• 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.

• Resources Recycling
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• v.26 no.5
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• pp.29-38
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• 2017

This study suggests optimal policy options for collection of used diapers through benchmarking of foreign countries and perception surveys. By conducting a survey, this study can identify the actual problems involved in the collection process and enhance the social acceptance toward diaper recycling policies. As a perception survey result, the economic burden of emission bags and sanitary issues were most important for the collection pilot test. Respondents thought that twice-a-week collection frequency was appropriate and that free emission bags might be preferable to participants. Currently municipal wastes are subject to waste management laws, which are applied by local governments. Diaper waste is categorized with municipal waste, so it seems to be treated by municipal waste systems. In terms of connection with government, possible alternatives were suggested to identify the relevant local government. Useful data could be obtained, to determine the economical viability of any future diaper recycling system implementation in the entire Seoul metropolis and adjacent areas of dense population.

• Journal of Korea Water Resources Association
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• v.56 no.1
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• pp.11-21
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• 2023

This study suggests the drought resilience index as S-day as a means of preparing for the recent extreme drought, allowing for the actual operational identification of each drought countermeasure's priority as well as the vulnerability of water resource facilities to drought. Although each dam's drought measures are unique in this case, the representative examples include adjusting the water supply, linking the functioning of various facilities, and considering emergency capacity. Here, 15 multipurpose dams and water supply dams in Korea were inspected. Under the return period of 20-year drought, most of dams showed stable by adjusting the water supply overall. The measures, however, did not seem to be able to resist a multi-year drought lasting more than two years. Besides, Hoengseong and Anodong-Imha Dam only lasted a year under the 100-year drought return period with other measures. Without the deployment of drought mitigation strategies, it is expected that the Hoengseong Dam, Andong-Imha Dam, Gunwi Dam, Unmun Dam, Daecheong Dam, and Juam Dam would not be able to meet the all water demand for a year under the 20-year drought condition. The ideal capacity for each drought measure was then suggested. Additionally, by increasing or decreasing the current supply contract by 10% in order to account for demand changes resulting from socio-economic instability, the drought response capacity of all 15 dams was re-evaluated. By lowering the supply contract amount by 10%, it was possible to endure a severe drought.

• Management & Information Systems Review
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• v.35 no.1
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• pp.189-206
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• 2016

It was required to attach the documents on the details of external audit including the number of the participants in external audit, audited parts and audit times under the Article 7-2 on the audit report to the accounting audit report from 2014 in accordance with the amendment to the Act on External Audit of Stock Companies. This study aim to calculate the audit fee based on the estimated cost of service calculation of the government contribution agencies by reflecting the implementation of the revised external audit. This study calculated the audit fee for the target company (a listed company assumed to have no internal control risks and relevant audit risks for unqualified opinion in the previous year, 100 billion won of total amount of asset, manufacturing company in the previous year and preliminary client request) by putting together four items of expenditure including employment costs, expenditure, general management expenses and profit in accordance with the calculation system of cost of service under the State Contract Act. Then, it used the data collected from the documents on the details of the revised external audit after requesting estimation on the target company with the estimated cost to Big-4 accounting firms to identify the participants and times of the accounting audit. The employment costs applied 150% of participation rate of the base price of employment costs for the academic research service cost in 2014, the expenditure used the average value of accounting firms of corporate business management analysis of the Bank of Korea (2013), the general management expenses applied 5% of the general management rate of service business under Article 7-1 of the Enforcement Rule of the Act on Contracts to which the State is a Party and the profit applied 10% of profit rate of service business under Article 7-2 of the Enforcement Rule of the Act on Contracts to which the State is a Party. Based on the calculation of the estimated costs by applying the above, the audit fee was estimated at 50,617,769won. Although the result is not the optimal audit fee, it may be used as a basic scale to compare the audit fees of companies without criteria. Also, such amendment to the Act on External Audit of Stock Companies may improve independence of auditors and transparency of the accounting system rather than previous announcing only the total audit times.

• Korean Journal of Construction Engineering and Management
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• v.4 no.4 s.16
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• pp.212-219
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• 2003

In construction project planning and control, a cost model performs a critical role such as cost determination on a contract stage and cost tracing. The model can maximize owner's profit and value within the project budget and optimize cost management works on overall construction implementation stages. A BoQ(Bill of Quantities) generally adopted in a unit price contract has been applied as an important tool for cost control and forecast. However a previous cost model based on the BoQ has shown limitations in that it requires too detailed information and heavy manpower on cost management and difficulty in keeping relationship with construction planning, scheduling and progress management. The each cost items and unit prices which constitute of construction works are individually very important management factors but the relative weight for each items and prices have a difference on the contents and conditions of each conditions of each construction works. In consideration of this structural mechanism of cost determination, this research is aimed at examining the critical factors affecting the construction cost determination and propose and verify a new cost forecasting model which is more simple and efficient and also keeps the accuracy of cost management.

• Journal of the Korean Institute of Illuminating and Electrical Installation Engineers
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• v.24 no.4
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• pp.95-102
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• 2010

As the electric power industry is evolving into competitive market scheme, a new paradigm is required for the operation of market. Traditional dispatch algorithm was built based on the optimization model with an objective function and multiple constraints. Commercial market simulator followed the concept of the microeconomic model used in the dispatch algorithm, which is called as analytic method. On analytic method it is prerequisite to procure the exact data for the simulation. It is not easy anymore for each market participant to access to other participants' financial information while it used to be easy for monopoly decision maker to know all the information needed for the optimal operation. Considering the changing situation, it is required to introduce a new method for estimating the market price. This paper proposes an empirical method based on stochastic processes expected to build a capacity planning and long term contracts.

• Proceedings of the Korean Institute Of Construction Engineering and Management
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• 2004.11a
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• pp.486-489
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• 2004

To enlarge the international competition and construction productivity, the domestic construction market attracts the private capital and expands the facility of :iocial Overhead Capital(SOC). However, the application of the business system used at the public project didn't utilize the effect of social overhead capital. It caused problems that parties' business was inefficient and their allotment of the risk was inadequate. This paper presents the course to reorganize the business system which the coincides with the origin aim of the SOC. For the reformation of the supervisor's work scope and business system and the government's overall project management, in other words, this paper proposes the professional organization to replace the superintendence and the formation of optimal business system. This paper confirms the privity of contract among parties of SOC project and parties' work scope and system between relative laws and concession agreement that government made a contract with Special purpose Company (SPC).

• The Korean Journal of Applied Statistics
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• v.21 no.3
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• pp.441-453
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• 2008

We analyzed Korean professional basketball and baseball players salary under the assumption that it depends on the personal records and contribution to the team in the previous year. We extensively used data visualization tools to check the relationship among the variables, to find outliers and to do model diagnostics. We used multiple linear regression and regression tree to fit the model and used cross-validation to find an optimal model. We check the relationship between variables carefully and chose a set of variables for the stepwise regression instead of using all variables. We found that points per game, number of assists, number of free throw successes, career are important variables for the basketball players. For the baseball pitchers, career, number of strike-outs per 9 innings, ERA, number of homeruns are important variables. For the baseball hitters, career, number of hits, FA are important variables.

• Proceedings of the Korea Water Resources Association Conference
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• 2011.05a
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• pp.108-115
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• 2011

용수공급 계획의 수립이나 수자원시설물 운영에서 주어진 목적의 달성여부를 판단하는 기준은 사회적 합의를 바탕으로 한 공개념으로 작용하기 때문에 기준 적용은 매우 신중하게 다루어져야 한다. 이런 기준들은 신규용수공급시설 설계나 기존시설의 경우 이행도를 평가하는 척도가 되며 경제성이나 대안을 결정하는데 이용된다. 또한 이런 기준들은 국가 수자원 정책의 지표가 될 뿐만 아니라 물 공급 서비스를 받는 사람들에게 최소 필요로 하는 물을 어느 수준으로 얼마를 어떻게 공급할 것인가를 약속하는 의미를 갖는다. 이를 위해 우선 검토하여야 할 사항은 용수공급신뢰도 조사를 위한 기본체계를 제공하고 현재 신뢰도가 어떻게 정의되었으며 물 공급관리지표에 맞추어 예상되는 물 수요의 증가를 언제 어떻게 맞출 것인가라는 측면에서 신규시설물을 계획하면서 공급신뢰도에 의한 계획공급량(목표공급량)을 정하였다. 물을 공급받는 수요자는 공급에 대한 신뢰도가 높은 상태를 원하며 자신이 원하는 물을 아무런 장애없이 지속적으로 공급될 수 있는 조건을 전제로 물 공급계약을 체결한다. 이와 같은 신뢰도가 늘 엄격히 지켜지는 것은 아니나 현대 사회에서도 수요와 공급관계에서 지켜져야 할 기준으로 인식되고 있다. 아울러 수자원 기술자들에게 는 최적으로 달성해야할 업무목표가 된다. 그러나 제한된 정보를 이용하여 용수공급의 신뢰도를 정하게 되며 설계치를 초과하는 수문사상의 불확실성 및 수리구조물의 불안정 등으로 물 공급의 위험도는 항시 발생할 수 있다. 또한 인구증가나 새로운 산업입지에 의한 물 수요의 증가는 기존 시설물의 용량을 초과하여 물 공급의 신뢰도를 악화시킬 수 있다. 가장 널리 이용되고 있는 공급신뢰도 개념은 목표한 용수공급량 혹은 수요량을 충족시키느냐 못하느냐의 정도를 발생빈도 확률로 나타내는 것이다. 그러나 신뢰도의 적용에 대한 기준은 국내뿐만 아니라 외국에서도 종종 논란거리가 되고 있다. 또한 한 국가 내에서나 수자원을 개발하는 기관 내에서도 동일 목적의 사업별로 적용기준이 천차만별이다. 본 연구에서는 국내 외 이수안전도에 대한 정의와 적용사례를 분석하고 각각의 기준이나 지표의 장단점을 비교 평가하고자한다. 아울러 도출된 문제점을 바탕으로 개선방향을 제시하고자 하며, 궁극적으로 국내의 이수안전도 기준설정에 대한 종합적 의견을 제시 하고자 한다.

• Proceedings of the KOR-KST Conference
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• 1998.10a
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• pp.496-505
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• 1998

물류활동에서 운송부분이 차지하는 중요성은 기업의 경영자층에게 더욱 중요하게 인식되고 있는데, 이는 경쟁 환경 때문이다. 경쟁환경에서는 'Output Logistic' 즉, 운송활동의 수행정도에 따라 물류활동의 성패가 결정된다. 따라서 기업물류활동의 근간인 운송활동의 주요 결정요인과 선택형태를 알아보고, 이들이 실제로 기업의 물류활동에 어느 정도 영향을 미치는지를 심층적으로 분석해보는 것도 매우 의미 있는 일이라 하겠다. 더구나 우리 나라의 현재의 경제여건에서는 물류비에 대한 효율화 작업이 필요한데 반해 그 동안의 연구들을 살펴보면 SP 자료를 이용한 가상적 상황하에서의 화주의 선택행태를 분석하였으므로 실제 선택한 수단간의 gap을 극복할 수 없었다. 기업은 운송수단의 선택시 복잡한 결정과정을 갖는다. 이는 운송부문이 총물류비용에서 차지하는 중요도 때문이다. 기업의 운송관리자는 화물을 출하할 때마다 선택의 기로에 서게 된다. 즉, 일부는 조직 체계나 다른 계약 여건에 따라 이전과 동일한 수단을 선택하는 경우도 있지만, 많은 경우에는 매번 출하시 마다 최적의 운송수단을 선택하기 위한 새로운 결정을 하게 된다. 본 연구는 이러한 화주의 수단선택행태를 실제 RP 자료를 이용하여 분석하였다. 수단선택모형의 적용 및 분서결과를 살펴보면 상당히 attractive한 결과를 발견할 수 있는데 각 품목별 추정 값이 운송거리에 대해서는 음으로 운송비용에 대해서는 양으로 나타나고 있다. 다시 말하면 운송거리가 길수록 효용은 감소하고 운송비용이 커질수록 효용은 증가한다는 것을 의미하므로 그 분석결과가 올바른 결과를 도출하고 있지는 않다. 그러나 여기서 알수 있는 것은 운송거리와 운송비용이 각각 주요한 변수라는 것이다. 모형의 타당성을 검증하기 위해서는 logilikelihood 값을 구하여 $\rho$^2분석을 시행하였다. 여기서는 각 품목별로 $\rho$^2값이 약 0.15~0.3의 비교적 높은 수치를 보여주고 있으므로 모형의 설명력이 어느 정도 있다는 것이 아울러 증명이 되었다. 상관관계에 대한 분석에서는 영업용 차량간의 상관관계가 높게 나타났으며, 이는 곧 영업용 화물차량을 적재중량별로 구분하는 것이 별 의미가 없음을 의미한다. 다시 말하면 자가용 차량을 보유하고 있지 않은 회사는 다른 운송전문업체에 화물운송을 의뢰하게 되므로 출하중량에 따라 화물차량을 구분하는 것에 대해서 그다지 큰 고려를 하지 않는 것으로 해석할 수가 있다.