household income. The marginal effect of mortality risk reduction owing to taking liver cancer examination is estimated at 321,097 won. The costs of liver cancer examination are increased by 905 won with more one year of education period and by 1,743 won with more one million won in household income. On liver cancer examination, male spends more 12,310 won than female and those with spouse pay more 7,969 won than those without spouse. Therefore the VSL from mortality risk reduction due to liver cancer examination is 321.10 million won at mean size of mortality risk reduction and mean cost of liver cancer examination. The results of sensitivity tests on costs and effects of liver cancer test shows that the VSLs are estimated in a range from 160.55 million won to 642.19 million won.

• 해운
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• s.84
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• pp.10-16
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• 2011

2002년 이후 지속되어온 미국의 재정적자가 금융위기 중 확대되면서 미국 국가채무가 2012년에는 GDP를 초과할 것으로 전망된다. 미 의회는 5개월 이상 협상을 지속한 결과 2011년 8월 1일 국가채무 한도 상향조정을 포함한 예산통제법을 통과시켜 국가부도사태는 발발하지 않았다. 이러한 미 의회의 국가채무 한도 상향 조정에도 불구하고, S&P는 지난 8월 3일 미국의 국가신용등급을 AAA에서 AA+로 강등하였으며, 주식시장의 경우도 미국의 재정지출 감축으로 인한 경기회복지연, 신용등급 강등 영향으로 인한 국제금융시장의 위험자산 회피현상으로 급락하였다. 미국 재정지출 감축과 위험자산 회피현상에 따른 우리나라의 국내총생산 감소는 미미할 것으로 분석되지만, 재정긴축 계획으로 향후 5년 동안 미국 경제에 평균 -0.5%정도의 GDP 감소 효과가 있으며, 우리나라 GDP도 평균적으로 -0.02% 정도 감소시킬 것이다. 이에 따라 우리나라 기업들도 미국 재정긴축 및 신용등급 강등으로 인하여 발생할 수 있는 사항들을 다각적으로 분석하여 대처를 할 필요성이 제기되고 있다. 다음은 대외경제정책연구원에서 발표한 "미국 재정긴축 및 신용등급 강등의 효과분석"의 주요 내용을 정리 요약한 것이다.

• Korean Journal of Cognitive Science
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• v.24 no.2
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• pp.173-201
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• 2013

This study aimed to investigate the differential effects of individual's cultural disposition (individualism-collectivism or horizontal-vertical thinking) and need for cognitive closure(NFC) on framing effects. For this purpose, the participants were divided into 4 different cultural disposition groups based on Singelis et al.'s[1] INDCOL scale, and 2 different NFC groups based on Lee's[2] NFC Scale, and then asked to respond on 5 decision making scenarios. The results can be summarized as followings. First, participants preferred risk-avoidant option in gain frame, whereas risk-seeking option in loss frame. Second, there are no difference of cultural disposition on framing effects, but high NFC group showed larger framing effects than low NFC group in loss frame. Third, collectivism and vertical thinking in high NFC condition showed larger framing effects than low NFC condition.

• Environmental and Resource Economics Review
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• v.14 no.4
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• pp.793-816
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• 2005

This paper proposes a new answering mechanism called RAM (Risk Answering Mechanism) which can be applied to a contingent valuation method. The RAM is derived from the theory of expected utility maximization under the assumption that there exists an uncertainty in a nonmarket good of interest. In RAM, a respondent would accept an uncertain offer only if his or her WTP for the mean of the offer is large enough to exceed the bidding price by more than a risk premium. This is in a striking contrast with a traditional answering mechanism (TAM) in which the WTP is simply compared with the bidding price. Therefore, the TAM would underestimate the WTP by a risk premium without considering the uncertainty a respondent may face. An empirical comparison is made between RAM and TAM using a survey data on the Tong river. It is found that underestimation problem is very serious in the TAM.

• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 2022.11a
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• pp.82-83
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• 2022

국제해상충돌예방규칙(COLREGs)에 관한 협약은 해상에서 발생하는 충돌사고를 방지하기 위한 규칙으로 구성되어 있으며, Seaman(선원)의 Qualitative Rule(질적 규칙)과 Ordinary practice(통상적인 관행)에 기초하고 있다. MASS의 출현으로 인하여 질적 규칙과 관행으로 인하여 COLREG를 기반으로 한 항법 해석의 기준의 다름이 발생하였고, 기준의 차이로 인해 충돌 상황에 대한 항법 해석의 모호성문제가 발생하고 있다. 따라서 본 연구는 COLREG의 항법 해석의 모호성을 규명하여 유인과 무인 사이의 충돌회피 상황을 명확히 하는 것을 목적으로 한다. COLREG를 기반으로 한 충돌 상황의 모호성을 식별하기 위해 실제 항해사를 대상으로 충돌 회피 상황에 대한 인식을 조사하고, 정면 및 횡단, 횡단 및 추월 상황을 기반으로 조사 결과를 분석하였다. 분석 결과, 응답자들은 008°에서 마주치는 선박에 대해서 정면 또는 횡단 상황 항법 규칙을 적용해야 하는지, 160°에서 다가오는 선박에 대해서 추월 또는 횡단 상황을 적용해야 하는지에 대해 확신하지 못하는 것으로 나타났다. 이러한 결과는 이러한 모호성의 증가와 함께 충돌회피상황의 수동적 행동보다 능동적인 행동을 취함으로써 선원에 의한 충돌위험을 회피하려는 경향이 더 강해짐을 나타낸다.

• The Korean Journal of Financial Management
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• v.26 no.2
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• pp.1-32
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• 2009

This paper is the data analysis of exercise patterns of ESOs and primary factors that influence on their early exercise. ESOs are prematurely exercised soon after the vesting period is over and it is argued that risk aversion, profitability through exercise, firm characteristics and behavioral factors influence on such early exercise patterns. This paper examined 111 previously-exercised stock options that had been granted to 3,267 employees from year 2000 to year 2006, and analyzed the early exercise patterns and their primary factors. The result shows that stock options were exercised approximately 3.15 years after being granted, and 0.37 year after the vesting period was over. Such an early exercise pattern was found to be influenced by risk aversion, profitability and firm characteristics.

• Science of Emotion and Sensibility
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• v.16 no.2
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• pp.177-186
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• 2013

This study aimed to investigate the differential effects of self-relevance on framing effects. For this purpose, the participants were allocated into two frame type conditions(positive vs. negative), and asked to respond on six decision-making scenarios manipulated by self-relevance levels(low vs. high). The results can be summarized as followings. First, although self-relevance level made no significant difference in framing effects, the positive frame condition tended to induce larger framing effects than the negative frame condition. Second, no significant interaction effect between frame type and self-relevance level condition was found in the positive condition, whereas high self-relevance level condition induced smaller framing effects than law self-relevance level condition in the negative frame condition. These results indicated that although self-relevance tended to reduce framing effects, this effect can be differed in frame types.

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

• Journal of the Korea Academia-Industrial cooperation Society
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• v.18 no.5
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• pp.543-548
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• 2017

This paper examines the effects of strong corporate governance for listed companies in accessing capital markets from the point of view of the weighted average cost of capital. Results found that corporate governance had a significant negative(-) relation to the weighted average cost of capital. This finding is consistent with previous research and implies that the higher shareholder ownership and foreign ownership have confidence in the financial information of the company, and therefore, risk is reduced for investors. This results in lower expected rates of return and companies will pay a lower cost of capital. Second, tax evasion had a positive effect(+) on the weighted average cost of capital. The low quality of corporate accounting information is expected to increase tax avoidance. Accordingly, this results in increased risk. If the required rate of return is high in its impact,it leads to increased capital costs. In addition, corporate governance and tax avoidance factors showed a negative affect (-) on the weighted average cost of capital. Corporate governance plays an important role in tax avoidance and the weighted average cost of capital, and strong corporate governance reducesthe impact on tax avoidance. In addition, the weighted average cost of capital in capital markets showed the reducing effect.