• Journal of the Korean Data and Information Science Society
• /
• v.27 no.6
• /
• pp.1557-1564
• /
• 2016

Recently, an extended warranty of a system following the expiration of the basic warranty is becoming increasingly popular to the user. In this respect, we suggest a two stage maintenance policy under the non-renewing warranty from the user's point of view in this paper. In the first stage, the user has to decide whether or not to purchase the extended warranty period. And, in the second stage, the optimal replacement period following the expiration of the warranty is determined. Under the extended warranty, the failed system is minimally repaired by the manufacturer at no cost to the user. We utilize the expected cost from the user's perspective to determine the optimal two stage maintenance policy. Finally, a few numerical examples are given for illustrative purpose.

• Journal of The Korean Society of Grassland and Forage Science
• /
• v.27 no.4
• /
• pp.297-312
• /
• 2007

This study is conducted to evaluate economical value of Jeju grassland and validity of its preservation, and draw up several measures to support. To measure its economical value, this study examined its environmental value and social and cultural value. For environmental value, this study used replacement method while it applied CVM method, a widely used method, to assess social and cultural value and two-level two-best choice selection method, which ask questions by assuming virtual circumstances to avoid reflecting some biased opinions. Jeju grassland has multiple functions-environmental functions such as preventing soil corrosion and flood, handling animal excrement, and purifying air, and social and cultural functions such as promoting physical and mental health and providing recreation places. From the results of the feasibility study, Jeju grassland's annual multiple functions are assessed to have a total $397,115{\sim}418,995$ million won worth. In addition, it is found that Jeju visitors recognize Jeju grassland for its functions to contribute to public interests. That is, they think it can provide attractive views and educational and recreational places and promote emotional development. Especially, many people presented their ideas that it be continuously preserved since it is worthwhile for us and our next generations. To preserve grassland's cultural resource, which create a huge economic value like this, the Government has to support a certain amount of financial aid for turning to a better grassland environment and its maintenance to realize environment-friendly livestock farming on Jeju Island and promote its tourism industry and consequently, add more value to Jeju.