• Proceedings of the Korean Institute of Navigation and Port Research Conference
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• 한국항해항만학회 2014년도 춘계학술대회
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• pp.73-75
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• 2014

Marine transportation facility is public goods for the general public and their safety. The study used the Contingent Valuation Method (CVM), a method to estimate economic value of non-market goods, such as environmental goods. In order to analyze economic effects of marine accidents preventable by the VTS, the study estimated costs caused by marine accident cases. It conducted surveys with people and shipping companies in local areas where VTS is to be established in the future. According to a survey with people in areas where marine transportation control center is to be built (Tongyoung), the yearly benefit from building new VTS is estimated at KRW 11billion. If fees are paid in the form of income tax for five years from 2014, corresponding benefits during the same period will reach KRW 47.3 billion in current value. An analysis on economic validity of VTS establishment in Tongyong showed the B/C ration stood at 3.193, far higher than 1. The Net Present Value (NPV) was KRW 32.5 billion and the Internal Rate of Return (IRR) turned out to be 37.4% which was higher than social discount rates of 53.5%. On balance, the establishment has reasonable economic validity.

• Journal of Korean Society of Transportation
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• 제34권5호
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• pp.421-436
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• 2016

Public-Private-Partnerships tend to be committed high project development cost and recover the cost through future revenue during the operation period. In general, long-term concession can bring on more revenue to private investors, but short-term concession less revenue due to the short recovering opportunities. The concession period is usually determined by government in advance or by the private sectors's proposal although it is a very crucial factor for the PPPs. Accurate traffic forecasting should be most important in planing and evaluating the operation period in that the forecasted traffic determines the project revenue with user fees in PPPs. In this regards, governments and the private investors are required to consider the traffic forecast risk when determining concession period. This study proposed a model for the optimal concession period in the PPPs transportation projects. Monte Carlo simulation was performed to find out the optimal concession period while traffic forecast uncertainty is considered as a project risk under the expected return of the private sector. The simulation results showed that the optimal concession periods are 17 years and 21 years at 5.5% and 7% discount level, respectively. This study result can be applied for the private investors and/or any other concerned decision makers for PPPs projects to set up a more resonable concession period.

• Environmental and Resource Economics Review
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• 제27권2호
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• pp.261-286
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• 2018

This paper evaluated the economic feasibility of the life extension of Kori unit 1 and Wolsong unit 1 according to the types of the nuclear power plants (NPPs) and the life extension period comparing to the levelized costs of energy (LCOE) of the new NPPs, coal-fired plants (CFPs), and combined cycle gas turbine (CCGTs) which proposed in the $7^{th}$ Basic Plan for Electricity Supply and Demand. The economic feasibility of the life extension of NPPs using LCOE method is affected by the types of NPPs, lifetime extension periods, discount rate, and capacity factor. According to the analysis results, the pressurized light water reactor (PWR) is more economical than the pressurized heavy water reactor (PHWR). Comparing the economical efficiency between the life extension of NPPs and other alternatives, the operation of the PWR for 20 years is more economical than the one of new NPPs and CFPs. However, 20 years of life extension of PHWR is more economical than the CCGTs, but less economical than new NPPs and CFPs. In summary, the 20 years of life extension of the NPPs seems to be more, especially for the PWR, which is more cost effective than other generation alternatives. Therefore, the government policy of the life extension of NPPs need to be a selective approach that simultaneously considers both safety and economics rather than closing all NPPs.

• Cartoon and Animation Studies
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• 통권42호
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• pp.105-123
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• 2016

The webtoon market has been consisently developing in the digital market. Under such circumstances, The Korea webtoon market is rapidly growing and leading of them. This is the time to prepare the base of a stable environment for the webtoon market which shows a swift rise. The Korean webtoon is surely aiming at the global market as well as the domestic one. As the Korean webtoon companies spread out to the world briskly, The leading publication cartoon market, Japan tries to break into the Korean digital market. The domestic market that has the good-quality cartoons through exportation and importation to make people of all ages enjoy them. and also the Korean webtoon is in the center of the global webtoon markert. The early model of Korean webtoon, line-webtoon is translated in English, Chinese, Thai language and Indonesian language to use on the mobile applications and web. Nevertheless, It is just the stating point. With Eradicating of the Achilles heel of the digital contents, illegal distribution and finding materials for cultural discount rate minimized cartoon, The Korean webtoon can become the highest in the global market and hold it. Moreover, not only webtoon but also published cartoons are existing together to have a long run. Beyond the existing cartoon books printed on paper, we should reach toward the digital books with portability and economic feasibility to make the contents stay out longer.

• Food Science and Preservation
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• 제19권1호
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• pp.67-73
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• 2012

This study was carried out to investigate the packaging status of the $Agaricus$ $bisporus$ mushrooms and the benefits of storing them after precooling to improve their distribution system using small packages. The packaging status of the $Agaricus$ $bisporus$ mushrooms was surveyed at a farm, a department store, a wholesale market, and a supermarket from May to September 2011. The packaging materials that were used were PS, carton, PP, LDPE, PLA, and PVC. The harvested $Agaricus$ $bisporus$ mushrooms were precooled at $4^{\circ}C$ for three hours and were then stored at $20^{\circ}C$ for three days. The weight loss rate of the precooled sample was slightly lower than that of the unprecooled sample; conversely, the L value of the precooled sample was higher than that of the unprecooled sample. The ${\Delta}E$ value was lowest in the precooled sample after packaging. The precooling process effectively prolonged the shelf life and enhanced the quality of the$Agaricus$ $bisporus$ mushrooms.

• Korean Journal of Construction Engineering and Management
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• 제16권5호
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• pp.31-41
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• 2015

The telecommunication industry has been considered as a national fundamental infrastructure. However, due to the rapid evolution of technology and the change of industry market conditions, the telecommunication infrastructure needs no more huge space for facility and it leads its use to the mixed-use development based on private investment. This study intends to examine the financial feasibility of the development project for the optimal alternative use of telecommunication facility purpose site as a case study based on two types: contributed acceptance and multi-level designation. The NPA and IRR has been analyzed by the simulation of stochastic variables including rent price and its variation rate, vacancy rate, construction cost, capitalization rate and discount rate. The research finding indicates that the two types of development are satisfied with the financial feasibility and it is noteworthy that the rent price turns out to be the most critical factor for the project. Accordingly, it is expected that these research finding can be applied for providing the solid cases of financial feasibility analysis for the development project in limited use of telecommunication facility purpose site.

• Korean Journal of Construction Engineering and Management
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• 제10권1호
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• pp.114-125
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• 2009

In this study, a design value analysis technique that considered stochastic LCC and stochastic performance evaluation was proposed, and by introducing the concept of reliability analysis, a decision making that secured reliability was supported. The results of this study, which was carried out according to the above objectives and methods, are summarized as follows: 1) The design value analysis procedures and value state function, improved in order to carry out a reliable analysis when evaluating alternate proposals that were extracted after the function definition was complete, were formalized, and in order to secure consistency and efficiency for value evaluation procedures, an evaluation index scheme was proposed; 2) Database collection and analysis were done for a bridge's LCC analysis. As for the collection scope of data, literature of previous research done on a bridge's LCC analysis was used as the basis for analysis, and for securing reliability regarding analysis results and dealing with uncertainty of collected data, the MCS technique was applied; 3) Weights and evaluation ranks for performance evaluation of each of the alternate proposals, as well as LCC analysis model, analysis period, discount rate, user expense, safety inspection and safety diagnosis expense conditions for LCC analysis were proposed. Lastly, a feasibility study was done and conclusion was made about "OO grand bridge and connecting road construction work execution design" project centered on value analysis execution case.

• KDI Journal of Economic Policy
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• 제35권4호
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• pp.31-61
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• 2013

The purpose of this study is to calculate the economic value of transport demand forecasting risks in the road PPP project. Under the assumption that volatility of the road PPP project value occurs only in regard with uncertainty of traffic volume forecasting, this study calculates the economic value of the traffic forecasting risks in the case of the road PPP project. To that end, forecasted traffic volume is assumed to be a stochastic variable and to follow the Geometric Brownian motion as time passes. In particular, this study attempts to differentiate itself from existing studies that simply use an arbitrary assumption by presenting the application of different traffic volume growth volatility and the rates before and after the ramp-up period. Analysis of the case projects reveals that the risk premium related to traffic volume forecast of the project turns out as 7.39~8.30%, without considering option value-such as minimum revenue guarantee-while the project value volatility caused by transport demand forecasting risks is 17.11%. As the discount rate grows higher, the project value volatility tends to decrease and volatility in project value is always suggested to be larger than that in transport volume influenced by leverage effect due to fixed expenditure. The market value of transport demand forecasting risk-calculated using the project value volatility and risk premium-is analyzed to be between 0.42~0.50, implying that a 1% increase or decrease in the transport amount volatility would lead to a 0.42~0.50% increase or decrease in risk premium of the project.

• Journal of Korean Society of Forest Science
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• 제101권3호
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• pp.426-433
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• 2012

This study was carried out for preliminary feasibility review to consult forest farmer, to make policy and to search improvement for Ligularia fischeri forest farm. The survey for eight Ligularia fischeri forest farmer in Inje-gun was conducted. And the case study was conducted with computing labor input, gross margin, net margin in each planting stages, which is contented each cultivating stage from creating to harvesting. B/C ratio, Net Present Value and Internal Rate of Return were used for profitability analysis. The results applied 3% of discount rate showed IRR 48.6%, B/C ratio 1.5 and NPV 41 million KRW, which means high profitability. Forest farming is early step in Korean forestry so that standard methods of cultivation for that haven't established yet, and differences among farmers in productivity are being. Establishing organized methods of cultivation in each stages and being political supports are essential for income generation to forest households, supply of safe food and rest place for urbanity.

• Journal of Environmental Policy
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• 제8권3호
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• pp.53-79
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• 2009

This study conducted a regulatory impact analysis regarding the introduction of the Korean version of REACH(Registration, Evaluation and Authorization of Chemicals). The direct cost of the Korean REACH is estimated at a total of 101 billion Korean won over the 11 year period. The cost includes pre-registration, testing, registration, Chemical Safety Assessment(CSA) and Chemical Safety Report(CSR), evaluation, and the authorization costs of 15,223 chemical substances produced and imported more than 1 ton per year in Korea in 2006. With regard to the benefit, the only public health benefit is included in the estimation. Based on the available foreign and domestic data, this study estimated that the economic values of public health benefits are in the range of 33.2~138.6 billion Korean won if only the savings of the National Health Expenditures are considered and it reaches 203.9~1,640.3 billion Korean won if the willingness to pay(WTP) for disease prevention is included. This study proved that the Korean REACH passed the cost/benefit criteria. The benefit-cost ratio of the Korean REACH, however, is estimated to be lower than its EU counterpart. Thus it is suggested that a rigorous study to reduce the costs to industry be required before the Korean government introduces the Korean REACH.