• Journal of Intelligence and Information Systems
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• v.28 no.1
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• pp.175-196
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• 2022

Information and communication and home appliance industries, which were one of South Korea's main industries, are gradually losing their export share as their export competitiveness is weakening. This study objectively analyzed export competitiveness and suggested export-promising countries in order to help South Korea's information communication and home appliance industries improve exports. In this study, network properties, centrality, and structural hole analysis were performed during network analysis to evaluate export competitiveness. In order to select promising export countries, we proposed a new variable that can take into account the characteristics of an already established International Trade Network (ITN), that is, the Global Value Chain (GVC), in addition to the existing economic factors. The conditional log-odds for individual links derived from the Exponential Random Graph Model (ERGM) in the analysis of the cross-border trade network were assumed as a proxy variable that can indicate the export potential. In consideration of the possibility of ERGM linkage, a parametric approach and a non-parametric approach were used to recommend export-promising countries, respectively. In the parametric method, a regression analysis model was developed to predict the export value of the information and communication and home appliance industries in South Korea by additionally considering the link-specific characteristics of the network derived from the ERGM to the existing economic factors. Also, in the non-parametric approach, an abnormality detection algorithm based on the clustering method was used, and a promising export country was proposed as a method of finding outliers that deviate from two peers. According to the research results, the structural characteristic of the export network of the industry was a network with high transferability. Also, according to the centrality analysis result, South Korea's influence on exports was weak compared to its size, and the structural hole analysis result showed that export efficiency was weak. According to the model for recommending promising exporting countries proposed by this study, in parametric analysis, Iran, Ireland, North Macedonia, Angola, and Pakistan were promising exporting countries, and in nonparametric analysis, Qatar, Luxembourg, Ireland, North Macedonia and Pakistan were analyzed as promising exporting countries. There were differences in some countries in the two models. The results of this study revealed that the export competitiveness of South Korea's information and communication and home appliance industries in GVC was not high compared to the size of exports, and thus showed that exports could be further reduced. In addition, this study is meaningful in that it proposed a method to find promising export countries by considering GVC networks with other countries as a way to increase export competitiveness. This study showed that, from a policy point of view, the international trade network of the information communication and home appliance industries has an important mutual relationship, and although transferability is high, it may not be easily expanded to a three-party relationship. In addition, it was confirmed that South Korea's export competitiveness or status was lower than the export size ranking. This paper suggested that in order to improve the low out-degree centrality, it is necessary to increase exports to Italy or Poland, which had significantly higher in-degrees. In addition, we argued that in order to improve the centrality of out-closeness, it is necessary to increase exports to countries with particularly high in-closeness. In particular, it was analyzed that Morocco, UAE, Argentina, Russia, and Canada should pay attention as export countries. This study also provided practical implications for companies expecting to expand exports. The results of this study argue that companies expecting export expansion need to pay attention to countries with a relatively high potential for export expansion compared to the existing export volume by country. In particular, for companies that export daily necessities, countries that should pay attention to the population are presented, and for companies that export high-end or durable products, countries with high GDP, or purchasing power, relatively low exports are presented. Since the process and results of this study can be easily extended and applied to other industries, it is also expected to develop services that utilize the results of this study in the public sector.

• MISULJARYO - National Museum of Korea Art Journal
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• v.96
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• pp.89-122
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• 2019

In this paper, I argue that the Handscroll of a Sightseeing Trip to the Hangang and Imjingang Rivers by Jeong Su-yeong (1743~1831, pseudonym: Jiwujae) is a record of his private journeys to several places on the outskirts of Hanyang (present-day Seoul) and that it successfully embodies the painter's subjective perspective while boating on these rivers and going on outings to nearby mountains. Around 1796, Jeong Su-yeong traveled to different places and documented his travels in this 16-meter-long handscroll. Several leaves of paper, each of which depicts a separate landscape, are pieced together to create this long handscroll. This indicates that the Handscroll of a Sightseeing Trip to the Hangang and Imjingang Rivers reflected the painter's personal subjective experiences as he went along his journey rather than simply depicts travel destinations. The Handscroll of a Sightseeing Trip to the Hangang and Imjingang Rivers features two types of travel: boating and mountain outings on foot. Traveling by boat takes up a large portion of the handscroll, which illustrates the channels of the Hangang and Imjingang Rivers. Mountain outings correspond to the sections describing the regions around Bukhansan, Gwanaksan, and Dobongsan Mountains. Jeong Su-yeong traveled to this wide span of places not just once, but several times. The fact that the Hangang River system are not presented in accordance with their actual locations shows that they were illustrated at different points. After visiting the riversides of the Hangang and Namhangang Rivers twice, Jeong Su-yeong delineated them in fourteen scenes. Among them, the first eight illustrate Jeong's initial trip by boat, while the other six scenes are vistas from his second trip. These fourteen scenes occupy half of this handscroll, indicating that the regions near the Hangang River are painted most frequently. The scenes of Jeong Su-yeong's first boating trip to the system of the Hangang River portray the landscapes that he personally witnessed rather than famous scenes. Some of the eight scenic views of Yeoju, including Yongmunsan Mountain, Cheongsimru Pavilion, and Silleuksa Temple, are included in this handscroll. However, Jeong noted spots that were not often painted and depicted them using an eye-level perspective uncommon for illustrating famous scenic locations. The scenes of Jeong's second boating trip include his friend's villa and a meeting with companions. Moreover, Cheongsimru Pavilion and Silleuksa Temple, which are depicted in the first boating trip, are illustrated again from different perspectives and in unique compositions. Jeong Su-yeong examined the same locations several times from different angles. A sense of realism is demonstrated in the scenes of Jeong's first and second boating trips to the channels of the Hangang River, which depict actual roads. Furthermore, viewers can easily follow the level gaze of Jeong from the boat. The scenes depicting the Imjingang River begin from spots near the Yeongpyeongcheon and Hantangang Rivers and end with places along the waterways of the Imjingang River. Here, diverse perspectives were applied, which is characteristic of Imjingang River scenes. Jeong Su-yeong employed a bird's-eye perspective to illustrate the flow of a waterway starting from the Yeongpyeongcheon River. He also used an eye-level perspective to highlight the rocks of Baegundam Pool. Thus, depending on what he wished to emphasize, Jeong applied different perspectives. Hwajeogyeon Pond located by the Hantangang River is illustrated from a bird's-eye perspective to present a panoramic view of the surroundings and rocks. Similarly, the scenery around Uhwajeong Pavilion by the Imjingang River are depicted from the same perspective. A worm's-eye view was selected for Samseongdae Cliff in Tosangun in the upper regions of the Imjingang River and for Nakhwaam Rock. The scenes of Jeong Su-yeong's mountain outings include pavilions and small temple mainly. In the case of Jaeganjeong Pavilion on Bukhansan Mountain, its actual location remains unidentified since the pavilion did not lead to the route of the boating trip to the system of the Hangang River and was separately depicted from other trips to the mountains. I speculate that Jaeganjeong Pavilion refers to a pavilion either in one of the nine valleys in Wooyi-dong at the foot of Bukhansan Mountain or in Songajang Villa. Since these two pavilions are situated in the valleys of Bukhansan Mountain, their descriptions in written texts are similar. As for Gwanaksan Mountain, Chwihyangjeong and Ilganjeong Pavilions as well as Geomjisan Mountain in the Bukhansan Mountain range are depicted. Ilganjeong Pavilion was a well-known site on Gwanaksan that belonged to Shin Wi. In this handscroll, however, Jeong Su-yeong recorded objective geographic information on the pavilion rather than relating it to Shin Wi. "Chwihyangjeong Pavilion" is presented within the walls, while "Geomjisan Mountain" is illustrated outside the walls. Handscroll of a Sightseeing Trip to the Hangang and Imjingang Rivers also includes two small temples, Mangwolam and Okcheonam, on Dobongsan Mountain. The actual locations of these are unknown today. Nevertheless, Gungojip (Anthology of Gungo) by Yim Cheonsang relates that they were sited on Dobongsan Mountain. Compared to other painters who stressed Dobong Seowon (a private Confucian academy) and Manjangbong Peak when depicting Dobongsan Mountain, Jeong Su-yeong highlighted these two small temples. Jeong placed Yeongsanjeon Hall and Cheonbong Stele in "Mangwolam small temple" and Daeungjeon Hall in front of "Okcheonam small temple." In addition to the buildings of the small temple, Jeong drew the peaks of Dobongsan Mountain without inscribing their names, which indicates that he intended the Dobongsan peaks as a background for the scenery. The Handscroll of a Sightseeing Trip to the Hangang and Imjingang Rivers is of great significance in that it embodies Jeong Su-yeong's personal perceptions of scenic spots on the outskirts of Hanyang and records his trips to these places.

• Journal of Intelligence and Information Systems
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• v.24 no.1
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• pp.101-124
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• 2018

Recently, most of the technologies have been developed in various forms through the advancement of single technology or interaction with other technologies. Particularly, these technologies have the characteristic of the convergence caused by the interaction between two or more techniques. In addition, efforts in responding to technological changes by advance are continuously increasing through forecasting promising convergence technologies that will emerge in the near future. According to this phenomenon, many researchers are attempting to perform various analyses about forecasting promising convergence technologies. A convergence technology has characteristics of various technologies according to the principle of generation. Therefore, forecasting promising convergence technologies is much more difficult than forecasting general technologies with high growth potential. Nevertheless, some achievements have been confirmed in an attempt to forecasting promising technologies using big data analysis and social network analysis. Studies of convergence technology through data analysis are actively conducted with the theme of discovering new convergence technologies and analyzing their trends. According that, information about new convergence technologies is being provided more abundantly than in the past. However, existing methods in analyzing convergence technology have some limitations. Firstly, most studies deal with convergence technology analyze data through predefined technology classifications. The technologies appearing recently tend to have characteristics of convergence and thus consist of technologies from various fields. In other words, the new convergence technologies may not belong to the defined classification. Therefore, the existing method does not properly reflect the dynamic change of the convergence phenomenon. Secondly, in order to forecast the promising convergence technologies, most of the existing analysis method use the general purpose indicators in process. This method does not fully utilize the specificity of convergence phenomenon. The new convergence technology is highly dependent on the existing technology, which is the origin of that technology. Based on that, it can grow into the independent field or disappear rapidly, according to the change of the dependent technology. In the existing analysis, the potential growth of convergence technology is judged through the traditional indicators designed from the general purpose. However, these indicators do not reflect the principle of convergence. In other words, these indicators do not reflect the characteristics of convergence technology, which brings the meaning of new technologies emerge through two or more mature technologies and grown technologies affect the creation of another technology. Thirdly, previous studies do not provide objective methods for evaluating the accuracy of models in forecasting promising convergence technologies. In the studies of convergence technology, the subject of forecasting promising technologies was relatively insufficient due to the complexity of the field. Therefore, it is difficult to find a method to evaluate the accuracy of the model that forecasting promising convergence technologies. In order to activate the field of forecasting promising convergence technology, it is important to establish a method for objectively verifying and evaluating the accuracy of the model proposed by each study. To overcome these limitations, we propose a new method for analysis of convergence technologies. First of all, through topic modeling, we derive a new technology classification in terms of text content. It reflects the dynamic change of the actual technology market, not the existing fixed classification standard. In addition, we identify the influence relationships between technologies through the topic correspondence weights of each document, and structuralize them into a network. In addition, we devise a centrality indicator (PGC, potential growth centrality) to forecast the future growth of technology by utilizing the centrality information of each technology. It reflects the convergence characteristics of each technology, according to technology maturity and interdependence between technologies. Along with this, we propose a method to evaluate the accuracy of forecasting model by measuring the growth rate of promising technology. It is based on the variation of potential growth centrality by period. In this paper, we conduct experiments with 13,477 patent documents dealing with technical contents to evaluate the performance and practical applicability of the proposed method. As a result, it is confirmed that the forecast model based on a centrality indicator of the proposed method has a maximum forecast accuracy of about 2.88 times higher than the accuracy of the forecast model based on the currently used network indicators.

• KOREAN JOURNAL OF CROP SCIENCE
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• v.54 no.4
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• pp.366-374
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• 2009

To determine the optimum operating conditions of the indented cylinder length grader based on varietal characteristics, broken rice removal capabilities were measured on the milled rice of 41 varieties at different conditions consisted of 3 types of indented cylinders with different indent-opening diameters and 3 different collecting-angles of broken rice. The broken rice removal capabilities were swayed by the indent's opening diameter and depth as well as the angle of the collecting trough of broken rice on the point of instrument, and by the kernel length and width as well as 1000 grain weight of milled rice on the point of rice variety. When the angle of broken rice collecting-trough reached to near the horizontal center line of the indented cylinder on the direction of upward turning side, which was referred $0^{\circ}$ in this paper, the amount of rice collected in trough increased, whereas the loss of head rice also increased. Considering the removal rate of broken rice as well as loss of head rice, it was thought that the suitable angle of trough for broken rice collecting was located $5^{\circ}$ to $15^{\circ}$ depending on varietal characteristic and indent opening diameter. It was thought that 4.2 mm or more of indent opening diameter was recommendable for the rice varieties having heavier 1000 grain weight than 22.3g, as well as larger sizes than 2.9 and 5.2 mm in width and length of rice kernel, respectively; 3.8 mm for the small-sized thin kernels, and a proper diameter between 3.8 and 4.2 mm for short to middle kernels. The varieties with relatively shorter length compared to width of kernel were more difficult to separate the broken rice than the opposite ones. For effective separation of that, it seems that some specific indent shapes such as wider opening and shallow depth etc. are required. When the broken rice content were excessively high, wider diameters of indent openings than specified sizes were thought to be the better.

• The Korean Journal of Financial Management
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• v.25 no.1
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• pp.51-84
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• 2008

We investigate the signaling effect of repurchase preceding new equity issue using Korean data. In a short time span, firms announce stock repurchases and equity offerings. The proximity of two events in Korean firms indicates that those are not independent of each other. In this paper, we test the signaling effect of repurchase on equity offerings on the two measures. One is announcement effect, which is measured as CAR(0, +2). The other is the effectiveness which is measured as CAR(0, +30) because the price movement during this window influences on the price of new issues. Previous studies that stock repurchase convey positive signal to equity offerings-Billet and Xue(2004) and Jung(2004)-construct sample without the limit of time interval between two events. This causes the unclear relation between those because of the long time interval. In this study we consider only samples of being within one year each other to reduce this problem and clarify the signal of repurchase on equity offerings. Korean firms are allowed to repurchase own shares with two different method. One is direct repurchase as same as open market repurchase. The other is stock stabilization fund and stock trust fund which trust company or bank buy and sell their shares on the behalf of firms. Generally, the striking different characteristic between direct repurchase and indirect repurchase is following. Direct repurchase is applied by more strict regulation than indirect repurchase. Therefore, the direct repurchase is more informative signal to the equity offering than the indirect repurchase. We construct two sample firms- firms with direct repurchase preceding-equity offerings and indirect repurchase-preceding equity offering, and one control firms-equity offerings only firms-to investigate the announcement effect and the effectiveness of repurchases. Our findings are as follows. Direct repurchase favorably affect the price of new issues favorably. CAR(0, +2) of firms with direct repurchase is not different from that of equity offerings only firms but CAR(0, +30) is higher than that of equity offerings only firms. For firms with indirect repurchase and equity offerings, Both the announcement effect and the effectiveness does not exist. Jung(2004) suggest the possibilities of how indirect stock repurchase can be regarded as one of unfair trading practices on based on the survey results that financial managers of some of KSE listed firms have been asked of their opinion on the likelihood of the stock repurchase being used in unfair trading. This is not objective empirical evidence but opinion of financial managers. To investigate whether firms announce false signal before equity offerings to boost the price of new issues, we calculate the long-run performance following equity offerings. If firms have announced repurchase to boost the price of new issues intentionally, they would undergo the severe underperformance. The empirical results do not show the severer underperformance of both sample firms than equity offerings only firms. The suggestion of false signaling of repurchase preceding equity offerings is not supported by our evidence.

• Computational Structural Engineering
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• v.7 no.3
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• pp.95-103
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• 1994

The safety related components in the nuclear power plant should be designed to withstand the seismic load. Among these components the integrity of reactor internals under earthquake load is important in stand points of safety and economics, because these are classified to Seismic Class I components. So far the modelling methods of reactor internals have been investigated by many authors. In this paper, the dynamic behaviour of reactor internals of Yong Gwang 1&2 nuclear power plants under SSE(Safe Shutdown Earthquake) load is analyzed by using of the simpled Global Beam Model. For this, as a first step, the characteristic analysis of reactor internal components are performed by using of the finite element code ANSYS. And the Global Beam Model for reactor internals which includes beam elements, nonlinear impact springs which have gaps in upper and lower positions, and hydrodynamical couplings which simulate the fluid-filled cylinders of reactor vessel and core barrel structures is established. And for the exciting external force the response spectrum which is applied to reactor support is converted to the time history input. With this excitation and the model the dynamic behaviour of reactor internals is obtained. As the results, the structural integrity of reactor internal components under seismic excitation is verified and the input for the detailed duel assembly series model could be obtained. And the simplicity and effectiveness of Global Beam Model and the economics of the explicit Runge-Kutta-Gills algorithm in impact problem of high frequency interface components are confirmed.

• 대한공업교육학회지
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• v.33 no.2
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• pp.192-217
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• 2008

This paper investigated the perceived criticalities and patterns of Korean Professional Engineer's competency regarding the working activities of automative product development, manufacturing, etc by using questionnaires responded to the survey which were applied to the automotive professors, experts and professional engineers (vocational parties) by e/mail, etc. This research investigated the following questions: First, what are the characteristic patterns, relevancy and perceived criticalities of Korean Professional Engineer's competencies? Second, What are the ranked priority of the Korean Professional Engineers' competencies? Are there any differency for each item, sub group of job, intelectual criterior of the competencies between relevancy and perceived criticalities according to the types of vocational parties, etc.? Accoring to the results; first, Professor group showed highest points among 3 groups per each item of the competencies by vocational parties Second, Chassis design group ranked top position among the 8 sub groups by vocational parties and, third, Problem Solving Knowledge ranked highest points than any others. Korean Professional Engineers are found to be positioned as key members, leaders and managers on surveying market, product planning, designing product & components, developing component parts, establishing shop with production equipment, managing quality control & material handling, organizing relevant meetings, developing human resources by training and learning, to back up finance with law matters, cooperating with concerned parties to achieve organizational goals, and to coordinate projects. etc, identifying ethical issues and business skills in order to survive and win to be competitive in various kinds of the automotive industry battle fields.

• Broadcasting and Media Magazine
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• v.11 no.4
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• pp.104-117
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• 2006

In this Paper, we analyze the application of Interactive Data Broadcasting in DMB(Digital Multimedia Broadcasting) in the accordance with convergence of service and technology. With the acceleration of digital convergence in the Ubiquitous period substantial development of digital media technology and convergence of broadcasting and telecommunication industry are being witnessed. Consequently these results gave rise to newly combined-products such as DMB(Digital Multimedia Broadcasting), WCDMA(Wide-band code division multiple access), Wibro(Wireless Broadband Internet), IP-TV (Internet protocol TV) and HSDPA(High speed downlink packet access). The preparatory stage for the implementation of Interactive Data Broadcasting Service will be reached by the end of December, 2006. DMB is the first result of a successful convergence service between Broadcasting and Telecommunication in new media era. Multimedia technology and services are the core elements of DMB. The Data Broadcasting will not only offer various services of interactive information such News, Weather, Broadcasting Program etc, but also be linked with characteristic function of mobile phone such as calling and SMS(Short Message Service) via Return Channel.

• Journal of Sericultural and Entomological Science
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• v.23 no.1
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• pp.1-31
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• 1981

Rootability of the hardwood cuttings of mulberry was related not only histological characteristics but dependent on biochemical properties. In this connection, the characteristics of the hardwood cuttings were histologically observed and the growth substances produced by the cuttings were also identified by means of mung bean bioassay. Amino acid, carbohydrate, nucleic acid contents, and the C/N ratio were also analysed. The results are summarized as follows. 1. There were differences in rootability of cuttings between mulberry species and varieties Among the three mulberry species tested, Morus Lhou Koidz. showed the highest rootability while M. bombycis showed the lowest one. In varietal differences in rootability, it was shown that the varieties could be grouped according to rootability: high varieties(above 80%), medium(41~79%), and low(below 40%). The higher varieties were Kemmochi, Nakamaki, Kosen, and Wusuba roso. 2. The histological characteristic of the hardwood cuttings most closely related to rootability was cell layer arrangement in the sclerenchyma tissue. The lower rootability varieties developed two or three overlapping cell layers in the bark tissue and in the higher rootability varieties they were scattered over the primary cortex. 3. In the higher rootability varieties, there was a positive correlation between the development of root primodia and rootability of the hardwood cuttings. It was also shown that there was a close relationship between the size of primodia and the surface area of the lenticel with rootability of the cuttings. 4. Effect of growth substances extracted from the hardwood cuttings were determined by mung bean bioassay. The higher rootability varieties usually showed higher activities of the growth substances, in contrast the lower rootability varieties showed higher activities of the inhibitory substances. 5. It was evident that the substance separated by paper chromatography was identified as indole acetic acid with $R_f$ value ranging from 0.3 to 0.5. The other substances detected at a $R_f$ value ranging from 0.8 to 1.0 and origin to 0.1 were also responsible for rooting. 6. There exists a quantitatively different distribution of growth substances in a synergistic system in the tissues of cuttings, and the balance between growth and inhibitory substances gives rise to the development of rooting. Particularly, no descent of the substances from winter buds resulted in no rooting of cuttings but these substances were produced a week after planting in a warm environment. 7. It was shown that there were positive correlations between carbohydrate ($r=0.72^*$) and total sugar ($r=0.67^*$) and rootability, respectively, but there were negative correlations between reducing sugars ($r=-0.75^*$) and rootability. 8. High C/N ratio gave rise to high rootability($r=0.67^*$). The latter therefore depended on high amount of carbohydrate rather than nitrogen in the cuttings. 9. The content of RNA and DNA in the cuttings was not changed for upto two weeks after the cuttings were planted. Then an increase in RNA content took place in only the high rootability varieties. 10. There were quantitative and qualitative differences in the compositions of the amino acids between the high rootability varieties and the low rootability varieties. More aspartic acid and cystine were found in the higher rootability varieties than in the low rootability varieties.

• Journal of Global Scholars of Marketing Science
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• v.17 no.4
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• pp.247-269
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• 2007

In recent years, one of the major reasons for the fierce competition amongst firms is that they strive to increase their own market shares and customer acquisition rate in the same market with similar and apparently undifferentiated products in terms of quality and perceived benefit. Because of this change in recent marketing environment, the differentiated after-sales service and diversified promotion strategies have become more important to gain competitive advantage. Price promotion is the favorite strategy that most retailers use to achieve short-term sales increase, induce consumer's brand switch, in troduce new product into market, and so forth. However, if marketers apply or copy an identical price promotion strategy without considering the characteristic differences in product and consumer preference, it will cause serious problems because discounted price itself could make people skeptical about product quality, and the changes of perceived value might appear differently depending on other factors such as consumer involvement or brand attitude. Previous studies showed that price promotion would certainly increase sales, and the discounted price compared to regular price would enhance the consumer's perceived values. On the other hand, discounted price itself could make people depreciate or skeptical about product quality, and reduce the consumers' positivity bias because consumers might be unsure whether the current price promotion is the retailer's best price offer. Moreover, we cannot say that discounted price absolutely enhances the consumer's perceived values regardless of product category and purchase situations. That is, the factors that affect consumers' value perceptions and buying behavior are so diverse in reality that the results of studies on the same dependent variable come out differently depending on what variable was used or how experiment conditions were designed. Majority of previous researches on the effect of price-comparison advertising have used consumers' buying behavior as dependent variable. In order to figure out consumers' buying behavior theoretically, analysis of value perceptions which influence buying intentions is needed. In addition, they did not combined the independent variables such as brand loyalty and price discount rate together. For this reason, this paper tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception. And we provided with theoretical and managerial implications that marketers need to consider such variables as product attributes, brand loyalty, and consumer involvement at the same time, and then establish a differentiated pricing strategy case by case in order to enhance consumer's perceived values properl. Three research concepts were used in our study and each concept based on past researches was defined. The perceived acquisition value in this study was defined as the perceived net gains associated with the products or services acquired. That is, the perceived acquisition value of the product will be positively influenced by the benefits buyers believe they are getting by acquiring and using the product, and negatively influenced by the money given up to acquire the product. And the perceived transaction value was defined as the perception of psychological satisfaction or pleasure obtained from taking advantage of the financial terms of the price deal. Lastly, the brand loyalty was defined as favorable attitude towards a purchased product. Thus, a consumer loyal to a brand has an emotional attachment to the brand or firm. Repeat purchasers continue to buy the same brand even though they do not have an emotional attachment to it. We assumed that if the degree of brand loyalty is high, the perceived acquisition value and the perceived transaction value will increase when higher discount rate is provided. But we found that there are no significant differences in values between two different discount rates as a result of empirical analysis. It means that price reduction did not affect consumer's brand choice significantly because the perceived sacrifice decreased only a little, and customers are satisfied with product's benefits when brand loyalty is high. From the result, we confirmed that consumers with high degree of brand loyalty to a specific product are less sensitive to price change. Thus, using price promotion strategy to merely expect sale increase is not recommendable. Instead of discounting price, marketers need to strengthen consumers' brand loyalty and maintain the skimming strategy. On the contrary, when the degree of brand loyalty is low, the perceived acquisition value and the perceived transaction value decreased significantly when higher discount rate is provided. Generally brands that are considered inferior might be able to draw attention away from the quality of the product by making consumers focus more on the sacrifice component of price. But considering the fact that consumers with low degree of brand loyalty are known to be unsatisfied with product's benefits and have relatively negative brand attitude, bigger price reduction offered in experiment condition of this paper made consumers depreciate product's quality and benefit more and more, and consumer's psychological perceived sacrifice increased while perceived values decreased accordingly. We infer that, in the case of inferior brand, a drastic price-cut or frequent price promotion may increase consumers' uncertainty about overall components of product. Therefore, it appears that reinforcing the augmented product such as after-sale service, delivery and giving credit which is one of the levels consisting of product would be more effective in reality. This will be better rather than competing with product that holds high brand loyalty by reducing sale price. Although this study tried to examine the moderating effect of brand loyalty on relationship between the different levels of discounting rate and buyers' value perception, there are several limitations. This study was conducted in controlled conditions where the high involvement product and two different levels of discount rate were applied. Given the presence of low involvement product, when both pieces of information are available, it is likely that the results we have reported here may have been different. Thus, this research results explain only the specific situation. Second, the sample selected in this study was university students in their twenties, so we cannot say that the results are firmly effective to all generations. Future research that manipulates the level of discount along with the consumer involvement might lead to a more robust understanding of the effects various discount rate. And, we used a cellular phone as a product stimulus, so it would be very interesting to analyze the result when the product stimulus is an intangible product such as service. It could be also valuable to analyze whether the change of perceived value affects consumers' final buying behavior positively or negatively.