• The Journal of the Korea Contents Association
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• v.18 no.10
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• pp.490-497
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• 2018

In this study, we examined whether common idiosyncratic volatility(CIV), a risk factor for idiosyncratic volatility, can be evaluated as a pricing factor. The sample is listed on the Korea Exchange. The analysis period is 288 months from July 1992 to June 2016. The main results of this study are as follows. First, in the empirical verification of the market excess returns of the testing portfolios, the difference in the return on the CIV factor sensitivity difference was statistically significant. In other words, we confirmed that there is a risk premium for CIV factors. Second, CAPM, FF3 factor model, and FF5 factor model do not explain the risk premium for CIV factors, whereas factor models that add CIV factors explain the risk premium for CIV factors. In other words, the CIV factor can be evaluated in terms of pricing factors.

• Journal of Korea Water Resources Association
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• v.39 no.5 s.166
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• pp.431-440
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• 2006

Recently, water conflicts are rapidly increasing and more serious. So, it needs to establish the reasonable water allocation rules and criteria. This study aims at performing inter-sectoral water allocation with a focus on economic effciency and social utility. To allocate water among the sectoral water uses, water shortage damage functions were estimated and then converged to the utility functions. Finally, each sectoral water uses are allocated by applying 'law equimarginal utility' to maximize social utility. Also weighting factor which reflects scale and characteristic of water demand in a region was estimated to perform the inter-regional water allocation. The water allocation rule was applied to the future water-deficit situation in Han-river basin. As a result, domestic water use was allocated more sufficient agricultural and industrial water use. Also, the water shortage occurs severely in the rural area like Gangwon-do because of its low urbanization and industrialization. This study suggests a alternative view of the economic water allocation which have difficulty under water supply mechanism in Korea.

• Proceedings of the Korea Water Resources Association Conference
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• 2023.05a
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• pp.309-309
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• 2023

자연재해대책법에 따라 방재성능목표를 달성하기 위해 행안부 및 지자체는 방재성능목표강우량을 설정·운영하고 있다. 현재, 기후변화로 인한 할증률을 산정하여 방재성능목표강우량 산정에 포함하고 있으나, 기후의 내적변동성으로 인한 강수의 변화는 반영하지 못하고 있는 실정이다. 이에 본 연구에서는 기후변화뿐만 아니라, 엘리뇨, 라니뇨, ENSO 등과 같이 지구의 내적인 원인들로 인해 변화하는 기후내적변동성(Climate Internal Variability, CIV)을 추가적으로 고려하여 할증률 개념을 확장하고자 한다. 외부의 Forcing 변화(즉 기후변화)가 없더라도 자연적으로 기후가 변동하는 현상을 모의하기 위해, 크게 3개 동역학적, 통계학적, 추계학적 방법들이 적용되어 기후내적 변동성을 정량화하고 있다. 본 연구에서는 기후에 대한 일기를 추계학적으로 오랜 기간 동안 생성하고 생성된 시계열을 바탕으로 자연적인 변동성을 추출(Stochastic Approach)하는 방법을 사용하여 기후내적변동성을 추정할 것이다. 구체적으로, 생성된 앙상블 시계열에 Detrended 방법과Differenced 방법을 각각 적용하여 기후내적변동성의 크기를 정량화하고 상호 비교할 예정이다. 정량화된 기후내적변동성의 크기는 추계학적 할증률로 변환될 것이며 방재성능목표강우량 산정에 포함시켜 과거 기왕최대강우량을 갱신하는 지역에 대한 위험도를 추가로 제시할 수 있을 것으로 기대된다.

• Journal of Korea Water Resources Association
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• v.40 no.12
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• pp.985-994
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• 2007

Small hydropower is the one of the cleanest one among new and renewable energy with less green house gas emissions. Recently, the necessity of developing small hydropower is emerging since its remaining potential resources in this country are abundant. However, a survey or research on the small hydropower development has been hardly performed since the 1990#s. These circumstances encourages a systematic approach for the small hydropower development. The purpose of this study is to propose a methodology of the location analysis for developing small hydropower. To this end, constraint and location criteria with weights are established and quantification method of each factor is presented. Especially, the analysis procedure is established on the basis of GSIS. Also the study focus on raising the objectivity and precision of analysis by developing system model with automatic search. The proposed methodology is applied to Bochung stream in Keum Riverbasin. The result selects the four and two locations of dam type and run-of-river type respectively. This study will be beneficial to the future activation of small hydropower development as a fundamental work.