• International conference on construction engineering and project management
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• 2005.10a
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• pp.780-785
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• 2005

This paper aims to consider an overall benefit-duration optimization (OBDO) problem for the sake of maximizing owner's economic benefits, whilst considering influences of schedule compression incurred opportunity income on the profitability of a large-scale construction project. Unlike previous schedule optimization models and techniques that have focused on project duration or cost minimization, with greater weight on contractors' interests, OBDO facilitates owner's economic benefits through overall benefit-duration optimization. In this paper, the objective function of OBDO model is formulated. An example is illustrated to prove the feasibility and practicability of the overall benefit-duration optimization problem. The significance of employing OBDO model and future research work are also described.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.17 no.4
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• pp.19-25
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• 2016

Engineering structures including civil infrastructures require a life-cycle cost and benefit during their service lives. The service life of a structure can be extended through appropriate inspection and maintenance actions. In general, this service life extension requires more life-cycle cost and cumulative benefit. For this reason, structure managers need to make a rational decision regarding the service life management considering both the cost and benefit simultaneously. In this paper, the probabilistic decision tool to determine the optimal service life based on cost-benefit analysis is presented. This decision tool requires an estimation of the time-dependent effective cost-benefit under uncertainty to formulate the optimization problem. The effective cost-benefit is expressed by the difference between the cumulative benefit and life-cycle cost of a deteriorating structure over time. The objective of the optimization problem is maximizing the effective cost-benefit, and the associated solutions are the optimal service life and maintenance interventions. The decision tool presented in this paper can be applied to any deteriorating engineering structure.

• Korean Management Science Review
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• v.27 no.1
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• pp.45-60
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• 2010

This study evaluates life annuity plans based on two different types of measures : financial benefit and utility on consumption. The financial benefit is measured by Money's Worth (MW) ratio and return on annuity. For the measure of utility, an optimization problem is formulated with the objective of maximizing utility on consumption. To solve the optimization model, we use Dynamic Programming (DP) technique. The both types of measures are applied to cases of Korean pre-retirees at age 40 with different accumulation years of annuity (i.e. level of annuity asset at the age of retirement) and different timings of annuitization. Our results generally indicate that the utility based optimization model is superior to the financial measures in terms of providing a better evaluation of an annuity plan due to its capability to consider an individual's financial situation during his/her retirement period. Also, they suggest that the level of annuity asset is an important factor when an individual determines the optimal annuitization timing.

• Proceedings of the KIEE Conference
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• 1995.07b
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• pp.581-583
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• 1995

This paper presents a theory on the pricing and allocation of spinning reserve. It is shown in this paper, that it is possible to maintain system security with many participants each attempting to optimize their own benefit, through pricing incentive. Participant offers power consumption/generation and reserve contribution according to its price. And Price setter only distribute pricing signal to acquire system security. Participants induce disturbance on power system and they pay the penalty according to the size of disturbance. And they also offers some reserve capacity to earn reserve cost. In this scheme, the amount of data communication is very small.

• Proceedings of the KIEE Conference
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• 1997.07c
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• pp.933-935
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• 1997

This paper presents a new approach to dispersed generation installation planning based on a Hereford Ranch Algorithm in a subtransmission system. A method to optimally locate dispersed generations in a meshed network for maximizing the potential benefits is outlined using Hereford Ranch Algorithm and its improvement in this paper. The benefit expressed as a performance index can be minimization of losses. The proposed method was tested for several sample power systems.

• KSII Transactions on Internet and Information Systems (TIIS)
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• v.11 no.3
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• pp.1301-1318
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• 2017

In order to utilize the licensed channel of cognitive radio (CR) when the primary user (PU) is detected busy, a benefit-exchange access mode based on cooperative communication is proposed to allow secondary user (SU) to access the busy channel through giving assistance to PU's communication in exchange for some transmission bandwidth. A holistic joint optimization problem is formulated to maximize the total throughput of CR system through jointly optimizing the parameters of cooperative spectrum sensing (CSS), including the local sensing time, the pre-configured sensing decision threshold, the forward power of cooperative communication, and the bandwidth and transmission power allocated to SUs in benefit-exchange access mode and traditional access mode, respectively. To solve this complex problem, a combination of bi-level optimization, interior-point optimization and exhaustive optimization is proposed. Simulation results show that, compared with the tradition throughput maximizing model (TTMM), the proposed holistic joint optimization model (HJOM) can make use of the channel effectively even if PU is busy, and the total throughput of CR obtains a considerable improvement by HJOM.

• Journal of Broadcast Engineering
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• v.12 no.5
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• pp.423-434
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• 2007

In this study, we investigated broadcasting industry in Korea and in U.S. to find out what mostly makes the broadcasting industry competitive for the near future. One source multi use(from now on OSMU) marketing strategy is important when discussing profits of broadcasting contents. To develop a theoretical and academic framework of OSMU, 14 experts participated in focus group interview. A new meaning of OSMU is defined and 4 types of OSMU business models are developed in the study. Also, two successful examples of broadcasting contents, each from Korea and U.S., were analyzed with the models that we have developed. Lastly, we discussed how to enhance the competitiveness of broadcasting contents and industry by using the benefit-maximizing-strategies of OSMU.

• Environmental and Resource Economics Review
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• v.12 no.1
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• pp.75-90
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• 2003

In this paper we have shown that a Pigouvian tax is an adequate resolution of congestion externality to attain Pareto optimality using utility maximization. For this objective, taking an open access freeway as an example, we not only derived both marginal private benefit and marginal social benefit, but also assessed the divergence between marginal private benefit and marginal social benefit. As a result, we identified that the amount of a Pigouvian tax should be the same amount as the external time cost, which is the value of the marginal time cost to Individual a incurred by Individual b through freeway congestion. This Pigouvian tax coincides with the profit or wealth maximizing toll suggested by literature on the basis of profit maximization. In addition, because an open access freeway is accounted as common property resource, we proved that average social congestion cost is essentially equal to marginal private congestion cost in our model. Finally, we showed that the optimal value of trip derived in our model is the same as that generated on profit maximization approach.

• Journal of Electrical Engineering and Technology
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• v.6 no.4
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• pp.493-504
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• 2011

The present paper presents a genetic algorithm (GA) to maximize social welfare and perform congestion management by optimally placing and sizing one Thyristor-Controlled Series Capacitor (TCSC) device in a double-sided auction market. Simulation results, with line flow constraints before and after the compensation, are compared through the Sequential Quadratic Programming SQP method, and are used to analyze the effect of TCSC on the congestion levels of modified IEEE 14-bus and 30-bus test systems. Quadratic, smooth and nonsmooth (with sine components due to valve point loading effect) generator cost curves, and quadratic smooth consumer benefit functions are considered. The main aims of the present study are the inclusion of customer benefit in the social welfare maximization and congestion management objective function, the consideration of nonsmooth generator characteristics, and the optimal locating and sizing of the TCSC using real code-based GA to guarantee fast convergence to the best solution.

• Journal of Korea Trade
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• v.23 no.3
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• pp.84-104
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• 2019

Purpose - This paper explains why free trade agreements (FTAs) are more popular than customs unions (CUs) in respect of tariff coordination. Design/methodology - This paper employs an equilibrium theory of trade agreements with tariff coordination. I set up three-country partial equilibrium model with competing exporters. Domestic and exporting firms decide their optimal production under given tariffs and each country levies its tariff under the trade agreements. I found stability of implicit tariff coordination and preference of each country between an FTA and a CU. Findings - I demonstrate that two FTA members can keep their external tariffs higher than separately decided external tariffs by keeping the status-quo. This implicit tariff coordination can benefit each member through trade diversion. In a CU, each member country must have a common optimal external tariff and it must incur costs because each country may seek different external tariffs for their own national welfare. The benefit of implicit coordination in an FTA and the cost of explicit coordination in a CU account for the popularity of the FTA. Originality/value - This paper uses the idea of implicit tariff coordination in trade agreements. In a CU, tariff coordination is explicit and mandatory. All member countries must have a single common external tariff for each good. On the other hand, in an FTA, each country establishes its external tariff with the goal of maximizing its own welfare. However, each country can also coordinate "implicitly" by keeping the status-quo after establishing an FTA.