• Title/Summary/Keyword: Aggregate planning

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The Multisector Model of the Korean Economy: Structure and Coefficients (한국경제(韓國經濟)의 다부문모형(多部門模型) : 모형구조(模型構造)와 추정결과(推定結果))

  • Park, Jun-kyung;Kim, Jung-ho
    • KDI Journal of Economic Policy
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    • v.12 no.4
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    • pp.3-20
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    • 1990
  • The multisector model is designed to analyze and forecast structural change in industrial output, employment, capital and relative price as well as macroeconomic change in aggregate income, interest rate, etc. This model has 25 industrial sectors, containing about 1,300 equations. Therefore, this model is characterized by detailed structural disaggregation at the sectoral level. Individual industries are based on many of the economic relationships in the model. This is what distinguishes a multisector model from a macroeconomic model. Each industry is a behavioral agent in the model for industrial investment, employment, prices, wages, and intermediate demand. The strength of the model lies in the simulating the interactions between different industries. The result of its simulation will be introduced in the next paper. In this paper, we only introduce the structure of the multisector model and the coefficients of the equations. The multisector model is a dynamic model-that is, it solves year by year into the future using its own solutions for earlier years. The development of a dynamic, year-by-year solution allows us to combine the change in structure with a consideration of the dynamic adjustment required. These dynamics have obvious advantages in the use of the multisector model for industrial planning. The multisector model is a medium-term and long-term model. Whereas a short-term model can taken the labor supply and capital stock as given, a long-term model must acknowledge that these are determined endogenously. Changes in the medium-term can be analyzed in the context of long-term structural changes. The structure of this model can be summarized as follow. The difference in domestic and world prices affects industrial structure and the pattern of international trade; domestic output and factor price affect factor demand; factor demand and factor price affect industrial income; industrial income and relative price affect industrial consumption. Technical progress, as measured in terms of total factor productivity and relative price affect input-output coefficients; input-output coefficients and relative price determine the industrial input cost; input cost and import price determine domestic price. The differences in productivity and wage growth among different industries affect the relative price.

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A Study on the Cash Policies of Retail Firms (유통 상장기업의 현금정책에 관한 연구)

  • Son, Sam-Ho
    • Journal of Distribution Science
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    • v.13 no.3
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    • pp.69-77
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    • 2015
  • Purpose - The purpose of this study is to examine whether the cash policies of retail firms listed on Korean stock markets are consistent with the evidence provided in the study of Almeida et al. (2004). Liquidity management is an important issue for financially constrained firms relative to financially unconstrained firms. Because there are few sources of external funding, the optimal liquidity policies of financially constrained firms should reflect their own earnings or cash inflows to create opportunities for current and future real investments. According to this simple idea, we estimate the sensitivity of cash to cash flows and simply check whether the estimated sensitivity to cash flows of the cash retained by constrained retail firms is greater than that of the cash retained by unconstrained retail firms. Through this work, we aim to explain why the cash policies of the retail firms listed on the Korean stock markets differ from those of listed manufacturing enterprises. Research design, data, and methodology - To explain a firm's cash holdings, we use only three explanatory variables: earnings before interest and taxes (EBIT), Tobin's q, and size. All the variables are defined as the value of the numerator divided by aggregate assets. Thanks to this definition, it is possible to treat all the sample firms as a single large firm. The sample financial data for this study are collected from the retail enterprises listed on the KOSPI and KOSDAQ markets from 1991 to 2013. We can obtain these data from WISEfn, the financial information company. This study's methodology has its origin in Keynes's simple idea of precautionary liquidity demand: When a firm faces financial constraints, cash savings from earnings or cash inflows become important from the corporate finance perspective. Following this simple idea, Almeida et al. (2004) developed their theoretical model and found empirical evidence that the sensitivity of cash to cash flows varies systematically according to different types of financing frictions. To find more empirical evidence for this idea, we examined the cash flow sensitivity of the cash held by Korean retail firms. Results - Through several robustness tests, we empirically showed that financially constrained Korean retail firms display significant positive propensity to save cash from earnings before interest and taxes, while the estimated cash flow sensitivity of the cash held by unconstrained retail firms is not significant. Despite the relatively low earnings of retail firms, their sensitivity is three times greater than that of manufacturing enterprises. This implies that Korean retail firms have greater intentions of facilitating future investments rather than current investments. Conclusions - The characteristics of the cash policies of Korean retail firms differ from those of manufacturing firms. This contrast may be attributable to industry-oriented policy planning, regulations, and institutional differences. However, the industrial policymakers should observe signals of the long-term growth options of retail firms based on their high propensity to save from their cash inflows.

A Analysis of Generated Construction Waste and Dismantlement Method by Field Investigation (분별해체 현장조사에 의한 건설폐기물 발생량 및 공정 분석)

  • Lee, Jong-Chan;Song, Tae-Hyeob
    • Journal of the Korean Recycled Construction Resources Institute
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    • v.4 no.1
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    • pp.101-109
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    • 2009
  • This CW(Construction wastes) are increasing as construction industry is growing, so many countries make efforts to recycle CW. Korea also made a stipulation for recycling CW. But the main content of this stipulation is for using recycled aggregates. Advanced countries try to increase reuse rate of not only recycled aggregate but also other kinds of wastes. So they are adopting SDM(separating dismantlement) method and we are also planning to make the system for SDM. This study is about SDM analysis through construction field investigation and difference analysis between SDM and UDM comparing predictive amount by UDM with real generated amount by SDM. First, the generated amount of construction wastes by SDM is more than estimated amount by UDM, and mixed waste was specially reduced more than UDM. The warehouse is easier than the office building to applicate SDM. But still there is no manual for SDM in the site, so establishment of SDM is demanded.

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Measurement of the Environmental Value of the Seomjin-River Estuary (섬진강 하구의 환경가치 추정)

  • Yoo, Seung-Hoon
    • Journal of Environmental Policy
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    • v.6 no.2
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    • pp.1-25
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    • 2007
  • This paper attempts to measure the environmental value of the Seomjin-River estuary that has been comparatively well conserved but is confronted with the threat of its development. Especially, in order to elicit the environmental values of its four attributes, contingent valuation method(CVM) based on multi-attribute utility theory is applied and the CVM survey was rigorously designed to comply with the guidelines. for best-practiced CVM studies. We surveyed a randomly selected sample of 300 and 350 households in the Seomjin-River estuary-neighboring area(Gwangyang, Sooncheon, Yeosu, Hadong, Namhae) and seven large cities(Seoul, Busan, Incheon, Daegu, Daejeon, Gwangju, Ulsan), respectively and asked respondents questions in person-to-person interviews about what they would willing to pay for the estuary conservation and management program. Respondents overall accepted the contingent market and were willing to contribute a significant amount(5,763 won in the Seomjin-River estuary-neighboring area and 1,883 won in seven large cities), on average, per household per year, which implies that there is a large difference between the two. The aggregate values of the Seomjin-River estuary in the estuary-neighboring area and seven large cities amount to 1.52 and 14.05 billion won, respectively, per year. The quantitative values can be utilized in planning and decision-making about development versus conservation of the estuary.

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Development of a Numerical Model to Analyze the Formation and Development Process of River Mouth Bars (하구사주의 생성 및 발달을 해석하기 위한 수치모델의 개발)

  • Kim, Yeon-Joong;Woo, Joung-Woon;Yoon, Jong-Sung;Kim, Myoung-Kyu
    • Journal of Korean Society of Coastal and Ocean Engineers
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    • v.33 no.6
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    • pp.308-320
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    • 2021
  • An integrated sediment management approach that includes the recovery of the amount of declined sediment supply is effective as a fundamental solution to coastal erosion. During planning, it is essential to analyze the transfer mechanism of the sediments generated from estuaries (the junction between a river and sea) to assess the amount and rate of sediment discharge (from the river to sea) supplied back to the coast. Although numerical models that interpret the tidal sand bar flushing process during flooding have been studied, thus far, there has been no study focusing on the formation and development processes of tidal sand bars. Therefore, this study aims to construct wave deformation, flow regime calculation, and topographic change analysis models to assess the amount of recovered sediment discharge and reproduce the tidal sand bar formation process through numerical analysis for integrated littoral drift management. The tidal sand bar formation process was simulated, and the wave energy and duration of action concepts were implemented to predict the long-term littoral movement. The river flux and wave conditions during winter when tidal sand bars dominantly develop were considered as the external force conditions required for calculation. The initial condition of the topographic data directly after the Maeupcheon tidal sand bar flushing during flooding was set as the initial topography. Consequently, the tidal sand bar formation and development due to nearshore currents dependent on the incident wave direction were reproduced. Approximately 66 h after the initial topography, a sand bar formation was observed at the Maengbang estuary.

Fresh and hardened properties of expansive concrete utilizing waste aluminum lathe

  • Yasin Onuralp Ozkilic;Ozer Zeybek;Ali Ihsan Celik;Essam Althaqafi;Md Azree Othuman Mydin;Anmar Dulaimi;Memduh Karalar;P. Jagadesh
    • Steel and Composite Structures
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    • v.50 no.5
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    • pp.595-608
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    • 2024
  • In this study, aluminum lathe waste was used by replacing aggregates in certain proportions in order to obtain expansive concrete using recycled materials. For this reason, five different aluminum wastes of 1%, 2%, 3%, 4% and 5% were selected and also reference without aluminum waste was produced. Based on the mechanical tests conducted, which included slump, compression, splitting tensile, and flexural tests, it was evident that the workability of the material declined dramatically once the volume ratio of aluminum exceeded 2%. As determined by the compressive strength test (CST), the CS of concrete (1% aluminum lathe wastes replaced with aggregate) was 11% reducer than that of reference concrete. It was noted that the reference concrete's CS values, which did not include aluminum waste, were greater than those of the concrete that contained 5% aluminum. When comparing for splitting tensile strength (STS), it was observed that the results of STS generally follow the parallel inclination as the CS. The reduction in these strengths when 1% aluminum is utilized is less than 10%. These ratios modified 18% when flexural strength (FS) is considered. Therefore, 1% of aluminum waste is recommended to obtain expansive concrete with recycled materials considering minimum loss of strength. Moreover, Scanning Electron Microscope (SEM) analysis was performed and the results also confirm that there was expansion in the aluminum added concrete. The presence of pores throughout the concrete leads to the formation of gaps, resulting in its expansion. Additionally, for practical applications, basic equations were developed to forecast the CS, STS, and FS of the concrete with aluminum lathe waste using the data already available in the literature and the findings of the current study. In conclusion, this study establishes that aluminum lathe wastes are suitable, readily available in significant quantities, locally sourced eco-materials, cost-effective, and might be selected for construction using concrete, striking a balance among financially and ecological considerations.

The Effects of Price Salience on Consumer Perception and Purchase Intentions (개격현저대소비자감지화구매의도적영향(价格显著对消费者感知和购买意图的影响))

  • Martin-Consuegea, David;Millan, Angel;Diaz, Estrella;Ko, Eun-Ju
    • Journal of Global Scholars of Marketing Science
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    • v.20 no.2
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    • pp.149-163
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    • 2010
  • Previous studies have shown that retail price promotion change consumers' purchase behavior and that retailers use price promotion more frequently. Keeping constant the benefits received by consumers, there are several ways for retailers to communicate a price promotion. For example, retailers can present a price reduction in absolute terms ($, ${\euro}$), percentage terms (%), or some combinations of these two methods (Della Bitta et al. 1981). Communicating a price promotion in different ways is similar to the framing of purchase decisions (Monroe 1990). Framing effects refers to the finding that subjects respond differently to different descriptions of the same decision question (Frisch 1993). Thus, the presentation of the promotion has an impact on consumer deal evaluation and hence retail sales. In fact, much research in marketing attests to the effects of price presentation on deal perception (Lichtenstein and Bearden 1989; Urbany et al. 1988; Yadav and Monroe 1993). In this sense, a number of marketing researches have argued that deal perceptions are also determined by the degree to which consumers are able to calculate the discounts and final purchase prices accurately (Estelami 2003a; Morwitz et al. 1998), which suggests that marketers may be able to enhance responses to discounts by improving calculation accuracy. Consequently, since calculation inaccuracies in the aggregate lead to the underestimation of discounts (Kim and Kramer 2006), consumers are more likely to appreciate a discounted offer following deeper processing of price information that enables them to evaluate a price discount more accurately. The purpose of this research is to examine the effect of different presentations of discount prices on consumer price perceptions. To be more precise, the purpose of this study is to investigate how different implementations of the same price promotion (semantic and visual salience) affect consumers' perceptions of the promotion and their purchase decisions. Specifically, the analysis will focus on the effect of price presentation on evaluation, purchase intentions and perception of savings. In order to verify the hypotheses proposed in the research, this paper will present an experimental analysis dealing with several discount presentations. In this sense, a2 (Numerical salience presentation: absolute and relative) x2 (Worded salience presentation: novel and traditional) x2 (Visual salience: red and blue) design was employed to investigate the effects of discount presentation on three dependent variables: evaluation, purchase intentions and perception of savings. Respondents were exposed to a hypothetical advertisement that they had to evaluate and were informed of the offer conditions. Once the sample finished evaluating the advertisement, they answered a questionnaire related to price salience and dependent dimensions. Then, manipulation checks were conducted to ensure that respondents remembered their treatment conditions. Next, a $2{\times}2{\times}2$ MANOVA and follow-up univariate tests were conducted to verify the research hypotheses suggested and to examine the effects of the individual factors (price salience) on evaluation, purchase intentions and perceived savings. The results of this research show that semantic and visual salience presentations have significant main effects and interactions on evaluation, purchase intentions and perception of savings. Significant numerical salience interactions affected evaluation and purchase intentions. Additionally, a significant worded salience main effect on perception of savings and interactions on evaluation and purchase intentions were found. Finally, visual salience interactions have significant effects on evaluation. The main findings of this research suggest practical implications that firms should consider when planning promotion-based discounts to attract consumer attention. Consequently, because price presentation has important effects on consumer perception, retailers should consider which effect is wanted in order to design an effective discount presentaion. Specifically, retailers should present discounts with a traditional style that facilitates final price calculation. It is thus important to investigate ways in which marketers can enhance the accuracy of consumers' mental arithmetic to improve responses to price discounts. This preliminary study on the effect of price presentation on consumer perception and purchase intentions opens the line of research for further research. The results obtained in this research may have been determined by a number of limiting conceptual and methodological factors. In this sense, the research deals with a variety of discount presentations as well as with their effects; however, the analysis could include additional salience dimensions and effects on consumers. Furthermore, a similar study could be carried out including a larger, more inclusive and heterogeneous sample of consumers. In addition, the experiment did not require sample individuals to actually buy the product, so it is advisable to compare the effects obtained in the research with real consumer behavior and perception.