• Communications for Statistical Applications and Methods
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• v.15 no.4
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• pp.563-585
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• 2008

This paper presents how to improve the efficiency and accuracy in the pricing and sensitivity evaluation for derivatives, since the need for the evaluation of complicated derivatives is increased. The Monte Carlo(MC) simulation using the quasi random number instead of pseudo random number can improve the elapsed time and accuracy for the valuation of European-type derivatives. However, the quasi MC simulation method has its limit for applying it in the multi-dimensional case such as American-type and path-dependent options due to the increased correlation between dimensions as the dimension of random numbers is increased. In order to complement this problem, we develop a modified method in which correlation values are controlled to be below a pre-specified value. Thus, this method is applicable for the pricing of either derivatives ill which underlying assets or risk factors are several or derivatives having path-dependent or early redemption property. Furthermore, we illustrate that it is important to take an appropriate grid interval for the use of finite difference method(FDM) by applying the FDM to one example of non-symmetrical butterfly spreads.

• Journal of Korea Water Resources Association
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• v.41 no.12
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• pp.1219-1230
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• 2008

Stream inflows induced by flood runoffs have a higher density than the ambient reservoir water because of a lower water temperature and elevated suspended sediment(SS) concentration. As the propagation of density currents that formed by density difference between inflow and ambient water affects reservoir water quality and ecosystem, an understanding of reservoir density current is essential for an optimization of filed monitoring, analysis and forecast of SS and nutrient transport, and their proper management and control. This study was aimed to quantify the characteristics of inflow density current including plunge depth($d_p$) and distance($X_p$), separation depth($d_s$), interflow thickness($h_i$), arrival time to dam($t_a$), reduction ratio(${\beta}$) of SS contained stream inflow for different flood magnitude in Daecheong Reservoir with a validated two-dimensional(2D) numerical model. 10 different flood scenarios corresponding to inflow densimetric Froude number($Fr_i$) range from 0.920 to 9.205 were set up based on the hydrograph obtained from June 13 to July 3, 2004. A fully developed stratification condition was assumed as an initial water temperature profile. Higher $Fr_i$(inertia-to-buoyancy ratio) resulted in a greater $d_p,\;X_p,\;d_s,\;h_i$, and faster propagation of interflow, while the effect of reservoir geometry on these characteristics was significant. The Hebbert equation that estimates $d_p$ assuming steady-state flow condition with triangular cross section substantially over-estimated the $d_p$ because it does not consider the spatial variation of reservoir geometry and water surface changes during flood events. The ${\beta}$ values between inflow and dam sites were decreased as $Fr_i$ increased, but reversed after $Fr_i$>9.0 because of turbulent mixing effect. The results provides a practical and effective prediction measures for reservoir operators to first capture the behavior of turbidity inflow.

• Journal of KIISE:Software and Applications
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• v.31 no.10
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• pp.1332-1344
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• 2004

Upon development of information super-highway and multimedia-related technoiogies in recent years, more efficient technologies to transmit, store and retrieve the multimedia data are required. Among such technologies, firstly, it is common that the semantic-based image retrieval is annotated separately in order to give certain meanings to the image data and the low-level property information that include information about color, texture, and shape Despite the fact that the semantic-based information retrieval has been made by utilizing such vocabulary dictionary as the key words that given, however it brings about a problem that has not yet freed from the limit of the existing keyword-based text information retrieval. The second problem is that it reveals a decreased retrieval performance in the content-based image retrieval system, and is difficult to separate the object from the image that has complex background, and also is difficult to extract an area due to excessive division of those regions. Further, it is difficult to separate the objects from the image that possesses multiple objects in complex scene. To solve the problems, in this paper, I established a content-based retrieval system that can be processed in 5 different steps. The most critical process of those 5 steps is that among RGB images, the one that has the largest and the smallest background are to be extracted. Particularly. I propose the method that extracts the subject as well as the background by using an Image, which has the largest background. Also, to solve the second problem, I propose the method in which multiple objects are separated using RGB channel selection techniques having optimized the excessive division of area by utilizing Watermerge's threshold value with the object separation using the method of RGB channels separation. The tests proved that the methods proposed by me were superior to the existing methods in terms of retrieval performances insomuch as to replace those methods that developed for the purpose of retrieving those complex objects that used to be difficult to retrieve up until now.

• KDI Journal of Economic Policy
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• v.30 no.2
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• pp.225-270
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• 2008

We analyze macroeconomic consequences of pay-as-you-go (PAYGO) public pension system with a simple overlapping generations model. Contrary to large body of existing literatures offering quantitative results based on simulation study, we take another route by adopting a highly simplified framework in search of qualitatively tractable analytical results. The main contribution of our results lies in providing a sound theoretical foundation that can be utilized in interpreting various quantitative results offered by simulation studies of large scale general equilibrium models. We present a simple overlapping generations model with a defined benefit(DB) PAYGO public pension system as a benchmark case and derive an analytical equilibrium solution utilizing graphical illustration. We also discuss the modifications of the benchmark model required to encompass a defined contribution(DC) public pension system into the basic framework. Comparative statics analysis provides three important implications; First, introduction and expansion of the PAYGO public pension, DB or DC, result in lower level of capital accumulation and higher expected rate of return on the risky asset. Second, it is shown that the progress of population aging is accompanied by lower capital stock due to decrease in both demand and supply of risky asset. Moreover, risk premium for risky asset increases(decreases) as the speed of population aging accelerates(decelerates) so that the possibility of so-called "the great meltdown" of asset market cannot be excluded although the odds are not high. Third, it is most likely that the switch from DB PAYGO to DC PAYGO would result in lower capital stock and higher expected return on the risky asset mainly due to the fact that the young generation regards DC PAYGO pension as another risky asset competing against the risky asset traded in the market. This theoretical prediction coincides with one of the firmly established propositions in empirical literature that the currently dominant form of public pension system has the tendency to crowd out private capital accumulation.

• Proceedings of the Korean Society of Embryo Transfer Conference
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• 2007.05a
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• pp.39-50
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• 2007

Sexing from bovine embryos fertilized in vitro implicates a possibility of the sex controlled cattle production. This study was carried out to produce the sex determined cattle through the embryonic sexing by fluorescence in situ hybridization (FISH) technique. FISH was achieved in in vitro fertilized bovine embryos using a bovine Y-specific DNA probe constructed from the btDYZ-1 sequence. Using this probe, a male-specific signal was detected on 100% of Y-chromosome bearing metaphase specimens. The analyzable rate of embryonic sexing by FISH technique was about 93% (365/393) regardless of embryonic stages. As tested single blastomere by FISH and then karyotype with their biopsied embryos, the accuracy of sex determination with FISH was 97.6%. We tried the embryo transfer with sex determined embryos on 15 cattle. Among them, the 5 cattle delivered calf with expected sex last year.